AI Power & Cooling

Schneider Electric, alongside partners Wärtsilä and Stanley Consultants, introduced a "Generator-to-Chip" power approach and unveiled software-defined medium-voltage switchgear and advanced cooling solutions for AI-driven data centers in late September 2026. The company also launched cybersecurity-focused automation for water utilities and a new decarbonization allyship with Lenovo's 360 Circle community. The software-defined medium-voltage switchgear is being deployed in AI-oriented data centers, including an Equinix pilot. Schneider Electric's narrative projects €56.4 billion revenue and €8.3 billion earnings by 2029, requiring 10.3% yearly revenue growth and a €3.6 billion earnings increase from €4.7 billion today. The forecasts yield a €325.04 fair value, a 7% upside to its current price.

Vertiv Holdings Co. issued third-quarter 2026 guidance calling for net sales of $3.65 billion to $3.85 billion and adjusted earnings of $1.77 to $1.83 per share, with adjusted operating profit projected between $898 million and $938 million and an adjusted operating margin of 24% to 25%. The guidance follows a second quarter of 2026 in which net sales rose 24% year over year, with the Americas and APAC each growing 29%, and adjusted operating margin reached 22.6%, up 410 basis points year over year and above prior guidance. Management raised its full-year 2026 adjusted operating margin guidance to 23.3%-24.3%, citing organic growth, operating leverage and productivity, and said it expects pricing to exceed inflation including current tariffs and countermeasures. Acquisitions contributed 5% of second-quarter 2026 revenues, and Vertiv recently agreed to acquire King Environmental Services, a Europe-based provider of fluid management, commissioning and load-testing services for high-density liquid-cooled data centers, in a transaction expected to close in the fourth quarter of 2026. The Zacks Consensus Estimate for third-quarter 2026 revenues is $3.77 billion, implying growth of 40.79% year over year, while the consensus earnings estimate stands at $1.83 per share, up 0.75% over the past 30 days and implying a year-over-year increase of 47.58%.

Vertiv Holdings Co. is positioned to beat consensus estimates again in its next quarterly report, according to Zacks Investment Research. The company has beaten estimates in each of its last two quarters, with an average surprise of 10.50%. In the most recent quarter, Vertiv reported $1.52 per share against an expected $1.43, a surprise of 6.29%, after posting $1.17 per share versus a $1.02 consensus in the prior quarter, a surprise of 14.71%. Vertiv currently carries a Zacks Earnings ESP of +6.20% and a Zacks Rank #2 (Buy), a combination Zacks research shows produces a positive surprise nearly 70% of the time.

Singapore-founded neocloud Aolani announced a partnership with Karman, formerly known as Utilidata, to squeeze more AI compute out of its existing power supply through advanced power orchestration. Under the deal, Aolani will integrate the Karman platform, a dynamic power orchestration system built on a custom NVIDIA Jetson Orin Nano that combines high-resolution metrology with local processing and AI, into its infrastructure stack to measure and dynamically allocate available power across high-density GPU workloads and manage rack-level energy consumption in real time. The joint proof of concept will be deployed on the NVIDIA Blackwell Platform. Karman's platform has already unlocked 33% more compute capacity from existing power infrastructure at its first commercial deployment in North America, potentially translating into a $20M increase in revenue per 1 MW, and the company says it increases tokens per watt by 50% by unlocking stranded power. Aolani CEO Nicholas Chia said the partnership improves the economics of AI workloads and lets customers scale without waiting on the grid, while Karman CEO Josh Brumberger said the two will demonstrate how the platform can fully utilize power already available to data center operators and cloud providers.

Trane Technologies announced the successful laboratory demonstration of the industry's first 800-volt direct current cooling architecture, designed for next-generation AI factories and gigawatt-scale data centers. Working with Eaton Corporation and Danfoss, the company modified an existing high-efficiency chiller to run on an 800 VDC feed and validated the potential for up to 2% improvement in system efficiency over conventional AC counterparts while delivering over 1,000 tons, or 3.5 MW, of cooling capacity. The proof-of-concept shows that accepting direct 800 VDC input reduces the power conversion losses that occur in traditional AC-powered cooling systems, which rely on multiple stages of conversion for compressor drives, pumps and fans. Trane said that in a typical 200 MW data center, the efficiency gain could unlock up to 1.8 MW of additional compute capacity, enough to support up to fifteen 120 kW racks or up to three 600 kW racks. Mauro J. Atalla, Senior Vice President, Chief Technology and Sustainability Officer at Trane Technologies, said the demonstration marks an important step in rethinking how cooling infrastructure can integrate with emerging DC power architectures and help operators maximize compute capacity per megawatt.

