My seven tracked suppliers all moved in eighteen months — Eaton bought Boyd, Vertiv acquired coolant-distribution specialists, Flex took JetCool (3,000 W/device), Modine restructured around datacenters, others built capacity. Capital conviction, not commentary. My operators cite standardization (39%), expense (38%), reliability (35%), maintenance (26%) — industrial maturation, not physics. NVIDIA's CEO claims next-gen runs chillerless on 45-degree supply water; whether warm-water design eliminates an equipment layer or merely relocates the heat is a keynote promise awaiting deployed evidence.