Core Viewpoint - The AI stock market is currently experiencing a downturn, with significant declines in major companies like Microsoft and Palantir Technologies, leading to investor skepticism about the industry's potential [1] Group 1: Market Trends - The market has generalized about the AI industry, overlooking key differences among various sectors and companies [2] - AI hardware and software companies are facing challenges due to high valuations, while infrastructure providers like Vertiv Holdings are seeing sustained demand [2] Group 2: Company Overview - Vertiv Holdings has a market capitalization of around $100 billion and is not widely recognized, yet it presents a compelling investment opportunity [3] - The company specializes in equipment for data centers, including power supplies, energy storage, and cooling solutions [4] Group 3: Industry Growth - The global data center cooling market is projected to grow at an average annual rate of nearly 12% through 2035, with the liquid cooling segment for AI data centers expected to expand by over 31% annually through 2029 [5] - Vertiv's revenue for 2025 is forecasted to reach $10.2 billion, reflecting a 26% year-over-year increase, with an anticipated organic sales growth of around 28% for the current year [6] Group 4: Demand Resilience - Vertiv Holdings is considered one of the safest investments in AI infrastructure due to the consistent demand for its products, even as data center operators delay upgrades and new constructions [7]

nVent Investor Day Summary Company Overview - nVent is a global electrical manufacturing company focused on connecting and protecting mission-critical infrastructure across various sectors, including data centers, power utilities, industrial applications, and commercial buildings [3][6] - The company has transformed its portfolio to align with macro trends in electrification, digitalization, and sustainability, with infrastructure revenue growing from over 10% at spin to nearly 50% today [3][12] Financial Performance - nVent reported nearly $4 billion in revenue for the previous year, representing a growth of 30%, with organic growth at 13% [9] - Adjusted EPS grew by 35%, indicating strong financial performance and attractive margins [9] - The market capitalization has increased from $4 billion to $18 billion since becoming a public company in 2018 [12] Growth Strategy - The company has divested its thermal management business and integrated two acquisitions, reshaping its portfolio and increasing its presence in the infrastructure vertical [8][12] - The infrastructure vertical now represents 45% of sales, with data centers contributing over $1 billion [12][13] - nVent's addressable market opportunity has expanded from $60 billion to $130 billion, with a backlog of $2.3 billion [13][17] Key Value Propositions - nVent's products enhance efficiency, resiliency, productivity, reliability, safety, and sustainability for customers [4][10] - Liquid cooling solutions can improve power usage efficiency by up to 45%, critical for AI data centers [10] - The company offers solutions that reduce installation time by up to 50% and total costs by up to 20% [11] Market Trends and Opportunities - Global electricity demand is expected to grow by 50% over the next 25 years, driven by AI data centers and the need for upgraded infrastructure [3][20] - The demand for liquid cooling is projected to grow more than 35%, with only 10%-15% of data centers currently utilizing this technology [15][53] - The aging electrical grid requires significant upgrades, creating opportunities for nVent's engineered building solutions [20][57] Operational Excellence - nVent is focused on accelerating operational excellence to scale and improve margins, with a strong emphasis on safety and lean enterprise practices [26][27] - The company has established a SPARK Management System to drive performance and enhance employee engagement [28][29] Digital Transformation - nVent is leveraging AI and digital data to transform internal operations, improve customer experience, and enhance pricing strategies [43][44] - The company aims to standardize key business processes and integrate acquired companies into its digital platforms within the first year [43] Sustainability Initiatives - nVent is committed to sustainability through initiatives focused on people, products, and the planet, including reducing greenhouse gas emissions and improving product lifecycle assessments [30] Conclusion - nVent is well-positioned for future growth, particularly in the infrastructure vertical, with a strong focus on data centers and power utilities [31][58] - The company is committed to innovation and operational excellence, aiming to capitalize on macro trends in electrification, digitalization, and sustainability [31][62]

