Summary of Conference Call Notes Industry Overview - **Industry**: Capital Goods, specifically focusing on the **Data Center** sector in Europe - **Key Topic**: Transition to **800vDC data center architecture** and developments in **Solid State Transformers (SST)** Core Insights and Arguments 1. **Investor Interest**: There has been a significant increase in investor interest regarding the shift to 800vDC data center architecture since the initial report in September 2025, with many analysts focusing on this topic during Q4 earnings calls [3][1] 2. **Leading Companies**: Delta Electronics and Eaton are identified as global leaders in the 800vDC space, while European suppliers are still debating their positioning [1][2] 3. **Revenue Growth**: Companies in the capital goods sector reported exceptional growth in data center orders for Q4 2025, with Vertiv at +252%, Eaton at +200%, and ABB at approximately +140% [11] 4. **Market Size Projections**: The global co-location capital expenditure is expected to grow by **+109% YoY** in 2026, significantly higher than previous forecasts [19][16] 5. **SST Development**: The competition in SST development is intensifying, with Delta and Eaton generating revenue from SST products, albeit at a small scale. Other companies like GE Vernova and JST are in testing phases [8][2] 6. **Future Penetration Rates**: Estimates suggest a **30% penetration rate** of 800vDC in all data centers by 2030, with ABB projecting a more aggressive **40-50%** [10] 7. **Company Strategies**: Legrand anticipates that the architecture shift will be neutral to negative for 20% of its DC products but neutral to positive for 80%. They have strategies in place to address product gaps [9] Additional Important Points 1. **Medium-Voltage Suppliers**: Companies with existing DC know-how are better positioned to adapt to the new architecture, while others may need to evolve significantly [7] 2. **Gradual Transition**: The transition to 800vDC will take time, with intermediate technologies expected to play a role before full adoption [9] 3. **Liquid Cooling Market**: The liquid cooling market is projected to reach **$2.5 billion** in 2025, growing at **+127% YoY** [28] 4. **Analyst Ratings**: Morgan Stanley maintains an **Overweight** rating on Schneider and Legrand, with **Equal-weight** ratings on ABB and Siemens, indicating a positive outlook for these companies in the data center space [2] This summary encapsulates the key insights and developments discussed in the conference call, highlighting the ongoing transition in the data center industry and the competitive landscape among key players.