UL Solutions Inc. launched a certification program for liquid cooling subassemblies that target powerful chips directly in AI data centers and other high-density computing systems. The Northbrook, Illinois-based company said the program evaluates eligible liquid-filled parts and subassemblies that move coolant through information and communication technology equipment, including cold plates, manifolds and quick disconnects. UL Solutions uses UL 4501, the Outline of Investigation for Safety, Performance and Interoperability of Liquid-Filled Components and Assemblies Used in Liquid Cooling Systems, to assess coolant compatibility, pressure and leak integrity, durability, liquid flow, interoperability, production controls and installation requirements. President and CEO Jennifer Scanlon said the certification helps IT equipment manufacturers demonstrate product performance and safety while giving data center operators greater confidence during integration, and Milan Dotlich, vice president and general manager of Data Center Solutions, said independent evaluation of liquid cooling components can help organizations deploy advanced computing systems with greater confidence. The company noted that global data center electricity use is expected to more than double between 2024 and 2030, and that cooling can account for up to 40% of a data center's energy use.

Delta Electronics unveiled its new AI Modular Data Center and Microgrid Solutions at Data Center World Asia 2026 in Singapore, aiming to accelerate deployment and boost the energy efficiency and resilience of AI infrastructure. The prefabricated AI MDC integrates next-generation 800 VDC In-Row Power and liquid cooling systems for fast deployment and scalability of AI data centers based on the NVIDIA Vera Rubin architecture. The showcased 800 VDC In-Row Power architecture features 660kW output power, up to 98% AC-DC efficiency, 480kW capacity in battery backup units, and aluminium capacitors to optimize GPU workloads. Delta's prefabricated AI Containerized Data Center Solutions deliver up to 60 kW per rack of AI compute within the footprint of a single parking space, with a Liquid-to-Air CDU system achieving a PUE as low as 1.19. The Microgrid Solution integrates renewable energy, energy storage, Solid Oxide Fuel Cell systems and Solid State Transformers that directly convert medium voltage power to 800 VDC, while Delta's thermal management portfolio includes a dedicated cold plate for the NVIDIA Vera Rubin NVL72. Jason Yuan, President of Southeast Asia and ANZ at Delta Electronics, said AI workloads are scaling faster than most data centers were designed to handle, and that infrastructure planning must move from reactive to integrated and future-ready.

Samsung Electronics and five affiliated companies will invest a combined $1 billion in Helix Digital Infrastructure, an artificial intelligence infrastructure company established by KKR, as the Samsung group expands from semiconductors into data centers, power systems and connectivity networks. Samsung Electronics will invest $500 million, while the remaining $500 million will come from Samsung C&T, Samsung SDS, Samsung SDI, Samsung Life Insurance and Samsung Fire & Marine Insurance, which are investing together. Helix launched in June with plans to develop infrastructure across the entire AI chain, from large-scale data centers and power generation to power transmission and distribution and fiber-optic networks, and is led by Adam Selipsky, former CEO of Amazon Web Services. The company says power availability is one of the key bottlenecks in AI infrastructure, and it plans to secure electricity through direct investment and partnerships with power project developers, including Vistra, a US energy company. KKR, the Kuwait Investment Authority, Nvidia and Vistra are also founding investors in Helix. The investment also opens the way for Samsung's various businesses to combine their expertise: Samsung Electronics supplies semiconductor solutions, while the Device eXperience business provides cooling equipment for data centers through FläktGroup, which Samsung acquired in 2025. Samsung C&T takes on data center and energy projects as an engineering, procurement and construction contractor, Samsung SDS designs and operates data centers and has entered the GPU-as-a-service market, and Samsung SDI provides uninterruptible power supply systems and backup battery systems for data centers, with plans to explore further business opportunities in the sector.

Wells Fargo analyst Stephen Tusa initiated coverage of Vertiv Holdings Co on September 25 with an Overweight rating and a $340 price target, calling it the best sales growth story in multi-industry. The call follows a run of acquisitions that push Vertiv deeper into power and cooling for AI data centers, most notably the September 2 agreement to buy Utility Innovation Group for about $1.45 billion in cash plus up to $1.15 billion more if earnings targets are met, potentially taking total consideration to $2.6 billion. On September 24, Vertiv also agreed to acquire King Environmental Services, an Irish fluid management and commissioning firm, for undisclosed terms not expected to be material, and on September 21 its 2.3 MW coolant distribution unit qualified under NVIDIA's DSX Ready program. In the second quarter, net sales rose 24% to $3.274 billion, adjusted operating margin expanded 410 basis points to 22.6%, adjusted EPS climbed 60% to $1.52, and adjusted free cash flow reached $925 million, while management raised 2026 adjusted EPS guidance to $6.65 to $6.75 from $6.30 to $6.40 and guided third-quarter organic growth of 34% to 36%. Shares trade at 27.78 times forward earnings as of September 28, after a five-year gain of almost 900%, and the October 22 earnings report must show delayed projects converted into sales near the $3.65 billion to $3.85 billion third-quarter guide.

