{"schema":"5lc-index-ledger/1","key":"infrastructure-power-cooling","layer":"infrastructure","sublayer":"power-cooling","asOf":"2026-10-22","about":"5LC Importance Index ledger for one sublayer: the measure card, the current ten with any editorial overrides and their reasons, the computed result for every scored company (Importance = share of AI output × years to replace, Reach, replacement years, Rising, the Monte Carlo rank simulation and its stability class, validation, the revenue baseline and rater agreement), each scored company's sourced inputs and irreplaceability ratings, and the sublayer's validation cases with their sources. Monte Carlo frequencies describe the stated input ranges, not true probabilities. Omitted: the free-text notes of the internal check passes and of rating reconciliations, and the location of the internal card review; references to local evidence files and to internal method decisions are replaced by plain descriptions.","roster":{"members":[{"entityId":"delta-electronics","slot":"importance","since":"2026-10-22"},{"entityId":"schneider-electric","slot":"importance","since":"2026-10-22"},{"entityId":"vertiv","slot":"importance","since":"2026-10-22"},{"entityId":"asia-vital-components","slot":"importance","since":"2026-10-22"},{"entityId":"eaton","slot":"importance","since":"2026-10-22"},{"entityId":"flex","slot":"importance","since":"2026-10-22"},{"entityId":"huawei","slot":"importance","since":"2026-10-22"},{"entityId":"siemens-smart-infrastructure","slot":"importance","since":"2026-10-22"},{"entityId":"lite-on","slot":"importance","since":"2026-10-22"},{"entityId":"carrier","slot":"rising","since":"2026-10-22"}],"pending":{},"lastRun":"2026-10-22","resultsDate":"2026-10-22"},"card":{"schema":"5lc-index-card/1","key":"infrastructure-power-cooling","layer":"infrastructure","sublayer":"power-cooling","version":1,"scope":"Equipment that carries power around the data-centre campus and inside its buildings, and removes heat from IT equipment: UPS systems and their batteries, low- and medium-voltage switchgear and switchboards on the campus, busway and rack power distribution, server and rack power supplies including rack power shelves and battery backup units, air cooling and heat rejection, liquid cooling distribution, and thermal parts fitted to servers. On-campus transformers and medium-voltage cables belong here but are not counted, because public estimates of their data-centre sales differ widely and use no common definition; the utility network up to and including the site substation, generators and on-site generation belong to Energy, and IT racks, enclosures and management software are not counted.","outputMeasure":"Equipment that powers and cools data-centre computers on the campus, by worldwide sales, weighted by 2025 spending.","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","hardToReplace":"Several large makers supply UPS systems, switchgear and chillers, though backlogs have grown. Liquid cooling, cold plates and power shelves are qualified per GPU platform, leaving few suppliers.","functions":[{"id":"power","name":"UPS and power distribution","why":"Backup power and the busways that carry it to each rack; the largest category.","weight":{"low":0.13,"central":0.37,"high":0.66},"weightSource":{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","title":"Data Center Physical Infrastructure Market Forecast to Reach $120 Billion by 2030, According to Dell'Oro Group","publisher":"Dell'Oro Group","publishedDate":"2026-08-19","accessedDate":"2026-10-22","tier":"T4","locator":"DCPI manufacturer revenue 'to reach $120 billion by 2030, a 22% compound annual growth rate from 2025', so about $44B in 2025, covering UPS, thermal management, cabinet power distribution and busway, rack power distribution, IT racks and containment, and software and services, and no switchgear. UPS is the largest segment and facility and rack power distribution the fourth (Fierce Network, 13 March 2024, on Dell'Oro data). UPS plus power distribution estimated at about $17B (T5, ±60%) of about $45.95B across the six parts."},"shareData":"Company data-centre sales in the part over the world total, from market reports and filings"},{"id":"switchgear","name":"Switchgear and switchboards","why":"Routes and protects power from the incoming lines to each hall.","weight":{"low":0.02,"central":0.06,"high":0.17},"weightSource":{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","title":"Data Center Switchgear Market Report","publisher":"P&S Intelligence","publishedDate":"2026-09","accessedDate":"2026-10-22","tier":"T4","locator":"Global data center switchgear market 'USD 2.35 billion' in 2025 (low voltage 46%, hyperscale 56%), segmented into low- and medium-voltage switchgear. Cross-check: MarketsandMarkets' Data Center Switchgear Market page gives $3.6B for 2026 (about $3.1B in 2025 at its 17% CAGR), covering MV and LV switchgear and excluding transformers, busway and cables. Central $2.7B, the mean (T4, ±40%), of about $45.95B."},"shareData":"Company data-centre sales in the part over the world total, from market reports and filings"},{"id":"server-power","name":"Server and rack power supplies","why":"Power supplies inside servers and AI racks, including power shelves.","weight":{"low":0.05,"central":0.17,"high":0.42},"weightSource":{"url":"https://www.bnext.com.tw/article/90178/2026-delta-earnings-call","title":"台達電 2026 法說會 (Delta Electronics investor conference report)","publisher":"Business Next (數位時代)","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"'公司2025年全年營收達5,548.85億元' (NT$554.9B in 2025); chairman Cheng Ping: 'AI電源相關產品已占公司整體營收逾2成' (AI power products over 20% of revenue, more than NT$111B, about US$3.5B). Worldwide server and rack power supplies for data centres estimated at about $8B (T5, ±60%), taking Delta as 45–60% of AI server and rack power and adding $1–2B for other data-centre servers; about $8B of about $45.95B."},"shareData":"Company data-centre sales in the part over the world total, from market reports and filings"},{"id":"air-heat-rejection","name":"Air cooling and heat rejection","why":"Air handlers, chillers and dry coolers that move heat out of halls.","weight":{"low":0.07,"central":0.18,"high":0.42},"weightSource":{"url":"https://www.intelligentcio.com/africa/2024/06/19/omdia-research-predicts-data-center-cooling-market-to-reach-16-87-billion-in-2028/","title":"Omdia research predicts data center cooling market to reach $16.87 billion in 2028","publisher":"Intelligent CIO, reporting Omdia","publishedDate":"2024-06-19","accessedDate":"2026-10-22","tier":"T4","locator":"Data centre thermal management market 'has surged to a staggering $7.67bn' in 2023, at an 18.4% CAGR to 2028. 2025 is about 7.67 × 1.184² = $10.75B; less liquid cooling (about $2.5B, Dell'Oro) leaves about $8.25B (T4, ±40%) of about $45.95B."},"shareData":"Company data-centre sales in the part over the world total, from market reports and filings"},{"id":"liquid","name":"Liquid cooling distribution","why":"Coolant distribution units and manifolds that new GPU racks need.","weight":{"low":0.02,"central":0.07,"high":0.18},"weightSource":{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","title":"Data Center Physical Infrastructure Grew 17 Percent Y/Y in 1Q 2025, Driven by AI Buildout, According to Dell'Oro Group","publisher":"Dell'Oro Group","publishedDate":"2025-07-08","accessedDate":"2026-10-22","tier":"T4","locator":"'The total Liquid Cooling market is projected to exceed $2.5 billion in revenue for full-year 2025.' Central $3.0B (T4, ±40%) of about $45.95B; Dell'Oro's 2024 DLC was $1.1B."},"shareData":"Company data-centre sales in the part over the world total, from market reports and filings"},{"id":"server-thermal","name":"Server thermal parts","why":"Cold plates, heat sinks and fans on each AI server.","weight":{"low":0.04,"central":0.15,"high":0.38},"weightSource":{"url":"https://www.ctee.com.tw/news/20260312700756-430201","title":"奇鋐 2025 年財報 (AVC 2025 results)","publisher":"Commercial Times (工商時報)","publishedDate":"2026-03-12","accessedDate":"2026-10-22","tier":"T3","locator":"'2025年合併營收為1396.39億元，年成長94.59%' (AVC 2025 consolidated revenue NT$139.6B, about US$4.4B, driven by AI server thermal and structural products). Worldwide server thermal parts estimated at about $7B (T5, ±60%), taking AVC's server thermal products as $2.2–3.1B and 30–45% of the market; about $7B of about $45.95B."},"shareData":"Company data-centre sales in the part over the world total, from market reports and filings"}],"risingFloorPct":1,"validationCaseIds":[],"knownGaps":["No free source gives segment sizes for the whole market; UPS and power distribution is derived from Dell'Oro's total and segment ranking with Omdia's thermal figure, so it carries the widest tier range.","Switchgear rests on two market-research estimates ($2.35B for 2025 and $3.6B for 2026) whose scopes differ.","Server and rack power supplies and server thermal parts are outside the market trackers; their sizes are estimated from Delta Electronics' and AVC's revenue.","On-campus transformers and medium-voltage cables are in scope but not counted, for lack of a reliable total.","Weights reflect all data centres; AI facilities use more liquid cooling and denser power distribution than the average.","Liquid-cooling totals from market trackers may include some cold-plate value, which this card counts under server thermal parts.","Omdia's thermal-management total is a 2023 figure grown at Omdia's own forecast rate.","Many suppliers (Schneider Electric, Eaton, ABB, Siemens, Johnson Controls, Daikin, Delta Electronics, Huawei) report data-centre sales inside wider segments, so their shares rest on estimates."],"approval":{"approver":"Claude (delegated by Dachi)","date":"2026-10-22","sha256":"9c76fe5b868c09be6d6624e2293de565e09cc3154c90c9a3f2f973d8c62076e0","delegatedOn":"2026-10-22"}},"result":{"schema":"5lc-index-result/1","key":"infrastructure-power-cooling","asOf":"2026-10-22","methodVersion":"1.1","methodSha256":"3cabed6b38514c263d8b86a494e8cc19cdbd0b2a1013543dc024192c49f7a6a6","cardSha256":"9c76fe5b868c09be6d6624e2293de565e09cc3154c90c9a3f2f973d8c62076e0","validationSha256":"409931bb458f38b02342c9bf43e61eab299e47d8679912af2c96074ec556f17e","inputsSha256":"a0f33b53396e7a678850a1e4438526853bc7e793bdb2d7e8b8802ab0f7e69a7b","unscreened":[],"companies":[{"entityId":"delta-electronics","name":"Delta 