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Vertiv Holdings Co
Industrials · Electrical Components & Equipment
Structural read: every incremental GW of AI compute capacity from $NVDA, $AMD and custom-silicon hyperscalers pulls Vertiv content per rack - liquid cooling (CDUs + manifolds) for 1kW+ GPU densities, plus higher-spec UPS and busway behind the meter.
0x for eight consecutive quarters.
- Liquid-cooling attach rate inflecting from <10% to >50% on new GPU racks (Blackwell + Rubin)
- Rising content per MW: GB200 NVL72 rack carries 2-3x the cooling + power BOM of an H100 rack
- Hyperscaler capex guides (MSFT, META, GOOGL, AMZN) compounding above 30% in 2026
- Service attach (recurring) growing faster than product - 25%+ margin, stickier
- Pricing power: limited credible competitors at scale (Schneider, Eaton, ABB only)
- Cyclical industrial multiple compression if AI capex cools - stock trades >40x fwd EPS
- Single-customer concentration risk (top 4 hyperscalers >40% of orders)
- Liquid-cooling commoditization as $SMCI / ODMs vertically integrate
- Tariff exposure on China-sourced components
- Heavy insider selling cadence through 2025-2026