Taiwan's chip-cooling companies jumped sharply, a strong sign that money is still flowing into the AI hardware supply chain.

• Auras Technology hit its daily price limit and AVC rose more than 6%, pulling other cooling makers up with them.
• Demand is coming from AI servers, with buyers betting on liquid and immersion cooling replacing older fans.
• Auras is backing the rally with real profits — July earnings more than doubled from a year earlier.
• TSMC is adding microchannel cooling to its roadmap, since future AI chips could burn 4,000 watts each and need far better heat removal.
• Taiwan's main index swung hard this week, with money rotating out of tech and into bank stocks before returning.

Outlook: Orders should stay strong into the fourth quarter as water-cooling spreads to memory chips, but stocks that have already run up a long way are vulnerable to a pullback.