Crusoe announced it is the developer of Google's data center campus under construction in Armstrong County outside of Amarillo, Texas. The campus is engineered to provide capacity to power advanced AI and has a direct connection to Serena's adjacent Goodnight 1 wind farm, which at 265.5 MW is operational, and the Goodnight 2 wind farm, also 265.5 MW, which is under construction and was catalyzed by Crusoe's development at the site. When wind generation exceeds campus demand, surplus power is supplied back to the grid, benefiting local ratepayers and reducing curtailment of West Texas wind energy. Construction broke ground in June 2025 and is underway with more than 5,500 skilled laborers on-site daily, and the project will use a closed-loop, non-evaporative liquid cooling system designed to limit its water footprint primarily to domestic uses such as kitchens. The campus is part of Crusoe's growing West Texas portfolio, which includes two campuses under development in Abilene.

Trane Technologies announced the expansion of its data center thermal management portfolio with two new 250-megawatt high-density AI factory reference designs built on the NVIDIA DSX AI Factory platform. The designs build on the company's industry-first thermal management reference design for gigawatt-scale AI factories and incorporate technologies from recently acquired LiquidStack and Stellar Energy. Reference Design #506, a 250-megawatt high-efficiency air-cooled architecture, pairs direct-to-chip liquid cooling with Trane Ascend ACR air-cooled chillers and delivers up to a 25% cooling efficiency improvement while reallocating up to 22 MW of power to compute, improving annualized partial PUE from 1.201 to 1.083 with zero water consumption. Reference Design #507, a 250-megawatt modular cooling infrastructure, is Trane's first reference design to feature Stellar Energy modular cooling plants, combining Trane CenTraVac water-cooled chillers with low-GWP refrigerant and stacked dry fluid coolers to achieve zero Water Usage Effectiveness, up to a 16% chiller power improvement and 8 MW of electrical capacity reallocated to AI workloads. The LiquidStack GigaModular Coolant Distribution Unit integrated across both designs has qualified as an NVIDIA DSX Ready CDU, offering scalable capacity up to 14 MW at a 4°C approach and up to 20% lower capital expenditure than conventional row-based CDU installations.

Nvidia disclosed that Anthropic now has more than $180 billion of contracted value across cloud providers and neocloud operators, a figure the chipmaker revealed during its latest Non-Deal Roadshow. The Dario Amodei-led AI developer has also contracted for 2.5 gigawatts of Nvidia AI infrastructure scheduled for delivery through 2028. Nvidia said its revenue opportunity per gigawatt, based on its reference designs, has risen from roughly $18 billion during the Hopper generation to $25 billion with Blackwell and $40 billion with Rubin. The company added that its share of information-technology capital spending among the five largest cloud service providers has climbed from 11% in the first quarter of 2023 and is projected to reach 44% by 2027, while Australian partners including IREN and Firmus expect to bring roughly 2 gigawatts of capacity online by 2027. Nvidia also expanded its share-repurchase authorization by $150 billion to $235 billion.

Legrand is hosting a Capital Markets Day in Singapore on September 29, 2026, where it will present a strategic plan it says is fully on track and upgraded 2030 sales and profitability ambitions driven by the energy and digital transition. Chief Executive Officer Benoît Coquart will present a global roadmap through 2030 built around three focus areas: data centers at 32% of sales, energy transition at 22% of sales, and essential infrastructures for buildings at 46% of sales. Legrand's data center business will reach more than €3 billion of sales in 2026, spanning critical power at 35% of sales, physical compute infrastructure at 25%, compute infrastructure monitoring, management and control at 25%, advanced cooling at 5%, and testing and lifecycle services at 10%, and the company will unveil its vision for the transition toward Low Voltage Direct Current architectures and a roadmap for next-generation AI data centers at gigawatt scale. Chief Financial Officer Franck Lemery will detail upgraded 2030 ambitions for 2027 to 2030, comprising organic sales growth with a CAGR of +6% to +8%, a yearly scope effect from acquisitions of around +5% on average, divestments of €0.5 billion to €1.0 billion of sales over the period, an adjusted operating margin of 21% to 22% of sales on average, and free cash flow of 13% to 15% of sales on average with cash conversion above 100%. Capital allocation will keep around 60% of free cash flow dedicated to acquisitions on average, a dividend policy of around 50% net income payout, selective share buybacks, and a leverage ratio target of 1.5x to 2.5x net debt to EBITDA. Legrand reported sales of €9.5 billion in 2025 and is listed on Euronext Paris as a component of the CAC 40, CAC 40 ESG and CAC Transition Climat indexes.

