Sector · 8 names
Power & cooling equipment
Turbines, transformers, switchgear, cooling and the contractors that connect data centres to the grid.
What matters here
Power is the newest bottleneck. Gas turbine slots and transformers are booked years ahead, which shows in backlogs and margins. The risk is the reverse of the chips': long lead times mean capacity added now arrives after demand may have cooled.
Every name in the sector, total return
Total return in USD, on a log scale · grey is semiconductors (SMH)