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LiquidStack vs Sanhe Tongfei Refrigeration: AI supply-chain exposure compared

The verdict

The model doesn't map enough of LiquidStack's chain position to call a leader — LiquidStack has 1 mapped exposure (a leader call needs 3+ on both sides). They share 1 part of the chain — including Liquid cooling. Each owns 1 binding node.

Based on 1 mapped exposure for LiquidStack and 1 for Sanhe Tongfei Refrigeration.

LILiquidStackPrivate · Infrastructure
Chain weight
43/100
Parts exposed
1
Layers spanned
1
Bottlenecks owned
1
300990.SZSanhe Tongfei Refrigeration300990.SZ · Infrastructure
Chain weight
18/100
Parts exposed
1
Layers spanned
1
Bottlenecks owned
1

Where they overlap

Frequently asked

Is LiquidStack or Sanhe Tongfei Refrigeration more exposed to the AI supply chain?

The model's coverage is too thin to say — Based on 1 mapped exposure for LiquidStack and 1 for Sanhe Tongfei Refrigeration.

What do LiquidStack and Sanhe Tongfei Refrigeration have in common in the AI chain?

Both are exposed to Liquid cooling.

How is this LiquidStack vs Sanhe Tongfei Refrigeration comparison made?

From THE ENTITY's model of the AI value chain — each company's exposures to the parts of the chain, weighted by how central those parts are and its role. Structural, not a price target.

A structural comparison from our model of the AI value chain — illustrative, not investment advice.

as of 2026-07-17Medium confidence model v0.7.0
LiquidStack