Data centers turn to ‘forever chemicals’ instead of water for AI cooling
The tech industry's thirst for AI computing power is driving adoption of PFAS-based immersion cooling, trading one environmental headache for another
NVIDIA Corporation (NVDA) price
Full chart and statsLoading chart…
- Last close
- $214
- Close-to-close change
- −0.8%
- Market cap
- $5.1T (shares as of 2026-08-21)
- P/E (trailing)
- 27.0 (EPS to 2026-07-26)
- Annual revenue
- $215.9B USD (FY ended 2026-01-25) 10-K
- Annual revenue growth
- +65.5% (FY ended 2026-01-25 vs FY ended 2025-01-26) 10-K
- Annual net income
- 120,067,000,000 USD (FY ended 2026-01-25, attributable to the company) 10-K
- Annual operating margin
- 60.4% (FY ended 2026-01-25)
- Forward P/E
- Unavailable: no dated forecast source
Gloria daily close for session Oct 29, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.
NVIDIA Corporation and its peers
| Company | Price | Market cap | P/E (trailing) | Forward P/E | Annual revenue (USD) | Annual revenue growth | Annual net income (USD) | Operating margin |
|---|---|---|---|---|---|---|---|---|
|
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$214 | $5.1T | 27.0 | Unavailable | $215.9BFY ended 2026-01-25 · 10-K | +65.5%FY ended 2026-01-25 vs 2025-01-26 · 10-K | 120,067,000,000FY ended 2026-01-25, attributable to the company · 10-K | 60.4%FY ended 2026-01-25 |
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$345 | $1.6T | 44.0 | Unavailable | $63.9BFY ended 2025-11-02 · 10-K | +23.9%FY ended 2025-11-02 vs 2024-11-03 · 10-K | 23,126,000,000FY ended 2025-11-02, consolidated · 10-K | 39.9%FY ended 2025-11-02 |
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$934 | $1.1T | 12.6 | Unavailable | $133.2BFY ended 2026-09-03 · 10-K | +256.3%FY ended 2026-09-03 vs 2025-08-28 · 10-K | 84,969,000,000FY ended 2026-09-03, attributable to the company · 10-K | 74.6%FY ended 2026-09-03 |
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$566 | $924.7B | 145.2 | Unavailable | $34.6BFY ended 2025-12-27 · 10-K | +34.3%FY ended 2025-12-27 vs 2024-12-28 · 10-K | 4,335,000,000FY ended 2025-12-27, attributable to the company · 10-K | 10.7%FY ended 2025-12-27 |
Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.
Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 29, 2026, 1:52 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.
Token vs underlying stock
Current comparison for NVDA. Historical observations may postdate this article.
NVDAx token unit vs NVDA share · USD
-2.5% over displayed period
● NVDAx token┄ NVDA stock: $213.66
Source: CoinGecko + Gloria · Retrieved Oct 30, 04:15 UTC
Methodology and data
Split-adjusted regular-session stock closes from the existing Gloria shared history, paired only with an observed token price within 45 minutes of 16:00 New York time. Up to 60 matched sessions. No interpolation or missing-date fill. Weekends and known early closes are omitted. Token units are not adjusted for issuer multipliers or dividend treatment. This compares quoted prices, not fair value, executable premiums or arbitrage returns. Solid line: token. Dashed line: stock. Exact quote times and values appear below. Historical observations. Retrieval refers to the token source. Token quote times use UTC. The fixed cohort shows its oldest member fetch.