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Laval","reachPct":0.1529,"importance":0.0430920216592,"importanceRank":58,"functions":[{"id":"power","weight":0.37,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"switchgear","weight":0.06,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"server-power","weight":0.17,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"air-heat-rejection","weight":0.18,"sharePct":0.35,"shareLowPct":0,"shareHighPct":1.313,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"liquid","weight":0.07,"sharePct":1.07,"shareLowPct":0.357,"shareHighPct":2.676,"stale":false,"offBasis":false,"level":1.33333333333,"years":0.3149802624729905,"disagreement":false},{"id":"server-thermal","weight":0.15,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":55,"rankP10":47,"rankP90":59,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":null},{"entityId":"danfoss","name":"Danfoss","reachPct":0.17194,"importance":0.042985,"importanceRank":59,"functions":[{"id":"power","weight":0.37,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"switchgear","weight":0.06,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"server-power","weight":0.17,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"air-heat-rejection","weight":0.18,"sharePct":0.525,"shareLowPct":0,"shareHighPct":1.313,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"liquid","weight":0.07,"sharePct":0.892,"shareLowPct":0,"shareHighPct":2.141,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"server-thermal","weight":0.15,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":56,"rankP10":49,"rankP90":60,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":null},{"entityId":"midea","name":"Midea (data-centre cooling)","reachPct":0.1109,"importance":0.027725,"importanceRank":60,"functions":[{"id":"power","weight":0.37,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"switchgear","weight":0.06,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"server-power","weight":0.17,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"air-heat-rejection","weight":0.18,"sharePct":0.525,"shareLowPct":0,"shareHighPct":4.377,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"liquid","weight":0.07,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"server-thermal","weight":0.15,"sharePct":0.02,"shareLowPct":0,"shareHighPct":0.1,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":51,"rankP10":33,"rankP90":60,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":null}],"selection":{"importanceIds":["delta-electronics","schneider-electric","vertiv","asia-vital-components","eaton","flex","huawei","siemens-smart-infrastructure"],"risingIds":["carrier"],"filledFromImportance":["lite-on"]},"risingPools":{"growth":10,"shareChange":0,"committed":3},"weightSensitivity":[{"functionId":"power","end":"low","entered":["jentech"],"left":["huawei"]},{"functionId":"power","end":"high","entered":["legrand","mitsubishi-electric"],"left":["siemens-smart-infrastructure","lite-on"]},{"functionId":"switchgear","end":"low","entered":["jentech"],"left":["siemens-smart-infrastructure"]},{"functionId":"switchgear","end":"high","entered":["abb"],"left":["lite-on"]},{"functionId":"server-power","end":"low","entered":["jentech"],"left":["lite-on"]},{"functionId":"server-power","end":"high","entered":["advanced-energy"],"left":["siemens-smart-infrastructure"]},{"functionId":"air-heat-rejection","end":"low","entered":[],"left":[]},{"functionId":"air-heat-rejection","end":"high","entered":["modine","johnson-controls","trane","daikin"],"left":["flex","huawei","siemens-smart-infrastructure","lite-on"]},{"functionId":"liquid","end":"low","entered":[],"left":[]},{"functionId":"liquid","end":"high","entered":[],"left":[]},{"functionId":"server-thermal","end":"low","entered":[],"left":[]},{"functionId":"server-thermal","end":"high","entered":["jentech","hon-hai"],"left":["huawei","siemens-smart-infrastructure"]}],"validation":[],"baseline":{"spearman":0.51038961039,"baselineTop10NotSelected":["johnson-controls","trane","abb","ecolab"],"selectedNotInBaselineTop10":["asia-vital-components","siemens-smart-infrastructure","lite-on","carrier"]},"raterAgreement":{"within":0.918367346939,"weightedKappa":0.463381245722,"disagreements":["delta-electronics:liquid","jentech:server-thermal"]}},"inputs":{"delta-electronics":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"delta-electronics","name":"Delta Electronics","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":3.235,"central":5.294,"high":8.235,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.bnext.com.tw/article/90178/2026-delta-earnings-call","title":"台達電 2026 法說會 (Delta Electronics investor conference report)","publisher":"Business Next (數位時代)","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"'去年AI電源相關產品已占公司整體營收逾2成，液冷散熱解決方案約占9%，合計AI相關產品比重約3成' (chairman: AI power products over 20% of 2025 revenue, liquid-cooling solutions about 9%, together about 30%)"},"note":"Delta's chairman says AI power-related products were over 20% of 2025 revenue and liquid-cooling solutions about 9% (Business Next report of the 26 Feb 2026 investor call). 2025 revenue was NT$554.9B (Delta 4Q25 results deck, p.12), so AI power is over NT$111B (about $3.6B at NT$31 per US dollar (2025 average, assumed)); 22% is taken, about $3.9B, and liquid cooling is 9%, about $1.6B. Delta's AI power mixes server power supplies and shelves with data-centre power infrastructure (UPS, in-rack distribution); the split of about 75% server power and 25% facility power is a 5LayerCake assumption, so facility power is about $0.9B. Delta's Infrastructure segment, which holds its ICT infrastructure business, had 2025 sales of NT$182.0B (about $5.9B; deck p.14). This part: about $900M of calendar 2025 data-centre sales (range $550-1400M). Share = $900M / $17,000M = 5.294% (range 3.235-8.235%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Delta 4Q25 results deck (https://filecenter.deltaww.com/ir/download/calendar/4Q25_Analyst%20Meeting.pdf); KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":27.5,"central":37.5,"high":46.25,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.bnext.com.tw/article/90178/2026-delta-earnings-call","title":"台達電 2026 法說會 (Delta Electronics investor conference report)","publisher":"Business Next (數位時代)","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"'去年AI電源相關產品已占公司整體營收逾2成，液冷散熱解決方案約占9%，合計AI相關產品比重約3成' (chairman: AI power products over 20% of 2025 revenue, liquid-cooling solutions about 9%, together about 30%)"},"note":"Delta's chairman says AI power-related products were over 20% of 2025 revenue and liquid-cooling solutions about 9% (Business Next report of the 26 Feb 2026 investor call). 2025 revenue was NT$554.9B (Delta 4Q25 results deck, p.12), so AI power is over NT$111B (about $3.6B at NT$31 per US dollar (2025 average, assumed)); 22% is taken, about $3.9B, and liquid cooling is 9%, about $1.6B. About 75% of the AI power figure, $2.95B, is taken as server and rack power (power supply units, power shelves, battery backup units). KGI Securities (26 Sep 2025) puts Delta at 60-65% of AI server power-supply units, which fits a market near $5B for AI units alone. This part: about $3000M of calendar 2025 data-centre sales (range $2200-3700M). Share = $3000M / $8,000M = 37.5% (range 27.5-46.25%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Delta 4Q25 results deck (https://filecenter.deltaww.com/ir/download/calendar/4Q25_Analyst%20Meeting.pdf); KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"air-heat-rejection":{"low":1.051,"central":2.626,"high":4.815,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.bnext.com.tw/article/90178/2026-delta-earnings-call","title":"台達電 2026 法說會 (Delta Electronics investor conference report)","publisher":"Business Next (數位時代)","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"'去年AI電源相關產品已占公司整體營收逾2成，液冷散熱解決方案約占9%，合計AI相關產品比重約3成' (chairman: AI power products over 20% of 2025 revenue, liquid-cooling solutions about 9%, together about 30%)"},"note":"Delta's chairman says AI power-related products were over 20% of 2025 revenue and liquid-cooling solutions about 9% (Business Next report of the 26 Feb 2026 investor call). 2025 revenue was NT$554.9B (Delta 4Q25 results deck, p.12), so AI power is over NT$111B (about $3.6B at NT$31 per US dollar (2025 average, assumed)); 22% is taken, about $3.9B, and liquid cooling is 9%, about $1.6B. Delta also sells precision air conditioning and chillers for data halls; it gives no figure, so $0.3B (range 0.12-0.55) is a 5LayerCake assumption. This part: about $300M of calendar 2025 data-centre sales (range $120-550M). Share = $300M / $11,422M = 2.626% (range 1.051-4.815%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Delta 4Q25 results deck (https://filecenter.deltaww.com/ir/download/calendar/4Q25_Analyst%20Meeting.pdf); KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"liquid":{"low":15.164,"central":21.407,"high":28.543,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.bnext.com.tw/article/90178/2026-delta-earnings-call","title":"台達電 2026 法說會 (Delta Electronics investor conference report)","publisher":"Business Next (數位時代)","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"'去年AI電源相關產品已占公司整體營收逾2成，液冷散熱解決方案約占9%，合計AI相關產品比重約3成' (chairman: AI power products over 20% of 2025 revenue, liquid-cooling solutions about 9%, together about 30%)"},"note":"Delta's chairman says AI power-related products were over 20% of 2025 revenue and liquid-cooling solutions about 9% (Business Next report of the 26 Feb 2026 investor call). 2025 revenue was NT$554.9B (Delta 4Q25 results deck, p.12), so AI power is over NT$111B (about $3.6B at NT$31 per US dollar (2025 average, assumed)); 22% is taken, about $3.9B, and liquid cooling is 9%, about $1.6B. KGI (26 Sep 2025) earlier guided liquid cooling to 6-7% of 2025 sales and gave Delta over 50% of the market for liquid-to-air sidecars; the later chairman figure of 9% is used. About 75% of the $1.6B, $1.2B, is taken as coolant distribution (sidecars, CDUs, manifolds); the rest are cold plates, counted under server thermal parts. This part: about $1200M of calendar 2025 data-centre sales (range $850-1600M). Share = $1200M / $5,606M = 21.407% (range 15.164-28.543%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Delta 4Q25 results deck (https://filecenter.deltaww.com/ir/download/calendar/4Q25_Analyst%20Meeting.pdf); KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"server-thermal":{"low":5.714,"central":10,"high":14.286,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.bnext.com.tw/article/90178/2026-delta-earnings-call","title":"台達電 2026 法說會 (Delta Electronics investor conference report)","publisher":"Business Next (數位時代)","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"'去年AI電源相關產品已占公司整體營收逾2成，液冷散熱解決方案約占9%，合計AI相關產品比重約3成' (chairman: AI power products over 20% of 2025 revenue, liquid-cooling solutions about 9%, together about 30%)"},"note":"Delta's chairman says AI power-related products were over 20% of 2025 revenue and liquid-cooling solutions about 9% (Business Next report of the 26 Feb 2026 investor call). 