Schneider Electric has unveiled the world's first fully Software-Defined Medium Voltage switchgear, announced at YOTTA 2026 in Las Vegas. The architecture delivers up to 3× faster ordering and manufacturing, up to 2× faster commissioning, zero-downtime upgrades, and a simplified footprint with less wiring and fewer components, according to Schneider Electric studies and estimations. The next-generation Software Defined MV Equipment has already been deployed in the field through a pilot with Equinix in a live colocation data center environment. Schneider Electric will extend the Software Defined MV architecture across its medium voltage portfolio and, progressively, the rest of the powertrain, including PremSet and the AirSeT range comprising GM AirSeT, RM AirSeT, and SM AirSeT, with pilot programs continuing through 2027 and broader availability to follow in 2028. Melton Chang, Executive Vice President of Schneider Electric's Power Systems Division, said the switchgear brings the logic of software to medium voltage equipment so customers can deploy in a fraction of the time, standardize across regions, and add new capabilities with zero downtime.

Johnson Controls announced it has joined the Sustainable Tropical Data Centre Testbed 2.0, hosted at the College of Design and Engineering at the National University of Singapore, contributing thermal management, smart controls, engineering expertise and operational experience to the programme. The testbed, located on Jurong Island, will evaluate next-generation AI and data centre technologies in a live tropical environment, part of a broader initiative with JTC Corporation and industry partners to transform Jurong Island into a living testbed for low-carbon, AI-ready infrastructure. The announcement comes as Singapore expands its low-carbon digital infrastructure, including the recent allocation of an additional 200 MW of data centre capacity. Johnson Controls said its integrated thermal approach can reduce non-IT energy consumption by up to 50% compared with conventional cooling methods in a modeled design, and that in a 1-gigawatt data centre blueprint its absorption chiller reference design demonstrated the potential to convert the 57% of energy typically lost as waste heat from on-site power generation into productive cooling, enabling up to 97 MW of additional AI computing capacity from existing power infrastructure while reducing cooling-related electrical demand by up to 44%. Austin Domenici, president of Data Centre Solutions at Johnson Controls, said success with growing AI workloads will depend not only on computing power but on how efficiently the resources behind it are managed, and Ali Badreddine, vice president and general manager for Southeast Asia Business and Asia Pacific Data Centre Solutions, said STDCT 2.0 brings research, talent and industry collaboration together to help advance AI-ready infrastructure across Singapore and the broader Asia Pacific region. Professor Lee Poh Seng, programme director of the testbed and head of the Department of Mechanical Engineering at NUS CDE, said the programme is designed to move beyond individual technologies and evaluate how systems can be integrated and optimised as one infrastructure platform under real tropical operating conditions. The announcement comes ahead of Data Centre World Asia 2026, taking place 29–30 September at Marina Bay Sands Expo and Convention Centre in Singapore, where Johnson Controls will be at Booth V20.

Yuanta Securities issued an analysis maintaining its buy recommendation on BANPU shares with a fair value of 19.00 baht, stating that the company benefits directly from the data center boom in the United States through its investment in an integrated US closed-loop gas business spanning upstream to downstream, which is helping drive continuous growth in natural gas demand. Yuanta expects second-half 2026 earnings to grow year on year, driven by all three core businesses: the coal business, where sales volumes are rising after pressure from Indonesia's export control policies began to ease; the gas business, supported by effective hedging and recognition of sales from its investments in Barnett gas fields; and the power business, which is improving with seasonal electricity demand in the United States. For 2027, Yuanta forecasts net profit of 6.7 billion baht, up 4% year on year, outperforming the energy sector average, where most companies are slowing from a high base. It assesses the 2027 Newcastle coal price at 115 dollars per ton and expects US LNG production capacity to increase by another 10 to 13 billion cubic feet per day over the next six years, from 18.3 billion cubic feet per day currently. Yuanta also noted that these estimates have upside if the company can close power sales contracts with data centers, which are expected to become clear in late 2026 to early 2027, and pointed out that the stock currently trades at a price-to-book value of 0.5 times, with the share price up 12% since the start of the year.

