ETNEaton Corporation plc

“The cooling business is on track to record $1.7 billion or better in revenue in the full year of 2026, of which about $1.4 billion will be included in Eaton financials for the year with margins generally in line with the prior expectations. The Boyd business had a very strong start of the year, up well over 100% in Q1 versus prior year. In fact, Boyd's backlog doubled over the last 6 months.”

“the run rate in Q1 was already around $400 million. So we modeled to stay at that level in Q2 and raised the second half to $450 million per quarter, it's reasonable, it's conservative, and we think it's perfectly feasible as the business is ramping.”

“We now estimate 32 gigawatts of total data center capacity under construction in the U.S., of which 70% is AI. Total data center backlog has grown to 228 gigawatts or 12 years of backlog at a 2025 build rates, up from the 11 years in our last update.”

“Our accelerating orders driven by data center orders up 240% prove continued strong demand and our winning value proposition as an end-to-end solutions provider.”

“Organic sales of 14% was driven primarily by strength in data centers, up about 50% along with strong growth in commercial and institutional and machine OEM.”

“we are in a leading position to commercialize our medium voltage solid-state transformers to get more specific to your question. The fact that we acquired Resilient Power Systems accelerate their [indiscernible] development because we acquired an immersion code offering that drives much more power density in a much smaller footprint.”

“That's why we developed the Eaton [indiscernible] DSX platform. It delivers a complete modularized implementation of AI factory infrastructure, spanning grid connection, power distribution, advanced cooling and structural architectures engineered for higher speed, efficiency and resilience, truly an ideal solution.”

“the most important question for investors is, why does this matter? Why does it matter so much for data center operators and I would say it is because the industry wants to increase tokens per megawatt. In other words, to increase the efficiency the data centers.”

“this business is a core design partner to leading hyperscalers and silicon providers. As [indiscernible] plates expand across compute, networking and rack-level components, Boyd system level position drives also increased CDU adoption.”

“we have more than a handful of solid-state transformer pilots actually approaching 2 handful, including hyperscaler customers. What we are getting from those discussions with them, it's a lot of positive feedback.”

“we're already providing quotes on 800-volt DC projects now. We expect orders in the second half of the year for shipments starting in late 2027 and some of those also beginning of '28.”

“AI factories represent a new class of infrastructure, and they are driving a massive global build-out, where data center power demand could nearly triple between 2025 and 2030.”

“switching to this direct current technology 800 volts or above can save up to 5% from data center operations, moving the efficiency all the way up to 98%.”

“Our partnerships with NVIDIA resulted in a complete solution for their generation of chips, Vera Rubin.”

“we are also very happy about their capabilities and the scale they can implement in the next months and years. And as you said, there's a lot of deals. We are familiar with those deals. In my opinion, that does not change our view of the market because as I said before, we browse the market for the best deal possible. And this game around liquid cooling is a game, in my opinion, will define as a game of trust given the high stakes of being so close to the chips and keeping the servers working and the revenue generation assets operating well.”

“By integrating Eaton's grid to cheap architecture, we are enabling our customers to move beyond custom designs toward efficient, reliable and modular solutions. It's a unique collaboration tailored to help our customers with their greatest challenges, and we couldn't be more excited for our customers to benefit from this technology.”

“we're actually leveraging some of their connections with cheap manufacturers to be a lead for other technologies of Eaton to win. And a good example of that could be also what we are doing with NVIDIA and other companies.”