| Date (UTC) | Token (USD) | Stock close (USD) | Token quote (UTC) |
|---|---|---|---|
| 2026-08-06 | 219.15 | 218.99 | 2026-08-06 20:00 |
| 2026-08-07 | 223.93 | 223.96 | 2026-08-07 20:00 |
| 2026-08-10 | 217.66 | 217.55 | 2026-08-10 20:00 |
| 2026-08-11 | 217.53 | 217.50 | 2026-08-11 20:00 |
| 2026-08-12 | 224.12 | 224.09 | 2026-08-12 20:00 |
| 2026-08-13 | 225.42 | 225.30 | 2026-08-13 20:00 |
| 2026-08-14 | 225.34 | 225.16 | 2026-08-14 20:00 |
| 2026-08-17 | 225.13 | 225.01 | 2026-08-17 20:00 |
| 2026-08-18 | 219.70 | 219.74 | 2026-08-18 20:00 |
| 2026-08-19 | 217.76 | 217.56 | 2026-08-19 20:00 |
| 2026-08-20 | 216.79 | 216.85 | 2026-08-20 20:00 |
| 2026-08-21 | 214.85 | 214.72 | 2026-08-21 20:00 |
| 2026-08-24 | 208.75 | 208.48 | 2026-08-24 20:00 |
| 2026-08-25 | 213.16 | 213.05 | 2026-08-25 20:00 |
| 2026-08-26 | 210.06 | 209.66 | 2026-08-26 20:00 |
| 2026-08-27 | 227.96 | 227.98 | 2026-08-27 20:00 |
| 2026-08-28 | 217.74 | 217.55 | 2026-08-28 20:00 |
| 2026-08-31 | 220.91 | 220.78 | 2026-08-31 20:00 |
| 2026-09-01 | 217.58 | 217.44 | 2026-09-01 20:00 |
| 2026-09-02 | 224.46 | 224.41 | 2026-09-02 20:00 |
| 2026-09-03 | 228.90 | 228.45 | 2026-09-03 20:00 |
| 2026-09-04 | 230.35 | 230.36 | 2026-09-04 20:00 |
| 2026-09-08 | 225.69 | 225.73 | 2026-09-08 20:00 |
| 2026-09-09 | 223.89 | 223.67 | 2026-09-09 20:00 |
| 2026-09-10 | 218.70 | 218.36 | 2026-09-10 20:00 |
| 2026-09-11 | 218.92 | 218.29 | 2026-09-11 20:00 |
| 2026-09-14 | 211.47 | 210.96 | 2026-09-14 20:00 |
| 2026-09-15 | 212.34 | 212.17 | 2026-09-15 20:00 |
| 2026-09-16 | 214.25 | 213.90 | 2026-09-16 20:00 |
| 2026-09-17 | 219.68 | 219.34 | 2026-09-17 20:00 |
| 2026-09-18 | 222.24 | 222.27 | 2026-09-18 20:00 |
| 2026-09-21 | 227.69 | 227.38 | 2026-09-21 20:00 |
| 2026-09-22 | 229.20 | 228.87 | 2026-09-22 20:00 |
| 2026-09-23 | 225.44 | 225.51 | 2026-09-23 20:00 |
| 2026-09-24 | 224.87 | 224.58 | 2026-09-24 20:00 |
| 2026-09-25 | 225.29 | 225.07 | 2026-09-25 20:00 |
| 2026-09-28 | 228.97 | 228.86 | 2026-09-28 20:00 |
| 2026-09-29 | 227.95 | 227.21 | 2026-09-29 20:00 |
| 2026-09-30 | 229.85 | 228.38 | 2026-09-30 20:00 |
| 2026-10-01 | 231.18 | 230.86 | 2026-10-01 20:00 |
| 2026-10-02 | 234.38 | 233.95 | 2026-10-02 20:00 |
| 2026-10-05 | 239.30 | 238.90 | 2026-10-05 20:00 |
| 2026-10-06 | 239.71 | 239.24 | 2026-10-06 20:00 |
| 2026-10-07 | 237.80 | 237.47 | 2026-10-07 20:00 |
| 2026-10-08 | 230.81 | 230.48 | 2026-10-08 20:00 |
| 2026-10-09 | 229.70 | 229.28 | 2026-10-09 20:00 |
| 2026-10-12 | 226.87 | 226.32 | 2026-10-12 20:00 |
| 2026-10-13 | 228.73 | 228.52 | 2026-10-13 20:00 |
| 2026-10-14 | 221.56 | 221.30 | 2026-10-14 20:00 |
| 2026-10-15 | 217.48 | 217.23 | 2026-10-15 20:00 |
| 2026-10-16 | 214.56 | 214.13 | 2026-10-16 20:00 |
| 2026-10-19 | 217.41 | 217.09 | 2026-10-19 20:00 |
| 2026-10-20 | 216.69 | 216.47 | 2026-10-20 20:00 |
| 2026-10-21 | 222.20 | 221.97 | 2026-10-21 20:00 |
| 2026-10-22 | 212.42 | 212.21 | 2026-10-22 20:00 |
| 2026-10-23 | 211.27 | 210.96 | 2026-10-23 20:00 |
| 2026-10-26 | 216.15 | 216.00 | 2026-10-26 20:00 |
| 2026-10-27 | 218.06 | 217.94 | 2026-10-27 20:00 |
| 2026-10-28 | 215.40 | 215.38 | 2026-10-28 20:00 |
| 2026-10-29 | 213.57 | 213.66 | 2026-10-29 20:00 |
Stock history: Gloria · Retrieved Oct 30, 00:32 UTC. Token history: CoinGecko NVDAx.
