I track seven thermal suppliers; all seven executed transformation events in one eighteen-month window — acquisitions, restructurings, capacity builds. Capital conviction, not commentary. The barriers operators report — standardization (39%), expense (38%), reliability (35%), maintenance (26%) — frame this as industrial maturation, not physics. NVIDIA's CEO says the next generation runs chillerless on 45°C supply water; whether warm-water design removes an equipment tier or just shifts the heat problem remains a keynote promise awaiting deployed evidence.