Microsoft plans to expand its global data center capacity to more than 38 gigawatts by 2032, more than tripling its current roughly 12-gigawatt footprint, according to Bloomberg News reporting cited by Reuters and attributed to people familiar with the plans. Only about 2 gigawatts of Microsoft's current capacity is dedicated to AI-specific chips, a share the company expects to grow to roughly one-third of the much larger 38-gigawatt total by 2032, though Microsoft has not confirmed the target in any public filing or statement. The reported roadmap rests on strong cloud demand: Azure and other cloud services revenue rose 43% year over year in fiscal Q4, Microsoft Cloud revenue reached $59.3 billion for the quarter and $214.4 billion for fiscal 2026, and commercial remaining performance obligations climbed 84% year over year to $678 billion, with roughly 30% expected to be recognized as revenue over the next 12 months. Funding the buildout will be costly, with Microsoft expecting more than $50 billion of capital expenditures in fiscal Q1 2027 and about $175 billion during calendar 2026 under its broader capex definition, after roughly $145 billion in fiscal 2026. Power and political hurdles could slow the plan, as Texas temporarily halted approvals for new data center grid connections and New York imposed a moratorium on large new data centers, even as Microsoft signed a 20-year agreement with Constellation Energy tied to the restart of the 835-megawatt Three Mile Island Unit 1.

Analysts at Kasikorn Securities remain positive on the electronics group in the fourth quarter of 2026, expecting second-half 2026 earnings to accelerate notably, led by DELTA benefiting from capacity utilization and recovering margins, HANA from the ramp-up of AI-related products, and KCE from higher PCB sales volumes and upward ASP adjustments. AI and data centers are the main structural growth drivers underpinning continued demand for power electronics, advanced PCB, PCBA, and semiconductor components, supported by high demand from hyperscalers, gradually easing component constraints, an improved product mix, and a weaker baht, which is a positive factor for exporters' gross margins. However, risks remain from high raw material costs, particularly copper, fiberglass, copper clad laminate, and various electronic components, as well as the uneven recovery of end markets unrelated to AI, especially the automotive and EV segments. Strategically, the analysts recommend gradually accumulating electronics stocks on market dips, with DELTA rated Buy at a 300 baht target price, HANA rated Buy at a 56 baht target price, and KCE rated Hold at a 60 baht target price.

A securities research note recommends "buying" GULF shares, expecting second-half 2026 results to continue growing and maintaining its 2026 revenue and EBITDA guidance of roughly 12-15% growth, driven by about 700 MW of new capacity in the second half. This includes 623 MW of renewable power plants expected to add about 600 million baht in annual profit, and the 10 MW Chiang Mai community waste-to-energy plant expected to generate about 120 million baht in annual profit. Meanwhile, the LNG import and optimization business is expected to generate about 1.5 billion baht in profit this year. Rising electricity demand from data centers and EV adoption is likely to support dispatch at IPP/SPP power plants. The Jackson power plant in the United States is already benefiting from capacity payments that rose from 270 to 329 dollars per MW-day on demand from data centers in the PJM market. GSA01, with 25 MW, has had customers using its full capacity since June, allowing it to recognize full profit in the second half of 2026, while the first roughly 200 MW of committed data center capacity is expected to be fully operational in 2027 before expanding to about 1,000 MW in late 2028. The company continues to expand its digital infrastructure into a full ecosystem covering energy, data centers, cloud, AI platform and applications, and enterprise solutions, with plans for about 130 to 140 billion baht in equity investment over five years and an allocation of roughly 10% to GULF Edge, which could rise to 15% as data centers grow. It also sees small modular reactors as another long-term investment opportunity if the government provides clarity on laws and regulatory criteria. On sentiment, the view is that the price decline from Singtel's share overhang is nearing resolution after Singtel sold 416 million GULF shares, or 2.8% of the total, in June 2026, cutting its stake from 7.73% to 4.95%, with a lock-up barring further sales of the remaining shares for 90 days, a period that ended on September 23. On technical factors, the price decline formed a low and held the psychological support level of 60.00 with a bullish candlestick signal. The trend is a double bottom pattern, or the completion of an inverted V-shape, with resistance at the 61.25 SMA. If it breaks and holds above that with rising volume, it would be a buy signal for a trading round. For those holding the stock, the recommendation is to hold or add, with a chance to test resistance at 61.25 and 62.75, and for those without the stock, a short-term buy is recommended, focusing on holding support at 60.00 and 59.00, and it should not fall below that.

