Shares of refrigeration system manufacturers fell sharply on Tuesday after comments by the CEO of NVIDIA sparked market concerns about demand for data center cooling products. Johnson Controls, which manufactures water-cooled equipment and similar systems, saw its stock plummet as much as 11% at one point, marking its largest intraday drop since 2022.Mottin Manufacturing fell as much as 21%, while Carrier Global and Trane Technologies also declined. NVIDIA CEO Jensen Huang stated at the CES exhibition in Las Vegas that it is possible to cool racks equipped with NVIDIA’s next-generation Rubin chips using water temperatures that do not require chillers.Barclays analyst Julian Mitchell wrote: “Given NVIDIA’s central position in the entire AI ecosystem, one should not dismiss their remarks, even though they appear quite dramatic at first glance.”