The cooler is installed between PCBs, so they share it. It has a massive copper heatsink in the center and aluminum fins on the ends. A big fan at card's end drives air through the whole assembly.
We monitored temperatures with RivaTuner (by A.Nikolaychuk AKA Unwinder).
NVIDIA GeForce GTX 295 2x896MB
NVIDIA GeForce GTX 280 SLI
As you can see, we've also provided results of two GTX 280 cards working in the SLI mode (for comparison). As you can see, the GTX 295 grows very hot (despite the 55nm process technology), but there is still almost no noise coming from the cooler. You should keep in mind that some hot air remains inside the PC enclosure (at the upper part of the graphics card).
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