Kasikorn Securities assesses that the Thai stock market index will trade in a range of 1580-1630 points this week, with the market still volatile in line with swings in crude oil prices that accelerated last week, creating concerns over inflation in the period ahead. However, hopes remain for the US and Iran to return to further negotiations, which is a pressure keeping Brent crude oil prices unlikely to pass 110 dollars per barrel. On economic data this week, investors are advised to keep a close watch on the US Core PCE report, which is expected to hold steady at plus 3.3%, and if the actual figure comes in below market expectations, it will help the market further ease inflation concerns. For investment strategy this week, the recommendation is to wait for dips to accumulate shares with strong earnings prospects, such as the electronics, hospital, and construction contractor groups, as well as stocks tied to the Data Center theme. The standout stocks of the week are DELTA and BCH. For DELTA, the fundamental price is given at 300.00 baht, viewing the recent correction as merely a short-term reset, while AI demand remains strong from accelerating hyperscaler capex and rising demand for power and cooling systems per rack. Gross profit margin and earnings are expected to recover in the second half of 2026 after pressure from chip costs, inventory, and product mix clears up, with normal profit CAGR expected at around 32% in 2026-2028, and the buy recommendation is maintained with a target price of 300 baht. For BCH, the buy recommendation is maintained with a target price of 12.50 baht, based on improving profit forecast trends, with an expected earnings recovery in the second half of 2026 and upside from SSO service rate adjustments and M&A. The third-quarter 2026 outlook is stronger on a recovery in Thai patients, better SSO revenue, and growth in foreign patients, especially from the Middle East and CLMV. Valuation remains attractive, with the target price based on DCF at a WACC of 8.2%, offering a dividend yield of around 4-5% in 2026-2027, while no increase in SSO service rates is the main downside risk.

J.P. Morgan analysts said Europe's accelerating data centre buildout could strengthen the case for new nuclear capacity as technology companies seek dependable, low-carbon electricity to power AI infrastructure. European data centre electricity consumption could rise from about 70 TWh currently to roughly 115 TWh by 2030, according to European Commission estimates cited in the report, and J.P. Morgan forecasts an additional 89 TWh of annual European data centre power demand by 2030 compared with 2023, with Iberia and the Nordics accounting for about 45% of the increase. Europe's announced data centre pipeline stood at 66.1 GW at the end of 2025, compared with 10.8 GW of live capacity. Google recently agreed to a 22-year power purchase agreement with Fortum covering nuclear generation in Finland, carrying an estimated premium of roughly 60% to forward electricity prices, following similar nuclear agreements by Microsoft, Meta, Amazon and Google in the United States. Small modular reactors could play a larger role as demand grows, though Europe currently has no operating commercial SMRs, with the first projects targeted for the early 2030s, and the European Commission estimates €241 billion of investment will be required through 2050 for new large reactors and lifetime extensions.

Atlas Energy Solutions' ProjectCo unit agreed to purchase 283 MW of Caterpillar natural gas generation equipment for AI-focused data center projects, supported by cost reimbursement deals with a frontier AI lab. The AI power agreements arrive after a volatile run for Atlas Energy Solutions, with the share price jumping 13.47% in the past day but still sitting below its recent peak after a 26.65% decline over 90 days and a 3-year total shareholder return that is down 37.59%. Atlas Energy Solutions is trading at $12.47 versus a most-followed fair value of $18.50, a 33% undervalued narrative. The launch of Atlas' Power business, following the Moser Energy Systems acquisition, offers a new, diversifying growth engine with exposure to fast-growing commercial, industrial, and technology sectors that are signing multi-year contracts beyond traditional oil and gas. Still, the Atlas Energy Solutions story depends on Permian demand and sand pricing holding up, and on a P/S of 1.5x the stock trades richer than the US Energy Services industry on 1.2x and above a fair ratio of 0.9x.

Generac Holdings has secured a long-term agreement to supply backup generators for Amazon data centers, with initial deliveries expected to total US$2.4b across 2027 and 2028. The company's shares have returned 47.51% year-to-date and 23.69% over one year, though the 90-day share price return has fallen 25.30%. Against a last close of $208.14, the most followed analyst narrative pegs fair value at $292.38, implying 29% undervaluation, while the stock trades at a P/E of 47.6x versus a US Electrical industry average of 35.2x and a close-peer average of 40.6x. Generac's rapid entry into the data center market and a backlog exceeding $150 million are cited as positioning it for revenue growth, with analyst price targets ranging from $215 to $375. Risks include pressure in residential solar, reliance on outage-driven generator demand, execution risk on new data center capacity, and tighter diesel regulations.