2025 revenue was NT$554.9B (Delta 4Q25 results deck, p.12), so AI power is over NT$111B (about $3.6B at NT$31 per US dollar (2025 average, assumed)); 22% is taken, about $3.9B, and liquid cooling is 9%, about $1.6B. About 25% of the $1.6B liquid-cooling figure (cold plates, about $0.4B) plus server fans and heat sinks from Delta's Power Electronics segment (about $0.3B, a 5LayerCake assumption). This part: about $700M of calendar 2025 data-centre sales (range $400-1000M). Share = $700M / $7,000M = 10% (range 5.714-14.286%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Delta 4Q25 results deck (https://filecenter.deltaww.com/ir/download/calendar/4Q25_Analyst%20Meeting.pdf); KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."}},"activityGrowth":{"current":{"low":181996,"central":181996,"high":181996,"unit":"TWD million","basis":"Infrastructure segment revenue (ICT infrastructure, energy infrastructure and display products), calendar year, NT$ million","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://filecenter.deltaww.com/ir/download/calendar/4Q25_Analyst%20Meeting.pdf","title":"Delta Electronics 4Q 2025 analyst meeting presentation","publisher":"Delta Electronics","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"p.12 full-year 2025 sales NT$554.9B (2024: NT$421.1B); p.14 segment sales: Infrastructure NT$181,996M, +82%; Power Electronics NT$280,032M, +25%"},"note":"Delta's Infrastructure segment is where its data-centre power and cooling system business sits, but it also holds telecom power, energy infrastructure and display products. The segment is the narrowest sales line Delta reports; the server power supplies sit in Power Electronics (NT$280,032M, +25%)."},"prior":{"low":100211,"central":100211,"high":100211,"unit":"TWD million","basis":"Infrastructure segment revenue (ICT infrastructure, energy infrastructure and display products), calendar year, NT$ million","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://filecenter.deltaww.com/ir/download/financial_report/Q42024_eng_Consolidated%20Financial%20Report.pdf","title":"Delta Electronics consolidated financial report, year ended 31 December 2024 (audited)","publisher":"Delta Electronics","publishedDate":"2025-02-26","accessedDate":"2026-10-22","tier":"T1","locator":"Note 14(3) Segment information: Infrastructure business revenue from external customers NT$100,211,017 thousand for 2024"},"note":"The 4Q25 deck's +82% implies about NT$99,998M for 2024, a small restatement against the audited NT$100,211M; the audited figure is used."}},"baselineRevenueUsd":{"low":17900000000,"central":17900000000,"high":17900000000,"unit":"USD","basis":"Total revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://filecenter.deltaww.com/ir/download/calendar/4Q25_Analyst%20Meeting.pdf","title":"Delta Electronics 4Q 2025 analyst meeting presentation","publisher":"Delta Electronics","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"p.12 full-year 2025 sales NT$554.9B (2024: NT$421.1B); p.14 segment sales: Infrastructure NT$181,996M, +82%; Power Electronics NT$280,032M, +25%"},"note":"NT$554.9B converted at NT$31 per US dollar (2025 average, assumed): 554.9 / 31 = $17.9B. Delta's group total (power electronics, mobility, automation, infrastructure); data-centre revenue is not reported separately."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":2,"levelHigh":4},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":4},"server-thermal":{"levelLow":1,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4860090e114319adb5a4b2a9715aac8880bed047f3f605077f0e93ca384d1476"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4860090e114319adb5a4b2a9715aac8880bed047f3f605077f0e93ca384d1476"}}},"schneider-electric":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"schneider-electric","name":"Schneider Electric","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":15.294,"central":22.353,"high":29.412,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://download.se.com/files?p_Doc_Ref=presentation-hy-results-2026","title":"Schneider Electric H1 2026 results presentation","publisher":"Schneider Electric","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5, 'Balanced end market exposure (FY 2025)': Data Center & Networks 30% of FY2025 orders (best estimate)"},"note":"Schneider says Data Center & Networks was about 30% of FY2025 orders (H1 2026 results presentation, p.5, a best estimate under a new classification tool); FY2025 revenue was EUR 40,152M, about $45.4B at US$1.13 per euro (2025 average, assumed) (FY2025 results release). Orders are not revenue, so the end-market is taken as about 27-30% of revenue, roughly $12-13B including Distributed IT, networks, software and services. Pure data-centre equipment is assumed to be 60-70% of that, about $8-9B, and the counted parts are a 5LayerCake allocation of it: power (UPS, PDU, busway, prefabricated power) about 45%, switchgear 12%, air cooling 13%, liquid (Motivair, counted with Schneider) 5%; racks, software and services are not counted. Dell'Oro (8 Jul 2025) puts Schneider and Vertiv virtually tied for global data-centre infrastructure share, which anchors the order of magnitude against Vertiv. This part: about $3800M of calendar 2025 data-centre sales (range $2600-5000M). Share = $3800M / $17,000M = 22.353% (range 15.294-29.412%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: FY2025 results release (https://www.se.com/ww/en/assets/564/document/528237/release-fy-results-2025.pdf); Dell'Oro, 8 Jul 2025 (https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/)."},"switchgear":{"low":10.609,"central":17.682,"high":26.523,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://download.se.com/files?p_Doc_Ref=presentation-hy-results-2026","title":"Schneider Electric H1 2026 results presentation","publisher":"Schneider Electric","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5, 'Balanced end market exposure (FY 2025)': Data Center & Networks 30% of FY2025 orders (best estimate)"},"note":"Schneider says Data Center & Networks was about 30% of FY2025 orders (H1 2026 results presentation, p.5, a best estimate under a new classification tool); FY2025 revenue was EUR 40,152M, about $45.4B at US$1.13 per euro (2025 average, assumed) (FY2025 results release). Orders are not revenue, so the end-market is taken as about 27-30% of revenue, roughly $12-13B including Distributed IT, networks, software and services. Pure data-centre equipment is assumed to be 60-70% of that, about $8-9B, and the counted parts are a 5LayerCake allocation of it: power (UPS, PDU, busway, prefabricated power) about 45%, switchgear 12%, air cooling 13%, liquid (Motivair, counted with Schneider) 5%; racks, software and services are not counted. Dell'Oro (8 Jul 2025) puts Schneider and Vertiv virtually tied for global data-centre infrastructure share, which anchors the order of magnitude against Vertiv. This part: about $1000M of calendar 2025 data-centre sales (range $600-1500M). Share = $1000M / $5,656M = 17.682% (range 10.609-26.523%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: FY2025 results release (https://www.se.com/ww/en/assets/564/document/528237/release-fy-results-2025.pdf); Dell'Oro, 8 Jul 2025 (https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/)."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://download.se.com/files?p_Doc_Ref=presentation-hy-results-2026","title":"Schneider Electric H1 2026 results presentation","publisher":"Schneider Electric","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5, 'Balanced end market exposure (FY 2025)': Data Center & Networks 30% of FY2025 orders (best estimate)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":6.128,"central":9.63,"high":14.883,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://download.se.com/files?p_Doc_Ref=presentation-hy-results-2026","title":"Schneider Electric H1 2026 results presentation","publisher":"Schneider Electric","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5, 'Balanced end market exposure (FY 2025)': Data Center & Networks 30% of FY2025 orders (best estimate)"},"note":"Schneider says Data Center & Networks was about 30% of FY2025 orders (H1 2026 results presentation, p.5, a best estimate under a new classification tool); FY2025 revenue was EUR 40,152M, about $45.4B at US$1.13 per euro (2025 average, assumed) (FY2025 results release). Orders are not revenue, so the end-market is taken as about 27-30% of revenue, roughly $12-13B including Distributed IT, networks, software and services. Pure data-centre equipment is assumed to be 60-70% of that, about $8-9B, and the counted parts are a 5LayerCake allocation of it: power (UPS, PDU, busway, prefabricated power) about 45%, switchgear 12%, air cooling 13%, liquid (Motivair, counted with Schneider) 5%; racks, software and services are not counted. Dell'Oro (8 Jul 2025) puts Schneider and Vertiv virtually tied for global data-centre infrastructure share, which anchors the order of magnitude against Vertiv. This part: about $1100M of calendar 2025 data-centre sales (range $700-1700M). Share = $1100M / $11,422M = 9.63% (range 6.128-14.883%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: FY2025 results release (https://www.se.com/ww/en/assets/564/document/528237/release-fy-results-2025.pdf); Dell'Oro, 8 Jul 2025 (https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/)."},"liquid":{"low":3.568,"central":7.136,"high":12.488,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://download.se.com/files?p_Doc_Ref=presentation-hy-results-2026","title":"Schneider Electric H1 2026 results presentation","publisher":"Schneider Electric","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5, 'Balanced end market exposure (FY 2025)': Data Center & Networks 30% of FY2025 orders (best estimate)"},"note":"Schneider says Data Center & Networks was about 30% of FY2025 orders (H1 2026 results presentation, p.5, a best estimate under a new classification tool); FY2025 revenue was EUR 40,152M, about $45.4B at US$1.13 per euro (2025 average, assumed) (FY2025 results release). Orders are not revenue, so the end-market is taken as about 27-30% of revenue, roughly $12-13B including Distributed IT, networks, software and services. Pure data-centre equipment is assumed to be 60-70% of that, about $8-9B, and the counted parts are a 5LayerCake allocation of it: power (UPS, PDU, busway, prefabricated power) about 45%, switchgear 12%, air cooling 13%, liquid (Motivair, counted with Schneider) 5%; racks, software and services are not counted. Dell'Oro (8 Jul 2025) puts Schneider and Vertiv virtually tied for global data-centre infrastructure share, which anchors the order of magnitude against Vertiv. This part: about $400M of calendar 2025 data-centre sales (range $200-700M). Share = $400M / $5,606M = 7.136% (range 3.568-12.488%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: FY2025 results release (https://www.se.com/ww/en/assets/564/document/528237/release-fy-results-2025.pdf); Dell'Oro, 8 Jul 2025 (https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/)."