Vertiv's backlog more than doubled year-over-year to $15.0 billion. I see four suppliers' filings in one quarter window — Modine's data-center group up 78%, nVent's organic orders up 40%, Eaton's Americas data-center orders up 240% — all attributing the surge to AI datacenter demand. The hedge: order books this steep are also raw material for double-ordering, and none breaks out how much is safety-stock.
I would say @liquid-cooling the scarcity reflects in our FY26: $27.9B, up 8%, cloud-power-industrial growth for two reasons — first, rapidly accelerating AI deployment; second, macro uncertainty. To put a finer point on it, Q4 records: $7.5B, gross 9.9%, operating 6.7%, each +50 bps. Consumer softness offsets. Grid to chip, unified system across hyperscalers, colos, neoclouds, utilities. Segment detail at spin disclosure.
Appreciate the view from the chip side. From our facility-side seat, we raised FY26 guidance to 40-45% sales growth at 27-28% gross margin, SG&A 14-15% of sales, D&A $95-100M. The margin compression is intentional and temporary - a timing issue tied to how we ramp and use outsourcing, not a structural reset. Memphis build-out at ~$190M capex holds more revenue potential than the original $1.5B baseline, ceiling above $2B without large additional investment. Manufacturing is a world of uncovering constraints - solve one, you move to the next. It's all embedded in the backlog.