Market Overview - The S&P 500's oversold bounce could not hold on Friday, with early gains erased due to fluctuating oil prices, as U.S. benchmark WTI crude reached $98 a barrel before retreating [1] - Global oil standard Brent crude traded above $100 a barrel, causing equity investors to hesitate ahead of anticipated military actions in the Middle East [1] - The Dow Jones Industrial Average was down nearly 2% for the week, while the S&P 500 and Nasdaq were down about 1.5% and over 1%, respectively [1] Company Updates - Eaton announced the closure of its $9.5 billion acquisition of Boyd Thermal, enhancing its exposure to AI data centers through Boyd's liquid cooling solutions [1] - Eaton's CEO highlighted unprecedented growth in the liquid cooling market, driven by increasing power requirements from new AI chips [1] - The company plans to spin off its Mobility unit early next year, which is expected to improve its growth profile by shedding a slower-growing, lower-margin business [1] Upcoming Earnings and Conferences - Micron is set to report earnings after the closing bell on Wednesday, with potential implications for other semiconductor stocks and technology companies like Apple and Cisco Systems [1] - FedEx is also scheduled to report, providing insights into global trade dynamics amid its breakup plan to separate its freight business [1] - The upcoming Nvidia GTC conference is anticipated to showcase new products and updates on AI infrastructure, with CEO Jensen Huang presenting [1] Federal Reserve Insights - Jerome Powell's upcoming Federal Open Markets Committee meeting is expected to keep interest rates unchanged, with diminishing expectations for rate cuts due to rising oil prices [1] - The meeting will provide insights into the Fed's approach to balancing labor market softness with inflation risks [1]

Core Insights - JetCool has partnered with Broadcom to provide innovative liquid cooling solutions for next-generation AI XPUs, leveraging Flex's global mass production capabilities [1] - The collaboration aims to address the increasing silicon power densities in AI workloads, which are reaching multi-kilowatt ranges per device, impacting system performance and reliability [1] - JetCool's single-phase direct-to-chip cooling solution is designed to integrate with Broadcom's thermal architecture, enabling sustained multi-kilowatt ASIC operation at heat flux levels of 4 W/mm² per device [1] Company Collaboration - The partnership combines JetCool's direct-to-chip liquid cooling technology, Flex's manufacturing scale, and Broadcom's expertise in custom AI silicon to create a production-ready thermal foundation for hyperscale AI infrastructure [1] - Broadcom emphasizes the need for tight coordination across silicon architecture, advanced packaging, power delivery, and thermal engineering to support multi-kilowatt ASIC platforms [1] - JetCool's advanced cooling technology is positioned to support future AI silicon generations as power densities continue to rise, enabling high-volume manufacturing [1] Industry Impact - The collaboration is expected to advance high-performance direct-to-chip thermal architectures for next-generation AI platforms, enhancing energy efficiency and sustainability goals [1] - JetCool provides a comprehensive portfolio of liquid cooling solutions, including cold plates and coolant distribution units, to support scalable deployment across hyperscale AI environments [1] - The partnership reflects a broader ecosystem of diverse cooling approaches and deployment models within the AI industry [1]

Core Viewpoint - nVent Electric plc (NYSE:NVT) is recognized as a significant player in the electrical connection and protection systems market, particularly benefiting from the growth in data centers and AI infrastructure [1][3]. Group 1: Company Overview - nVent Electric plc provides electrical connection and protection systems essential for securing infrastructure, data centers, and power management applications [3]. - The company has a leading position in liquid cooling solutions, which are increasingly important for managing heat in high-performance computing environments, especially as AI usage grows [3]. Group 2: Financial Performance - nVent Electric's shares experienced strong growth following the report of robust organic sales growth, driven by momentum in its data center and power utilities businesses [3]. - The company has demonstrated rapid growth supported by multiple secular tailwinds, including electrification, clean energy, energy efficiency, digitalization, and onshoring [3]. Group 3: Investment Insights - Artisan Partners highlighted nVent Electric as one of its top contributors in its third quarter 2025 investor letter, indicating strong confidence in the company's performance [3]. - The company has effectively allocated capital, utilizing free cash flow for product development, accretive mergers and acquisitions, and returning capital through dividends and share repurchases [3].

Core Viewpoint - Vertiv has significantly outperformed the S&P 500 over the past five years, but smaller AI stocks like Iren may present better investment opportunities due to their higher growth potential [1][2]. Company Performance - Vertiv's stock has increased by 39% over the past year and over 550% in the last five years, driven by investor interest in its liquid cooling solutions for data centers [1]. - In Q3, Vertiv reported a year-over-year revenue growth of 29%, but guidance for Q4 suggests a slowdown with expected growth of 18% to 22% [6]. Comparison with Iren - Iren's stock price has more than quadrupled in the past year, indicating a strong growth trajectory, and it has a market cap of $12 billion compared to Vertiv's $67 billion [2][7]. - Iren is projected to generate $20 billion in annual recurring revenue within five to ten years, supported by a significant deal with Microsoft worth $9.7 billion [3][4]. Revenue Projections - Iren aims for $3.4 billion in annual recurring revenue by the end of 2026, up from $3.1 million in fiscal 2024 and $16.4 million in fiscal 2025 [4]. - Management has indicated expectations of reaching $200 million to $250 million in annual recurring revenue by December 2025, suggesting potential to exceed the $3.4 billion target [5]. Market Dynamics - The smaller market cap of Iren allows for potentially greater stock price movements, which could benefit investors seeking faster growth compared to Vertiv [7].