Caterpillar Inc. reported second-quarter sales and revenues of $20.5 billion, up 24% year over year, with adjusted profit per share jumping 73% to $8.17 and an order backlog of approximately $72.1 billion at the end of June, up 15% from the previous quarter. Within that backlog, $29.2 billion is not expected to be filled within the following 12 months, and the increase spanned all three primary segments, with Power & Energy recording the largest gain. Power & Energy revenue rose 33% year over year while power-generation sales climbed 72%, driven partly by demand for generator sets and turbines used in data centers, even as the Construction Industries segment grew sales to users by 22%. The stock trades at almost 25.25x forward earnings, nearly 38% above the sector median of 22.14x and more than 50% above its own five-year average of 20.28x, and Caterpillar expects approximately $600 million of tariff costs in the third quarter. As of Q2 2026, 84 hedge funds in Insider Monkey's database owned Caterpillar stock worth $20.9 billion, down from 87 funds in Q1 though up from $14.07 billion in total value.

Bloom Energy said Oracle remains committed to its roughly 2.4 GW fuel cell contract for the Project Jupiter AI data center despite issuing a force majeure notice tied to delays in the supporting natural gas pipeline. The notice had raised questions about timing and payment deferrals, but subsequent reassurances from Oracle, Bloom and analysts suggest the project's financial commitments and long-term role in AI power infrastructure are largely intact. Bloom's expanded US$25.0 billion financing framework with Brookfield stands out as it underpins a broader pipeline of AI infrastructure power projects beyond Oracle, supporting the company's raised 2026 revenue outlook and its planned capacity expansion to 2 GW. Bloom Energy's narrative projects $10.9 billion in revenue and $2.7 billion in earnings by 2029, requiring 51.6% yearly revenue growth and an earnings increase of about $2.5 billion from $244.9 million today, while some of the most optimistic analysts had assumed roughly US$17.8 billion in revenue and US$5.9 billion in earnings by 2029. The article was produced by Simply Wall St.

Worthington Enterprises said its engineered ASME tanks for data center liquid cooling generated $13 million in revenue in its fiscal 2027 first quarter, matching the entire fiscal 2026 total for the product line. On the September 23 earnings call, CEO Joe Hayek said industry sources believe the liquid cooling and thermal management tank market could grow to more than 10 times the roughly $200 million legacy ASME tank market within a few years, and the company expects tank revenue to keep growing sequentially through the rest of the fiscal year. Total net sales rose 13% year over year to $343.9 million, with 7% organic growth, while adjusted EBITDA climbed 10% to $74 million from $67 million. Free cash flow nearly doubled to $54 million from $28 million, and trailing 12 month free cash flow reached a record $196 million, a 116% conversion rate against adjusted net earnings. The Building Performance Solutions segment, which houses the tank business, grew revenue 16% to $215 million but posted flat adjusted EBITDA of $60 million as gross margin slipped to 26.4% from 27.1%, with CFO Colin Souza citing about $7 million in adjusted EBITDA pressure from the A2L refrigerant transition.

Atlas Energy Solutions Inc shares jumped 13% in premarket trading Friday after the company signed power equipment deals with a leading frontier AI lab for data center projects. Two wholly owned subsidiaries executed separate cost reimbursement agreements with the AI lab alongside equipment purchase agreements to secure long-lead-time supporting equipment and incremental power generation equipment for specific data center projects. The first cost reimbursement agreement covers balance-of-plant equipment, including emissions control systems, electrical distribution equipment, battery energy storage systems, and other supporting infrastructure to support deployment of Atlas' existing generator orders under its previously announced Global Framework Agreement with Caterpillar Inc. The second cost reimbursement agreement supports an incremental 283 megawatts of purchase commitments for Caterpillar power generation equipment to facilitate the initial power ramp of a separate data center project, in addition to Atlas's obligations under the GFA with Caterpillar. Atlas also executed a purchase agreement for 328 megawatts of generating capacity, consistent with its obligations under the GFA for 2027 deliveries. President and CEO John Turner said the customer's willingness to enter into cost reimbursement agreements is a clear sign of commitment to these projects as the companies work toward execution of long-term power purchase agreements.

