Everyone is looking at $XFAB and $SIVE right now.

But there is a quieter bottleneck sitting one layer down, the one both Jensen and Goldman have already flagged: liquid cooling.

So I decided to map the entire liquid cooling supply chain, every name, in this thread. First, why this even matters.

Air cooling is hitting a wall. The newest chips run so hot that fans and heat sinks simply cannot pull enough heat out of the rack anymore. There is a physical ceiling, and we have reached it.

The usual escape hatch was water, evaporative towers that dump heat into the air through sheer volume of it. But that route is closing too. Communities from Texas to Arizona are pushing back hard, and project after project is getting blocked or delayed over water use. So the easy answer is now a political liability.

That leaves one direction. The heat has to be pulled straight off the chip by liquid, in sealed loops, then handed off through heat exchangers and carried away from the racks. Not optional anymore. Physics on one side, local politics on the other.

I broke the whole sector into its sub segments. The core cooling technologies, the direct plays, and the picks and shovels underneath them. Single phase, two phase, immersion, and everything that has to exist for any of them to work.

So let me start with the core technologies themselves. What each one actually does and the problem it solves. Then I will pull that apart and get to the stocks underneath.

Can’t stop buying $HAYPP.

Seeing everyone around me using different nicotine pouches in a more mature market like Finland gives me confidence that other markets will follow the same path.

Here’s why I believe Haypp Group could be a massive investment opportunity 🧵👇 1. Intro

The nicotine pouch market is experiencing a global surge, propelled by the growing demand for smoke-free and modern alternatives to traditional tobacco products. Health-conscious consumers are increasingly turning to nicotine pouches as a go-to option, seeking the satisfaction of nicotine without the harmful effects of smoking. This trend isn't just a quiet shift—it's a full-blown movement that's capturing mainstream attention.

In the United States, nicotine pouches have gone mainstream, fueled by a wave of influencers: often dubbed "Zynfluencers". High-profile personalities like Tucker Carlson and Joe Rogan have discussed nicotine pouches on their platforms, bringing them into the spotlight. Additionally, the trend has permeated various subcultures, from finance professionals on Wall Street to avid golf players, all contributing to the product's rising popularity.

For investors looking to tap into this booming market, the options are limited. Most companies involved in nicotine pouches are either privately held or are diversified conglomerates like Philip Morris $PM, Altria $MO, and British American Tobacco $BTI, where nicotine pouches represent just a fraction of their portfolios. Enter Haypp Group—the only pure-play public company with a laser focus on nicotine pouches. Haypp offers a unique opportunity to invest directly in this high-growth segment, capitalizing on the market's rapid expansion and mainstream acceptance.