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://download.se.com/files?p_Doc_Ref=presentation-hy-results-2026","title":"Schneider Electric H1 2026 results presentation","publisher":"Schneider Electric","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5, 'Balanced end market exposure (FY 2025)': Data Center & Networks 30% of FY2025 orders (best estimate)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"baselineRevenueUsd":{"low":37437000000,"central":37437000000,"high":37437000000,"unit":"USD","basis":"Energy Management business revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.se.com/ww/en/assets/564/document/528237/release-fy-results-2025.pdf","title":"Schneider Electric 2025 full year financial results (press release)","publisher":"Schneider Electric","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"Key figures: FY2025 revenues EUR 40,152M (2024: 38,153M); Energy Management revenues EUR 33,130M (2024: 31,131M); backlog EUR 25,362M"},"note":"EUR 33,130M x 1.13 (2025 average, assumed) = $37.4B. Energy Management is the Schneider business that sells power distribution, UPS and cooling; its end-markets include buildings and industry, so this is wider than the data-centre activity."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":3},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":4},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"aa46b027d028f83cc1192e8f14c0246cb1bb67dad14378e000897e1acc8c7844"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"aa46b027d028f83cc1192e8f14c0246cb1bb67dad14378e000897e1acc8c7844"}}},"vertiv":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"vertiv","name":"Vertiv","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":11.765,"central":17.059,"high":22.353,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Vertiv says data centers were about 85% of FY2025 net sales of $10,229.9M (about $8.7B), and products were $8,390.6M of those sales; applying 85% to products leaves about $7.1B of data-centre equipment. The split across the card's parts is not disclosed, so it is a 5LayerCake allocation of about $7.0B: about 40% power (UPS, PDU, busway), 9% switchgear (E+I Engineering, ASCO), 26% air cooling and heat rejection, 6% liquid; racks, software and services are not counted. Vertiv says it is #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia). This part: about $2900M of calendar 2025 data-centre sales (range $2000-3800M). Share = $2900M / $17,000M = 17.059% (range 11.765-22.353%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"switchgear":{"low":6.189,"central":11.493,"high":17.682,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Vertiv says data centers were about 85% of FY2025 net sales of $10,229.9M (about $8.7B), and products were $8,390.6M of those sales; applying 85% to products leaves about $7.1B of data-centre equipment. The split across the card's parts is not disclosed, so it is a 5LayerCake allocation of about $7.0B: about 40% power (UPS, PDU, busway), 9% switchgear (E+I Engineering, ASCO), 26% air cooling and heat rejection, 6% liquid; racks, software and services are not counted. Vertiv says it is #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia). This part: about $650M of calendar 2025 data-centre sales (range $350-1000M). Share = $650M / $5,656M = 11.493% (range 6.189-17.682%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"server-power":{"low":0,"central":1.25,"high":3.75,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Vertiv says data centers were about 85% of FY2025 net sales of $10,229.9M (about $8.7B), and products were $8,390.6M of those sales; applying 85% to products leaves about $7.1B of data-centre equipment. The split across the card's parts is not disclosed, so it is a 5LayerCake allocation of about $7.0B: about 40% power (UPS, PDU, busway), 9% switchgear (E+I Engineering, ASCO), 26% air cooling and heat rejection, 6% liquid; racks, software and services are not counted. Vertiv says it is #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia). Server power supplies: KGI (26 Sep 2025) expects Vertiv to emerge as a notable HVDC power player, so a small amount is kept. This part: about $100M of calendar 2025 data-centre sales (range $0-300M). Share = $100M / $8,000M = 1.25% (range 0-3.75%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"air-heat-rejection":{"low":10.506,"central":15.759,"high":21.012,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Vertiv says data centers were about 85% of FY2025 net sales of $10,229.9M (about $8.7B), and products were $8,390.6M of those sales; applying 85% to products leaves about $7.1B of data-centre equipment. The split across the card's parts is not disclosed, so it is a 5LayerCake allocation of about $7.0B: about 40% power (UPS, PDU, busway), 9% switchgear (E+I Engineering, ASCO), 26% air cooling and heat rejection, 6% liquid; racks, software and services are not counted. Vertiv says it is #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia). This part: about $1800M of calendar 2025 data-centre sales (range $1200-2400M). Share = $1800M / $11,422M = 15.759% (range 10.506-21.012%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"liquid":{"low":4.46,"central":8.028,"high":14.272,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Vertiv says data centers were about 85% of FY2025 net sales of $10,229.9M (about $8.7B), and products were $8,390.6M of those sales; applying 85% to products leaves about $7.1B of data-centre equipment. The split across the card's parts is not disclosed, so it is a 5LayerCake allocation of about $7.0B: about 40% power (UPS, PDU, busway), 9% switchgear (E+I Engineering, ASCO), 26% air cooling and heat rejection, 6% liquid; racks, software and services are not counted. Vertiv says it is #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia). No cold plates or server heat sinks are in the product list. This part: about $450M of calendar 2025 data-centre sales (range $250-800M). Share = $450M / $5,606M = 8.028% (range 4.46-14.272%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":8390600000,"central":8390600000,"high":8390600000,"unit":"USD","basis":"Net sales of products, calendar year, US dollars (about 85% data centres)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Consolidated statements of earnings: net sales - products $8,390.6M. Product sales exclude services and spares; the company says data centers were about 85% of total sales."},"prior":{"low":6393500000,"central":6393500000,"high":6393500000,"unit":"USD","basis":"Net sales of products, calendar year, US dollars (about 85% data centres)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Same statement, prior-year column: net sales - products $6,393.5M (+31%)."}},"committedExpansion":{"low":1.466,"central":1.466,"high":1.466,"unit":"ratio","basis":"Combined order backlog at year end ÷ net sales for the year","period":"Backlog at 31 Dec 2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"The company's estimated combined order backlog (products and services) was $15.0B at 31 Dec 2025 ($7.2B a year earlier), most of it firm and expected to ship within 12 to 18 months; 15.0 / 10.2299 (2025 net sales) = 1.466. Data centers are about 85% of Vertiv's sales."},"baselineRevenueUsd":{"low":10229900000,"central":10229900000,"high":10229900000,"unit":"USD","basis":"Total net sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Net sales $10,229.9M; about 85% data centres (company)."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":3},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":4},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b9f4093041dc219a5f35e67b69d69a59b25a6bbfa21b0a48d38673af12923012"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b9f4093041dc219a5f35e67b69d69a59b25a6bbfa21b0a48d38673af12923012"}}},"asia-vital-components":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"asia-vital-components","name":"Asia Vital Components (AVC)","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T5","locator":"Pages 24-27: 2025 revenue NT$139.6B, thermal 57% of revenue; server and networking 52% of 2025 revenue (quarters NT$10.6B, 15.0B, 21.0B, 25.6B)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T5","locator":"Pages 24-27: 2025 revenue NT$139.6B, thermal 57% of revenue; server and networking 52% of 2025 revenue (quarters NT$10.6B, 15.0B, 21.0B, 25.6B)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T5","locator":"Pages 24-27: 2025 revenue NT$139.6B, thermal 57% of revenue; server and networking 52% of 2025 revenue (quarters NT$10.6B, 15.0B, 21.0B, 25.6B)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T5","locator":"Pages 24-27: 2025 revenue NT$139.6B, thermal 57% of revenue; server and networking 52% of 2025 revenue (quarters NT$10.6B, 15.0B, 21.0B, 25.6B)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":1.784,"central":3.568,"high":7.136,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 80 (PDF page 26) revenue by application: server & networking 52% of 2025 revenue (36% in 2024); slide 81 (PDF page 27) quarterly server & networking revenue NT$bn 4.7, 5.5, 7.0, 8.4 (2024) and 10.6, 15.0, 21.0, 25.6 (2025)"},"note":"AVC says (results deck) 2025 revenue was NT$139.6B, with server and networking applications NT$72.2B (NT$10.6B, 15.0B, 21.0B and 25.6B by quarter, slide 81), about $2.3B at NT$31 per US dollar (2025 average, assumed); thermal products were 57% of revenue. That application line includes server chassis and mechanical parts, which are not thermal parts, so about 70-75% of it, roughly $1.7B (NT$52.7B, range NT$37-71B), is taken as server thermal parts (cold plates, heat sinks, vapor chambers) and about $0.2B as rack-level liquid hardware (manifolds, liquid modules). The deck calls 2025 the inaugural year of liquid