Quick Read – Vertiv’s $15B backlog, up 109% YoY with a 2.9x book-to-bill ratio, locks in multi-year revenue visibility stretching into 2027. – NVIDIA dominates AI portfolios, but power and cooling absorb roughly 80% of datacenter spend, leaving the infrastructure layer vastly…
der-owned. – Vertiv raised FY2026 EPS guidance to a range of $6.30 to $6.40, implying 50% growth, after Q1 free cash flow surged 147%. – Everyone is watching NVIDIA (NASDAQ:NVDA) because it remains the default proxy for every AI headline that hits the wire. But here’s what you should actually be watching
The chip story is the most crowded trade on Earth. Every retirement portfolio, every momentum fund, every cab driver with a Robinhood account already owns it. I’ve held NVIDIA for over 15 years, and when a position becomes that consensus, the easy money is behind you.
Meanwhile, the part of the AI buildout almost nobody is positioned for is the physical layer. Roughly 50% of datacenter spend is power and 30% is cooling, not just chips. The silicon is useless without it.