Core Insights - Artisan Mid Cap Value Fund's Investor Class returned 0.97%, Advisor Class returned 0.98%, and Institutional Class returned 0.97% in Q3 2025, underperforming the Russell Midcap Value Index which returned 6.18% [1] - The equity markets rallied in Q3 2025, driven by strong corporate earnings, rising AI capital expenditures, and expectations of economic support from US fiscal policy and lower interest rates [1] Company Highlights - NVent Electric plc (NYSE:NVT) was highlighted as a top contributor in the fund's performance, with a one-month return of -0.27% and a 52-week gain of 49.75% [2] - NVent Electric's stock closed at $106.82 on January 02, 2026, with a market capitalization of $17.24 billion [2] - The company reported strong organic sales growth, particularly in its data center and power utilities businesses, which contributed to its stock performance [3] - NVent Electric has a leading position in liquid cooling solutions, which are increasingly important for energy efficiency and sustainability in AI infrastructure [3] - The company has benefited from multiple secular tailwinds including electrification, clean energy, energy efficiency, digitalization, and onshoring, alongside AI growth [3] - NVent Electric has effectively allocated capital towards product development, M&A, and returning capital to shareholders through dividends and share repurchases [3]

Company Overview - nVent Electric plc (NYSE:NVT) is recognized as one of the top 10 Data Center Cooling Companies to invest in [1] - The company is headquartered in London, United Kingdom, and employs over 11,000 people globally [3] Financial Performance - Barclays raised its price target for nVent from $130 to $140, maintaining an overweight rating [1] - Management expressed confidence in strong, improving margins in the core business segment, indicating resilience against the focus on AI and data centers [3] Strategic Direction - At the 2025 Goldman Sachs Industrials and Materials Conference, management highlighted a strategic pivot towards becoming a data center infrastructure company, anticipating significant growth in this area [2] - The new modular cooling and power portfolio is designed to meet the increasing demand driven by AI technologies [2] Product Innovation - nVent's liquid cooling solutions were showcased at the SC25 event on November 17, emphasizing the company's commitment to innovation for next-generation AI chips [2] - The company is collaborating with chip manufacturers and the broader ecosystem to address unique customer challenges with its new liquid cooling and power solutions [2]

Group 1 - The article highlights significant announcements in the stock market, including "suspension and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events [1] - The article emphasizes the importance of timely information for investors to discern and find suitable listed companies [1] Group 2 - A company is noted for its technological reserves in the 6G field, possessing self-developed aerospace-grade chips that have been successfully applied [1] - Another company is recognized for its products related to storage chips and PCB, with a self-developed liquid cooling solution already supplied to Alibaba [1] - A company associated with Huawei has achieved mass supply of its electronic skin products [1]

Core Insights - Flex Ltd. has experienced a significant stock surge of 75% over the past year, outperforming the Zacks Electronics - Miscellaneous Products industry, the Zacks Computer and Technology sector, and the S&P 500 composite, which grew by 7.5%, 31.2%, and 18.8% respectively [1] - The company has also outperformed several peers, with its stock closing at $58.65, near its 52-week high of $58.8 [2] Company Overview - Flex is based in Singapore and operates with a diverse workforce across 30 countries, providing advanced manufacturing solutions and a wide array of services including design, engineering, and circular economy solutions [3] - The company has transformed into an end-to-end solutions provider, offering services from design to supply chain integration across various products, including electronics and athletic footwear [4] Competitive Advantages - Flex's global manufacturing scale is a key competitive advantage, operating over 49 million square feet worldwide, with significant facilities in the U.S. and Mexico [5] - The company utilizes AI-enabled systems and advanced automation to enhance speed, flexibility, and resilience, particularly in regulated markets such as automotive, healthcare, and industrials, which account for approximately 75% of total revenues [5] Growth Strategy - Flex is aggressively expanding into the high-growth data center market, targeting $6.5 billion in revenue with at least 35% growth, which will represent 25% of total sales [8][11] - Recent acquisitions, including JetCool and Crown Systems, are aimed at enhancing its capabilities in liquid cooling and power solutions for data centers [12] Financial Performance - Flex's shares are currently trading at a price/earnings ratio of 20.62, which is lower than the industry average of 25.36, indicating a potential valuation opportunity [15][18] - The company has raised its fiscal 2026 outlook, driven by strong data center momentum and expanded power capacity in Europe [19]