cooling, with custom cold plates, chassis and manifolds built for each customer. This part: about $200M of calendar 2025 data-centre sales (range $100-400M). Share = $200M / $5,606M = 3.568% (range 1.784-7.136%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":17.143,"central":24.286,"high":32.857,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 80 (PDF page 26) revenue by application: server & networking 52% of 2025 revenue (36% in 2024); slide 81 (PDF page 27) quarterly server & networking revenue NT$bn 4.7, 5.5, 7.0, 8.4 (2024) and 10.6, 15.0, 21.0, 25.6 (2025)"},"note":"AVC says (results deck) 2025 revenue was NT$139.6B, with server and networking applications NT$72.2B (NT$10.6B, 15.0B, 21.0B and 25.6B by quarter, slide 81), about $2.3B at NT$31 per US dollar (2025 average, assumed); thermal products were 57% of revenue. That application line includes server chassis and mechanical parts, which are not thermal parts, so about 70-75% of it, roughly $1.7B (NT$52.7B, range NT$37-71B), is taken as server thermal parts (cold plates, heat sinks, vapor chambers) and about $0.2B as rack-level liquid hardware (manifolds, liquid modules). The deck calls 2025 the inaugural year of liquid cooling, with custom cold plates, chassis and manifolds built for each customer. This part: about $1700M of calendar 2025 data-centre sales (range $1200-2300M). Share = $1700M / $7,000M = 24.286% (range 17.143-32.857%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"activityGrowth":{"current":{"low":72200,"central":72200,"high":72200,"unit":"TWD million","basis":"Server and networking application revenue (thermal and mechanical), calendar year, NT$ million","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 80 (PDF page 26) revenue by application: server & networking 52% of 2025 revenue (36% in 2024); slide 81 (PDF page 27) quarterly server & networking revenue NT$bn 4.7, 5.5, 7.0, 8.4 (2024) and 10.6, 15.0, 21.0, 25.6 (2025)"},"note":"Sum of the four quarterly figures on slide 81 (NT$bn, one decimal): 10.6 + 15.0 + 21.0 + 25.6 = 72.2. Includes chassis and mechanical parts."},"prior":{"low":25600,"central":25600,"high":25600,"unit":"TWD million","basis":"Server and networking application revenue (thermal and mechanical), calendar year, NT$ million","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 80 (PDF page 26) revenue by application: server & networking 52% of 2025 revenue (36% in 2024); slide 81 (PDF page 27) quarterly server & networking revenue NT$bn 4.7, 5.5, 7.0, 8.4 (2024) and 10.6, 15.0, 21.0, 25.6 (2025)"},"note":"Sum of the 2024 quarterly figures on slide 81 (NT$bn): 4.7 + 5.5 + 7.0 + 8.4 = 25.6 (+182%). Cross-check: 36% of 2024 revenue of NT$71.8B = NT$25.8B."}},"baselineRevenueUsd":{"low":4503000000,"central":4503000000,"high":4503000000,"unit":"USD","basis":"Total revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/301720260311E001.pdf","title":"AVC 2025 Annual Results Meeting: 2025 Review and Future Growth Drivers","publisher":"Asia Vital Components (TWSE MOPS filing)","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 80 (PDF page 26) revenue by application: server & networking 52% of 2025 revenue (36% in 2024); slide 81 (PDF page 27) quarterly server & networking revenue NT$bn 4.7, 5.5, 7.0, 8.4 (2024) and 10.6, 15.0, 21.0, 25.6 (2025)"},"note":"Slide 77 gives 2025 revenue as 1,396 (NT$ hundred million), i.e. NT$139.6B; at NT$31 per US dollar (2025 average, assumed), 139.6 / 31 = $4.5B. AVC's total includes smartphone vapor chambers, hinges and telecom thermal parts."},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c7a2dc59a2c17e432f3782a36edc84cf13a9ba442a7da24ad6c49a1b0941cdaa"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c7a2dc59a2c17e432f3782a36edc84cf13a9ba442a7da24ad6c49a1b0941cdaa"}}},"eaton":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"eaton","name":"Eaton","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":4.118,"central":8.235,"high":14.706,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fool.com/earnings/call-transcripts/2025/11/05/eaton-etn-q3-2025-earnings-call-transcript","title":"Eaton (ETN) Q3 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2025-11-05","accessedDate":"2026-10-22","tier":"T5","locator":"CEO and CFO remarks: data center orders +70% and sales +40% vs Q3 2024; Boyd Thermal expected to generate $1.7 billion in sales in 2026 at 25% adjusted EBITDA margin (about 70% growth), over 80% of its revenue in data centers"},"note":"Eaton does not give data-centre sales in dollars (10-K and Q3 2025 call opened). It reports 2025 net sales of $27,448M (10-K), with Electrical Americas about $13.3B (Manufacturing Dive, 31 Mar 2026), and on the Q3 2025 call says data-centre sales were up about 40% and orders about 70%. Boyd Thermal (liquid cooling), counted with Eaton, is expected to make $1.7B in 2026 sales, about 70% growth, with over 80% in data centres: about $1.0B in 2025 and $0.8B in data centres. The counted-part total for Eaton is therefore a group-total-based 5LayerCake estimate of about $3.0B for 2025: power (UPS, PDU, busway) about $1.4B, switchgear about $0.8B, liquid cooling about $0.45B and cold plates about $0.35B; transformers, services, enclosures and software are not counted. The range is widened to about 0.5-1.8 times the central because no data-centre figure exists. This part: about $1400M of calendar 2025 data-centre sales (range $700-2500M). Share = $1400M / $17,000M = 8.235% (range 4.118-14.706%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Eaton 10-K for 2025 (https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm); Manufacturing Dive, 31 Mar 2026 (https://www.manufacturingdive.com/news/eaton-ai-data-center-focused-segment-angie-mcmillin-liquid-cooling-boyd/815896)."},"switchgear":{"low":7.073,"central":14.145,"high":26.523,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fool.com/earnings/call-transcripts/2025/11/05/eaton-etn-q3-2025-earnings-call-transcript","title":"Eaton (ETN) Q3 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2025-11-05","accessedDate":"2026-10-22","tier":"T5","locator":"CEO and CFO remarks: data center orders +70% and sales +40% vs Q3 2024; Boyd Thermal expected to generate $1.7 billion in sales in 2026 at 25% adjusted EBITDA margin (about 70% growth), over 80% of its revenue in data centers"},"note":"Eaton does not give data-centre sales in dollars (10-K and Q3 2025 call opened). It reports 2025 net sales of $27,448M (10-K), with Electrical Americas about $13.3B (Manufacturing Dive, 31 Mar 2026), and on the Q3 2025 call says data-centre sales were up about 40% and orders about 70%. Boyd Thermal (liquid cooling), counted with Eaton, is expected to make $1.7B in 2026 sales, about 70% growth, with over 80% in data centres: about $1.0B in 2025 and $0.8B in data centres. The counted-part total for Eaton is therefore a group-total-based 5LayerCake estimate of about $3.0B for 2025: power (UPS, PDU, busway) about $1.4B, switchgear about $0.8B, liquid cooling about $0.45B and cold plates about $0.35B; transformers, services, enclosures and software are not counted. The range is widened to about 0.5-1.8 times the central because no data-centre figure exists. This part: about $800M of calendar 2025 data-centre sales (range $400-1500M). Share = $800M / $5,656M = 14.145% (range 7.073-26.523%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Eaton 10-K for 2025 (https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm); Manufacturing Dive, 31 Mar 2026 (https://www.manufacturingdive.com/news/eaton-ai-data-center-focused-segment-angie-mcmillin-liquid-cooling-boyd/815896)."},"server-power":{"low":0,"central":1.25,"high":3.75,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","title":"Data Center Physical Infrastructure Grew 17 Percent Y/Y in 1Q 2025, Driven by AI Buildout","publisher":"Dell'Oro Group","publishedDate":"2025-07-08","accessedDate":"2026-10-22","tier":"T5","locator":"Eaton, Legrand, Siemens and Vertiv named as ramping power-distribution capacity; Schneider Electric and Vertiv virtually tied for global share (a tenth of a point apart); liquid cooling above $2.5B in 2025"},"note":"Eaton's own data-centre sales were not found in an opened source (its results page timed out and the press-wire copy returned 403). Dell'Oro (8 Jul 2025) names Eaton among the vendors ramping power-distribution capacity, Meticulous Research (Oct 2026) lists Eaton among four global electrical groups holding more than half of data-centre switchgear revenue, and Vertiv's 10-K names Eaton a large-scale global competitor. Data-centre sales in the counted parts are assumed at about $3.0B for 2025 (range 2.0-4.0), including Boyd Thermal (consolidated by Eaton from Q2 2026 and counted with Eaton per the register): power (UPS, PDU, busway) about $1.4B, switchgear about $0.8B, liquid about $0.45B, cold plates about $0.35B. This part: about $100M of calendar 2025 data-centre sales (range $0-300M). Share = $100M / $8,000M = 1.25% (range 0-3.75%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","title":"Data Center Physical Infrastructure Grew 17 Percent Y/Y in 1Q 2025, Driven by AI Buildout","publisher":"Dell'Oro Group","publishedDate":"2025-07-08","accessedDate":"2026-10-22","tier":"T5","locator":"Eaton, Legrand, Siemens and Vertiv named as ramping power-distribution capacity; Schneider Electric and Vertiv virtually tied for global share (a tenth of a point apart); liquid cooling above $2.5B in 2025"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":3.925,"central":8.028,"high":14.272,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fool.com/earnings/call-transcripts/2025/11/05/eaton-etn-q3-2025-earnings-call-transcript","title":"Eaton (ETN) Q3 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2025-11-05","accessedDate":"2026-10-22","tier":"T5","locator":"CEO and CFO remarks: data center orders +70% and sales +40% vs Q3 2024; Boyd Thermal expected to generate $1.7 billion in sales in 2026 at 25% adjusted EBITDA margin (about 70% growth), over 80% of its revenue in data centers"},"note":"Eaton does not give data-centre sales in dollars (10-K and Q3 2025 call opened). It reports 2025 net sales of $27,448M (10-K), with Electrical Americas about $13.3B (Manufacturing Dive, 31 Mar 2026), and on the Q3 2025 call says data-centre sales were up about 40% and orders about 70%. Boyd Thermal (liquid cooling), counted with Eaton, is expected to make $1.7B in 2026 sales, about 70% growth, with over 80% in data centres: about $1.0B in 2025 and $0.8B in data centres. The counted-part total for Eaton is therefore a group-total-based 5LayerCake estimate of about $3.0B for 2025: power (UPS, PDU, busway) about $1.4B, switchgear about $0.8B, liquid cooling about $0.45B and cold plates about $0.35B; transformers, services, enclosures and software are not counted. The range is widened to about 0.5-1.8 times the central because no data-centre figure exists. This part: about $450M of calendar 2025 data-centre sales (range $220-800M). Share = $450M / $5,606M = 8.028% (range 3.925-14.272%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Eaton 10-K for 2025 (https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm); Manufacturing Dive, 31 Mar 2026 (https://www.manufacturingdive.com/news/eaton-ai-data-center-focused-segment-angie-mcmillin-liquid-cooling-boyd/815896)."