Quoted token and share units can have different rights, multipliers and dividend treatment. This is not an executable premium or arbitrage signal.
The AI boom has a heat problem. The chips powering large language models and generative AI run so hot that traditional air conditioning and water-based cooling can barely keep up. So data center operators are turning to an unlikely solution: submerging servers in synthetic fluorocarbon liquids that never break down in the environment.
How boiling computers became a feature, not a bug
The technology is called two-phase immersion cooling. Server components get dunked in a specially engineered dielectric fluid, essentially a liquid that doesn’t conduct electricity. As chips generate heat, the fluid boils at a low temperature, absorbs the thermal energy, rises as vapor, then condenses back into liquid and drips down to repeat the cycle.
Chemours, one of the leading manufacturers, markets its Opteon 2P50 fluid with some genuinely impressive claims. The company says the system can cut cooling energy consumption by more than 90% and reduce water use to near zero. Data center footprints could shrink by up to 60%, since you no longer need massive cooling towers and air handling units taking up real estate.
Nvidia has cited efficiency gains of up to 300x with advanced cooling solutions. For an industry that has faced mounting criticism over water consumption in drought-prone regions, the appeal is obvious.
The PFAS problem nobody wants to talk about
PFAS earned their “forever chemicals” nickname because their carbon-fluorine bonds are among the strongest in organic chemistry. They don’t degrade naturally in the environment. That persistence is precisely what makes them useful as cooling fluids, they remain chemically stable at extreme temperatures, but it’s also what makes environmental advocates deeply uncomfortable.
Environmental assessments cite a 0.7% annual evaporative loss rate from these cooling systems. Communities in North Carolina and Virginia have already raised alarms about PFAS contamination risks near existing chemical manufacturing and data center facilities. Earthjustice has challenged the EPA’s expedited review process for these cooling chemicals, arguing that fast-tracking approval for persistent, potentially toxic substances contradicts basic precautionary principles.
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Big tech’s careful dance around the F-word
Microsoft has publicly committed to reducing water consumption at its data centers by 31-52%, with some facilities targeting near-zero on-site water use. Nvidia touts its cooling efficiency breakthroughs. Amazon is exploring low- or zero-water alternatives.
Traditional air cooling cannot handle rack power densities that have climbed from 10-15 kilowatts a few years ago to 100 kilowatts or more per rack today.
A September 2026 report from ChemSec, which tracks chemical industry sustainability, found that nearly all top PFAS producers, including Arkema and Daikin, are planning capacity expansions specifically tied to AI data center demand. 3M, which was historically a dominant player in PFAS dielectric fluids, has exited the market entirely, shifting reliance to companies like Chemours.
What this means for the cooling technology market
No major commercial deployments of the latest generation PFAS cooling fluids have been publicly confirmed as of mid-2026. The gap between announced capability and actual deployment suggests that regulatory uncertainty, community opposition, or both are creating friction in the rollout timeline.
The regulatory risk cuts both ways. If environmental challenges succeed in tightening PFAS oversight, or if a contamination incident at a data center facility generates public backlash, the entire product category could face restrictions. That possibility is already pushing some operators to hedge their bets by investing in alternative cooling approaches that avoid PFAS entirely.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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