Nscale Limited, the full-stack AI cloud platform, announced a $3.36bn raise through convertible loan notes led by Third Point. The round drew support from new and existing investors including NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries, along with Davidson Kempner Capital Management, Qube Research & Technologies, Context Capital Management, Longaeva Partners L.P., Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, L.P., Javelin Venture Partners, and Irving Investors. The financing consists of an initial $2.36bn tranche at closing and an additional $1bn commitment from NVIDIA, with that funding expected in mid-November, 2026. The loan notes convert automatically into ordinary shares, or non-voting shares in the case of NVIDIA, upon completion of Nscale's initial public offering. Nscale said the capital will accelerate expansion of its vertically integrated AI cloud platform, spanning behind-the-meter power plants, liquid cooled AI data centers, and large-scale GPU clusters, against total contracted value of over $103bn. Goldman Sachs & Co. LLC acted as placement agent for the raise.

Bualuang Securities says DELTA's growth outlook from AI and data centers has strengthened after Morgan Stanley raised its power assumptions for the Vera Rubin rack to 234kW from 149kW, and for Rubin Ultra to 600kW from 415kW, reflecting power demand that comes not only from GPUs but also from memory, networking, power delivery systems and cooling across the entire rack. As a result, Morgan Stanley now estimates global server and rack power demand in 2026 to 2028 at 18GW, 35GW and 52GW, compared with Bualuang's assumptions of 15GW, 20GW and 25GW respectively. Even after deducting US electricity constraints, this still equates to global installations of about 28GW per year, above Bualuang's assumption of 20GW per year. For DELTA, the higher power usage per rack supports both the value of power delivery systems and cooling systems per rack, while Morgan Stanley has raised its liquid cooling capex assumption by 30% and sees cooling as an increasingly essential infrastructure. In addition, the 800VDC architecture improves system efficiency by about 5%, cuts copper usage by about 45% and supports racks drawing more than 1MW. In the short term, component constraints look set to ease gradually in the third quarter of 2026, with Delta Taiwan's power electronics sales in July up 59% year on year and 17% month on month, before falling 9% month on month in August but still 40% above the same period last year. DELTA's third-quarter 2026 sales are expected at 2.2 billion US dollars, up 34% year on year and 10% quarter on quarter, with a gross margin of 29.2% and core profit of about 9 billion baht, up 21% year on year and 60% quarter on quarter, before the fourth quarter of 2026 has a chance to set a new record high on deliveries of orders backlogged from the second and third quarters of 2026. Bualuang maintains its Buy recommendation with a target price of 330 baht and keeps its weighting on the electronics sector at market weight.

Shares of Delta Electronics (Thailand) Public Company Limited, or DELTA, rose 3.14% to 263.00 baht, up 8.00 baht, in trading on September 25, 2026, with a high of 264.00 baht and a low of 257.00 baht on turnover of 1.96 billion baht. Kasikorn Securities Public Company Limited assesses that the recent correction in DELTA's share price was a short-term pullback, while demand trends for artificial intelligence-related products remain strong, supported by accelerated investment from major cloud service providers and rising demand for power distribution systems and cooling systems for server racks. Kasikorn Securities expects DELTA's gross margin and profit to recover in the second half of 2026 after pressure from chip costs, inventory, and product mix eases. It estimates normal operating profit will grow by an average of about 32% per year during 2026 to 2028. Kasikorn Securities maintains its Buy recommendation on DELTA with a target price of 300 baht, viewing the share price level after the correction as more attractive. The stock currently trades at a forward price-to-earnings ratio of about 63 times for 2027, compared with the 92 times level used to assess the target price.

Kasikornbank Securities stated that Trump and Xi Jinping held their first discussions on AI, with Trump supporting free development to maintain the United States' advantage, while Xi was open to setting boundaries and stressed that AI must remain under human control. Although the two sides remain at odds over chip export restrictions, they have begun seeking a joint risk-management mechanism, and have extended the trade truce to January 10, 2027. The research team views this as positive for sentiment toward DELTA and industrial estate and power plant stocks that stand to benefit from AI and data center investment, should chip and trade tensions between the United States and China ease.

Vertiv Holdings Co agreed on September 2 to acquire Utility Innovation Holdings, Inc., which operates as UtilityInnovation Group or UIG, for approximately $1.45 billion in cash at closing. The deal also includes up to $1.15 billion in performance-based cash earnouts over 12- and 24-month periods tied to EBITDA targets, which would bring the total cash outlay to $2.6 billion if fully triggered. At the initial purchase price, the transaction represents roughly 13 times UIG's projected 2027 EBITDA, with expected accretion to adjusted EPS in the first year after closing. The acquisition extends Vertiv's critical power architecture upstream to the grid interconnect, adding microgrid controls, switchgear, and energy storage orchestration to accelerate time-to-power for AI data centers. The transaction is expected to close in the fourth quarter of 2026.