},"server-thermal":{"low":2.143,"central":5,"high":9.286,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fool.com/earnings/call-transcripts/2025/11/05/eaton-etn-q3-2025-earnings-call-transcript","title":"Eaton (ETN) Q3 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2025-11-05","accessedDate":"2026-10-22","tier":"T5","locator":"CEO and CFO remarks: data center orders +70% and sales +40% vs Q3 2024; Boyd Thermal expected to generate $1.7 billion in sales in 2026 at 25% adjusted EBITDA margin (about 70% growth), over 80% of its revenue in data centers"},"note":"Eaton does not give data-centre sales in dollars (10-K and Q3 2025 call opened). It reports 2025 net sales of $27,448M (10-K), with Electrical Americas about $13.3B (Manufacturing Dive, 31 Mar 2026), and on the Q3 2025 call says data-centre sales were up about 40% and orders about 70%. Boyd Thermal (liquid cooling), counted with Eaton, is expected to make $1.7B in 2026 sales, about 70% growth, with over 80% in data centres: about $1.0B in 2025 and $0.8B in data centres. The counted-part total for Eaton is therefore a group-total-based 5LayerCake estimate of about $3.0B for 2025: power (UPS, PDU, busway) about $1.4B, switchgear about $0.8B, liquid cooling about $0.45B and cold plates about $0.35B; transformers, services, enclosures and software are not counted. The range is widened to about 0.5-1.8 times the central because no data-centre figure exists. This part: about $350M of calendar 2025 data-centre sales (range $150-650M). Share = $350M / $7,000M = 5% (range 2.143-9.286%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Eaton 10-K for 2025 (https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm); Manufacturing Dive, 31 Mar 2026 (https://www.manufacturingdive.com/news/eaton-ai-data-center-focused-segment-angie-mcmillin-liquid-cooling-boyd/815896)."}},"baselineRevenueUsd":{"low":27448000000,"central":27448000000,"high":27448000000,"unit":"USD","basis":"Total net sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm","title":"Eaton Corporation plc Form 10-K for the year ended December 31, 2025","publisher":"Eaton Corporation plc / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated statements of income: net sales $27,448M (2025), $24,878M (2024)"},"note":"Eaton's group total (Electrical Americas, Electrical Global, Aerospace, Vehicle, eMobility); data-centre sales are not reported separately."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":3},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":4},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d1418daa807111201054909a7ddd658106c0f0cc508f0f8b7f5dec92b5e78f11"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d1418daa807111201054909a7ddd658106c0f0cc508f0f8b7f5dec92b5e78f11"}}},"flex":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"flex","name":"Flex (power and cooling)","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":2.353,"central":4.118,"high":5.882,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0000866374/000086637426000012/flex-20260331.htm","title":"Flex Ltd. Form 10-K for the fiscal year ended March 31, 2026","publisher":"Flex Ltd. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A, segment results: Cloud and Power Infrastructure net sales $6,614M (FY2026) vs $4,799M (FY2025), +38%, driven by a 29% increase in Cloud and Cooling and 61% growth in Power, 'primarily related to increased demand in the data center market', plus $0.2 billion from acquisitions"},"note":"Flex's new Cloud and Power Infrastructure (CPI) segment had net sales of $6,614M in the fiscal year to 31 Mar 2026 ($4,799M a year earlier), and Flex attributes the growth mainly to data-centre demand. The 10-K gives growth of 29% for Cloud and Cooling (integrated compute systems and liquid cooling) and 61% for Power (utility and facility-level electrical infrastructure, critical power and embedded power) but no unit sales. Solving 0.61 x P + 0.29 x C = 1,815 with P + C = 4,799 gives a FY2025 Power unit of about $1.3B and FY2026 about $2.1B (a 5LayerCake derivation; the growth rates are rounded and may include acquisitions). Not all of Power is data-centre equipment, so about 75% of it (range 55-90%), roughly $1.6B, is taken as counted parts, split as facility power (power pods, PDU, busway, UPS) $0.7B, switchgear (Anord Mardix, counted with Flex) $0.3B and server power supplies, shelves and battery units $0.55B; Cloud and Cooling adds liquid cooling hardware of about $0.2B and cold plates (JetCool, counted with Flex) of about $0.1B. Compute systems are not counted. This part: about $700M of FY2026 (to 31 Mar 2026) data-centre sales (range $400-1000M). Share = $700M / $17,000M = 4.118% (range 2.353-5.882%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"switchgear":{"low":2.652,"central":5.305,"high":8.841,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0000866374/000086637426000012/flex-20260331.htm","title":"Flex Ltd. Form 10-K for the fiscal year ended March 31, 2026","publisher":"Flex Ltd. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A, segment results: Cloud and Power Infrastructure net sales $6,614M (FY2026) vs $4,799M (FY2025), +38%, driven by a 29% increase in Cloud and Cooling and 61% growth in Power, 'primarily related to increased demand in the data center market', plus $0.2 billion from acquisitions"},"note":"Flex's new Cloud and Power Infrastructure (CPI) segment had net sales of $6,614M in the fiscal year to 31 Mar 2026 ($4,799M a year earlier), and Flex attributes the growth mainly to data-centre demand. The 10-K gives growth of 29% for Cloud and Cooling (integrated compute systems and liquid cooling) and 61% for Power (utility and facility-level electrical infrastructure, critical power and embedded power) but no unit sales. Solving 0.61 x P + 0.29 x C = 1,815 with P + C = 4,799 gives a FY2025 Power unit of about $1.3B and FY2026 about $2.1B (a 5LayerCake derivation; the growth rates are rounded and may include acquisitions). Not all of Power is data-centre equipment, so about 75% of it (range 55-90%), roughly $1.6B, is taken as counted parts, split as facility power (power pods, PDU, busway, UPS) $0.7B, switchgear (Anord Mardix, counted with Flex) $0.3B and server power supplies, shelves and battery units $0.55B; Cloud and Cooling adds liquid cooling hardware of about $0.2B and cold plates (JetCool, counted with Flex) of about $0.1B. Compute systems are not counted. This part: about $300M of FY2026 (to 31 Mar 2026) data-centre sales (range $150-500M). Share = $300M / $5,656M = 5.305% (range 2.652-8.841%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"server-power":{"low":3.75,"central":6.875,"high":10,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0000866374/000086637426000012/flex-20260331.htm","title":"Flex Ltd. Form 10-K for the fiscal year ended March 31, 2026","publisher":"Flex Ltd. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A, segment results: Cloud and Power Infrastructure net sales $6,614M (FY2026) vs $4,799M (FY2025), +38%, driven by a 29% increase in Cloud and Cooling and 61% growth in Power, 'primarily related to increased demand in the data center market', plus $0.2 billion from acquisitions"},"note":"Flex's new Cloud and Power Infrastructure (CPI) segment had net sales of $6,614M in the fiscal year to 31 Mar 2026 ($4,799M a year earlier), and Flex attributes the growth mainly to data-centre demand. The 10-K gives growth of 29% for Cloud and Cooling (integrated compute systems and liquid cooling) and 61% for Power (utility and facility-level electrical infrastructure, critical power and embedded power) but no unit sales. Solving 0.61 x P + 0.29 x C = 1,815 with P + C = 4,799 gives a FY2025 Power unit of about $1.3B and FY2026 about $2.1B (a 5LayerCake derivation; the growth rates are rounded and may include acquisitions). Not all of Power is data-centre equipment, so about 75% of it (range 55-90%), roughly $1.6B, is taken as counted parts, split as facility power (power pods, PDU, busway, UPS) $0.7B, switchgear (Anord Mardix, counted with Flex) $0.3B and server power supplies, shelves and battery units $0.55B; Cloud and Cooling adds liquid cooling hardware of about $0.2B and cold plates (JetCool, counted with Flex) of about $0.1B. Compute systems are not counted. KGI (26 Sep 2025) names Flex a tier-2 supplier of AI server power with US hyperscaler collaboration. This part: about $550M of FY2026 (to 31 Mar 2026) data-centre sales (range $300-800M). Share = $550M / $8,000M = 6.875% (range 3.75-10%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://flex.com/","title":"Flex data center offering","publisher":"Flex Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists critical power (busway, switchgear, modular units), embedded power modules and liquid cooling (hybrid cooling, cold plates, CDUs); no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":1.784,"central":3.568,"high":6.244,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0000866374/000086637426000012/flex-20260331.htm","title":"Flex Ltd. Form 10-K for the fiscal year ended March 31, 2026","publisher":"Flex Ltd. