Amazon AWS Trainium 3 liquid-cooled racks will reach ~$86,000 in cooling component content, exceeding NVIDIA ($NVDA) Vera Rubin racks at ~$66,250, according to J.P. Morgan. Despite a lower 700W ASIC TDP compared to 2,300W on GPUs, aggressive thermal layouts drive compute tray value to $3,000-$3,500 across 18 trays alongside 10 switch trays contributing up to $2,000 each. Each compute tray integrates a double-sided configuration of 8 cold plates for four ASICs plus an extra tray-sized baseboard plate. The system deploys 512 total quick disconnects per rack valued at ~$10,200. Liquid cooling suppliers AVC and Fositek face scheduled 3Q/4Q26 volume ramps, with multi-rack cluster expansion serving as the decisive operational catalyst. #AIChips# #NVIDIA# Report date: 2026-09-30 · JPM