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A, segment results: Cloud and Power Infrastructure net sales $6,614M (FY2026) vs $4,799M (FY2025), +38%, driven by a 29% increase in Cloud and Cooling and 61% growth in Power, 'primarily related to increased demand in the data center market', plus $0.2 billion from acquisitions"},"note":"Flex's new Cloud and Power Infrastructure (CPI) segment had net sales of $6,614M in the fiscal year to 31 Mar 2026 ($4,799M a year earlier), and Flex attributes the growth mainly to data-centre demand. The 10-K gives growth of 29% for Cloud and Cooling (integrated compute systems and liquid cooling) and 61% for Power (utility and facility-level electrical infrastructure, critical power and embedded power) but no unit sales. Solving 0.61 x P + 0.29 x C = 1,815 with P + C = 4,799 gives a FY2025 Power unit of about $1.3B and FY2026 about $2.1B (a 5LayerCake derivation; the growth rates are rounded and may include acquisitions). Not all of Power is data-centre equipment, so about 75% of it (range 55-90%), roughly $1.6B, is taken as counted parts, split as facility power (power pods, PDU, busway, UPS) $0.7B, switchgear (Anord Mardix, counted with Flex) $0.3B and server power supplies, shelves and battery units $0.55B; Cloud and Cooling adds liquid cooling hardware of about $0.2B and cold plates (JetCool, counted with Flex) of about $0.1B. Compute systems are not counted. This part: about $200M of FY2026 (to 31 Mar 2026) data-centre sales (range $100-350M). Share = $200M / $5,606M = 3.568% (range 1.784-6.244%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."},"server-thermal":{"low":0.429,"central":1.429,"high":2.857,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0000866374/000086637426000012/flex-20260331.htm","title":"Flex Ltd. Form 10-K for the fiscal year ended March 31, 2026","publisher":"Flex Ltd. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A, segment results: Cloud and Power Infrastructure net sales $6,614M (FY2026) vs $4,799M (FY2025), +38%, driven by a 29% increase in Cloud and Cooling and 61% growth in Power, 'primarily related to increased demand in the data center market', plus $0.2 billion from acquisitions"},"note":"Flex's new Cloud and Power Infrastructure (CPI) segment had net sales of $6,614M in the fiscal year to 31 Mar 2026 ($4,799M a year earlier), and Flex attributes the growth mainly to data-centre demand. The 10-K gives growth of 29% for Cloud and Cooling (integrated compute systems and liquid cooling) and 61% for Power (utility and facility-level electrical infrastructure, critical power and embedded power) but no unit sales. Solving 0.61 x P + 0.29 x C = 1,815 with P + C = 4,799 gives a FY2025 Power unit of about $1.3B and FY2026 about $2.1B (a 5LayerCake derivation; the growth rates are rounded and may include acquisitions). Not all of Power is data-centre equipment, so about 75% of it (range 55-90%), roughly $1.6B, is taken as counted parts, split as facility power (power pods, PDU, busway, UPS) $0.7B, switchgear (Anord Mardix, counted with Flex) $0.3B and server power supplies, shelves and battery units $0.55B; Cloud and Cooling adds liquid cooling hardware of about $0.2B and cold plates (JetCool, counted with Flex) of about $0.1B. Compute systems are not counted. This part: about $100M of FY2026 (to 31 Mar 2026) data-centre sales (range $30-200M). Share = $100M / $7,000M = 1.429% (range 0.429-2.857%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf)."}},"activityGrowth":{"current":{"low":6614000000,"central":6614000000,"high":6614000000,"unit":"USD","basis":"Cloud and Power Infrastructure segment net sales, fiscal year to 31 March, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0000866374/000086637426000012/flex-20260331.htm","title":"Flex Ltd. Form 10-K for the fiscal year ended March 31, 2026","publisher":"Flex Ltd. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A, segment results: Cloud and Power Infrastructure net sales $6,614M (FY2026) vs $4,799M (FY2025), +38%, driven by a 29% increase in Cloud and Cooling and 61% growth in Power, 'primarily related to increased demand in the data center market', plus $0.2 billion from acquisitions"},"note":"Segment table in MD&A: $6,614M (24% of net sales). The segment includes compute systems (Cloud) that this sublayer does not count."},"prior":{"low":4799000000,"central":4799000000,"high":4799000000,"unit":"USD","basis":"Cloud and Power Infrastructure segment net sales, fiscal year to 31 March, US dollars","period":"FY2025 (to 31 March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0000866374/000086637426000012/flex-20260331.htm","title":"Flex Ltd. Form 10-K for the fiscal year ended March 31, 2026","publisher":"Flex Ltd. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A, segment results: Cloud and Power Infrastructure net sales $6,614M (FY2026) vs $4,799M (FY2025), +38%, driven by a 29% increase in Cloud and Cooling and 61% growth in Power, 'primarily related to increased demand in the data center market', plus $0.2 billion from acquisitions"},"note":"Same table: $4,799M (19% of net sales); the 10-K gives the increase as $1.8B, or 38%."}},"baselineRevenueUsd":{"low":6614000000,"central":6614000000,"high":6614000000,"unit":"USD","basis":"Cloud and Power Infrastructure segment net sales, fiscal year to 31 March, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0000866374/000086637426000012/flex-20260331.htm","title":"Flex Ltd. Form 10-K for the fiscal year ended March 31, 2026","publisher":"Flex Ltd. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A, segment results: Cloud and Power Infrastructure net sales $6,614M (FY2026) vs $4,799M (FY2025), +38%, driven by a 29% increase in Cloud and Cooling and 61% growth in Power, 'primarily related to increased demand in the data center market', plus $0.2 billion from acquisitions"},"note":"The unit's segment revenue, never Flex's total of $27.9B."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":4},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8e09f81eb5165d0375f65efa947fc0a99e441aeb2658b3d601f6e0187e7d7646"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8e09f81eb5165d0375f65efa947fc0a99e441aeb2658b3d601f6e0187e7d7646"}}},"huawei":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"huawei","name":"Huawei (Digital Power)","kind":"private","commercialActivityVerified":true,"shares":{"power":{"low":1.882,"central":4.706,"high":8.941,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf","title":"Huawei 2025 Annual Report","publisher":"Huawei Investment & Holding Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by business segment (CNY million): Digital Power 77,312 (2025) vs 68,607 (2024), +12.7%; Business review: 'Data Center Facility and Critical Power' within green ICT power infrastructure"},"note":"Huawei's 2025 annual report gives Digital Power revenue of CNY77,312M (about $10.8B at CNY7.18 per US dollar, 2025 average, assumed), up 12.7%, but Digital Power also covers power generation (solar and storage), mobility electrification and site power, and the report does not split out the data-centre facility and critical power business. Assumption: that business is about 18% of the segment (range 10-25%), roughly $1.9B, of which about 75%, $1.4B, is counted parts: power (UPS, power modules, busway) about $0.8B, switchgear $0.1B, server power supplies (Atlas servers) $0.15B, air cooling (chillers, precision air conditioning) $0.25B and liquid cooling $0.1B; modular buildings and services are not counted. Because the figure rests on a segment total, the range is widened to about 0.4-1.9 times the central. This part: about $800M of calendar 2025 data-centre sales (range $320-1520M). Share = $800M / $17,000M = 4.706% (range 1.882-8.941%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0.707,"central":1.768,"high":3.36,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf","title":"Huawei 2025 Annual Report","publisher":"Huawei Investment & Holding Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by business segment (CNY million): Digital Power 77,312 (2025) vs 68,607 (2024), +12.7%; Business review: 'Data Center Facility and Critical Power' within green ICT power infrastructure"},"note":"Huawei's 2025 annual report gives Digital Power revenue of CNY77,312M (about $10.8B at CNY7.18 per US dollar, 2025 average, assumed), up 12.7%, but Digital Power also covers power generation (solar and storage), mobility electrification and site power, and the report does not split out the data-centre facility and critical power business. Assumption: that business is about 18% of the segment (range 10-25%), roughly $1.9B, of which about 75%, $1.4B, is counted parts: power (UPS, power modules, busway) about $0.8B, switchgear $0.1B, server power supplies (Atlas servers) $0.15B, air cooling (chillers, precision air conditioning) $0.25B and liquid cooling $0.1B; modular buildings and services are not counted. Because the figure rests on a segment total, the range is widened to about 0.4-1.9 times the central. This part: about $100M of calendar 2025 data-centre sales (range $40-190M). Share = $100M / $5,656M = 1.768% (range 0.707-3.36%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-power":{"low":0.75,"central":1.875,"high":3.562,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf","title":"Huawei 2025 Annual Report","publisher":"Huawei Investment & Holding Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by business segment (CNY million): Digital Power 77,312 (2025) vs 68,607 (2024), +12.7%; Business review: 'Data Center Facility and Critical Power' within green ICT power infrastructure"},"note":"Huawei's 2025 annual report gives Digital Power revenue of CNY77,312M (about $10.8B at CNY7.18 per US dollar, 2025 average, assumed), up 12.7%, but Digital Power also covers power generation (solar and storage), mobility electrification and site power, and the report does not split out the data-centre facility and critical power business. Assumption: that business is about 18% of the segment (range 10-25%), roughly $1.9B, of which about 75%, $1.4B, is counted parts: power (UPS, power modules, busway) about $0.8B, switchgear $0.1B, server power supplies (Atlas servers) $0.15B, air cooling (chillers, precision air conditioning) $0.25B and liquid cooling $0.1B; modular buildings and services are not counted. Because the figure rests on a segment total, the range is widened to about 0.4-1.9 times the central. This part: about $150M of calendar 2025 data-centre sales (range $60-285M). Share = $150M / $8,000M = 1.875% (range 0.75-3.562%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0.875,"central":2.189,"high":4.159,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf","title":"Huawei 2025 Annual Report","publisher":"Huawei Investment & Holding Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by business segment (CNY million): Digital Power 77,312 (2025) vs 68,607 (2024), +12.7%; Business review: 'Data Center Facility and Critical Power' within green ICT power infrastructure"},"note":"Huawei's 2025 annual report gives Digital Power revenue of CNY77,312M (about $10.8B at CNY7.18 per US dollar, 2025 average, assumed), up 12.7%, but Digital Power also covers power generation (solar and storage), mobility electrification and site power, and the report does not split out the data-centre facility and critical power business. Assumption: that business is about 18% of the segment (range 10-25%), roughly $1.9B, of which about 75%, $1.4B, is counted parts: power (UPS, power modules, busway) about $0.8B, switchgear $0.1B, server power supplies (Atlas servers) $0.15B, air cooling (chillers, precision air conditioning) $0.25B and liquid cooling $0.1B; modular buildings and services are not counted. Because the figure rests on a segment total, the range is widened to about 0.4-1.9 times the central. This part: about $250M of calendar 2025 data-centre sales (range $100-475M). Share = $250M / $11,422M = 2.189% (range 0.875-4.159%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.714,"central":1.784,"high":3.389,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf","title":"Huawei 2025 Annual Report","publisher":"Huawei Investment & Holding Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by business segment (CNY million): Digital Power 77,312 (2025) vs 68,607 (2024), +12.7%; Business review: 'Data Center Facility and Critical Power' within green ICT power infrastructure"},"note":"Huawei's 2025 annual report gives Digital Power revenue of CNY77,312M (about $10.8B at CNY7.18 per US dollar, 2025 average, assumed), up 12.7%, but Digital Power also covers power generation (solar and storage), mobility electrification and site power, and the report does not split out the data-centre facility and critical power business. Assumption: that business is about 18% of the segment (range 10-25%), roughly $1.9B, of which about 75%, $1.4B, is counted parts: power (UPS, power modules, busway) about $0.8B, switchgear $0.1B, server power supplies (Atlas servers) $0.15B, air cooling (chillers, precision air conditioning) $0.25B and liquid cooling $0.1B; modular buildings and services are not counted. Because the figure rests on a segment total, the range is widened to about 0.4-1.9 times the central. This part: about $100M of calendar 2025 data-centre sales (range $40-190M). Share = $100M / $5,606M = 1.784% (range 0.714-3.389%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf","title":"Huawei 2025 Annual Report","publisher":"Huawei Investment & Holding Co., Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by business segment 2025: Digital Power CNY 77,312M (2024: CNY 68,607M, +12.7%); group CNY 880,941M"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"baselineRevenueUsd":{"low":10767000000,"central":10767000000,"high":10767000000,"unit":"USD","basis":"Digital Power segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf","title":"Huawei 2025 Annual Report","publisher":"Huawei Investment & Holding Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T1","locator":"Revenue by business segment (CNY million): Digital Power 77,312 (2025) vs 68,607 (2024), +12.7%; Business review: 'Data Center Facility and Critical Power' within green ICT power infrastructure"},"note":"CNY77,312M / 7.18 (2025 average, assumed) = $10.8B. Huawei's total of CNY880,941M is not used; Digital Power is the segment that holds its data-centre power and cooling."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5de1fbe4a0991bc214dad27549f9f341e918df32cc58167e510e2a3c18043915"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5de1fbe4a0991bc214dad27549f9f341e918df32cc58167e510e2a3c18043915"}}},"siemens-smart-infrastructure":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"siemens-smart-infrastructure","name":"Siemens Smart Infrastructure","kind":"unit","parentId":"siemens","commercialActivityVerified":true,"shares":{"power":{"low":1.176,"central":2.353,"high":4.235,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to 30 September 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40 percent, about 15 percent of Smart Infrastructure revenue; backlog EUR 18.6 billion, most large orders from data center customers"},"note":"Siemens' CFO says Smart Infrastructure data-centre revenue was EUR 2.9bn in fiscal 2025 (to 30 Sep 2025), up 40% and about 15% of the unit's revenue, about $3.2B at US$1.10 per euro (average Oct 2024 to Sep 2025, assumed); it comes from low-voltage switchgear (SIVACON), busbar trunking, power distribution, controls and fire safety. The counted parts are a 5LayerCake allocation of that group-level figure: switchgear about $0.9B and busway and power distribution about $0.4B, about 40% of the total; controls, fire safety, software and services are not counted. Because the split is not disclosed, the range is widened to about 0.5-1.8 times the central. The period ends 30 Sep 2025, so staleness widening applies. This part: about $400M of FY2025 (to Sep 2025) data-centre sales (range $200-720M). Share = $400M / $17,000M = 2.353% (range 1.176-4.235%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":7.957,"central":15.914,"high":28.291,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to 30 September 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40 percent, about 15 percent of Smart Infrastructure revenue; backlog EUR 18.6 billion, most large orders from data center customers"},"note":"Siemens' CFO says Smart Infrastructure data-centre revenue was EUR 2.9bn in fiscal 2025 (to 30 Sep 2025), up 40% and about 15% of the unit's revenue, about $3.2B at US$1.10 per euro (average Oct 2024 to Sep 2025, assumed); it comes from low-voltage switchgear (SIVACON), busbar trunking, power distribution, controls and fire safety. The counted parts are a 5LayerCake allocation of that group-level figure: switchgear about $0.9B and busway and power distribution about $0.4B, about 40% of the total; controls, fire safety, software and services are not counted. Because the split is not disclosed, the range is widened to about 0.5-1.8 times the central. The period ends 30 Sep 2025, so staleness widening applies. This part: about $900M of FY2025 (to Sep 2025) data-centre sales (range $450-1600M). Share = $900M / $5,656M = 15.914% (range 7.957-28.291%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40%, about 15% of Smart Infrastructure revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40%, about 15% of Smart Infrastructure revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40%, about 15% of Smart Infrastructure revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T5","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40%, about 15% of Smart Infrastructure revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":2900,"central":2900,"high":2900,"unit":"EUR million","basis":"Smart Infrastructure data center revenue, fiscal year to 30 September, euro million","period":"FY2025 (to 30 September 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T2","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40 percent, about 15 percent of Smart Infrastructure revenue; backlog EUR 18.6 billion, most large orders from data center customers"},"note":"CFO: 'In fiscal year 2025, revenue in SI's Data Center business reached EUR 2.9 billion, up 40 percent over the prior year'. Includes controls and fire safety that are not counted parts."},"prior":{"low":2071,"central":2071,"high":2071,"unit":"EUR million","basis":"Smart Infrastructure data center revenue, fiscal year to 30 September, euro million","period":"FY2024 (to 30 September 2024)","periodEnd":"2024-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T2","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40 percent, about 15 percent of Smart Infrastructure revenue; backlog EUR 18.6 billion, most large orders from data center customers"},"note":"Derived from the stated 40% growth: 2,900 / 1.40 = 2,071."}},"baselineRevenueUsd":{"low":3190000000,"central":3190000000,"high":3190000000,"unit":"USD","basis":"Smart Infrastructure data center revenue, fiscal year to 30 September, US dollars","period":"FY2025 (to 30 September 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","title":"Siemens ONE Tech speech by CFO Ralf P. Thomas (fiscal 2025 results)","publisher":"Siemens AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T2","locator":"Page 5-6: Smart Infrastructure data center revenue EUR 2.9 billion in fiscal 2025, up 40 percent, about 15 percent of Smart Infrastructure revenue; backlog EUR 18.6 billion, most large orders from data center customers"},"note":"EUR 2.9bn x 1.10 (average Oct 2024 to Sep 2025, assumed) = $3.19B. The unit's data-centre revenue, never Siemens' total."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":3},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"aec2fdef8884c36bd8431dfd3a5fa24d665fe23189b8c0a5b3f7d49ab9244aa6"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"aec2fdef8884c36bd8431dfd3a5fa24d665fe23189b8c0a5b3f7d49ab9244aa6"}}},"lite-on":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"lite-on","name":"LITEON","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.588,"high":1.471,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"KGI (26 Sep 2025) calls Lite-On a tier-2 AI server power supply supplier with first PSU and BBU shipments to a new US hyperscaler scheduled for 4Q25, and QYResearch's listing names LITEON among the leading AI server PSU makers. Lite-On's own site failed certificate verification and was not retried. Assumption: server and rack power about $0.45B (range 0.25-0.75) in 2025; small UPS/BBU and thermal allowances. This part: about $100M of calendar 2025 data-centre sales (range $0-250M). Share = $100M / $17,000M = 0.588% (range 0-1.471%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":4.375,"central":8.125,"high":11.875,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.taipeitimes.com/News/biz/archives/2025/10/30/2003846317","title":"Lite-On expects Q4 revenue growth on AI shipments","publisher":"Taipei Times","publishedDate":"2025-10-30","accessedDate":"2026-10-22","tier":"T5","locator":"Company aims for AI-related business to exceed 20 percent of total revenue in 2025; Q3 2025 revenue NT$44.89 billion, +22% y/y, cloud computing and AI-of-things 48% of sales; AI power supply and battery backup unit shipments; two new US BBU lines, next year's BBU capacity preordered"},"note":"Lite-On says (Taipei Times, 30 Oct 2025) it aims for AI-related business to exceed 20% of total revenue in 2025, shipping AI power supply units and battery backup units (BBU) mainly to GPU and ASIC makers, with next year's BBU capacity preordered. Q3 2025 revenue was NT$44.89B; full-year 2025 revenue is taken as about NT$165B (range 155-180; DigiTimes headline of 9 Jan 2026 gives about 20% growth), so AI-related sales are at least NT$33B, about $1.07B at NT$31 per US dollar (2025 average, assumed). About 60% of that, roughly $0.65B (range $0.35-0.95B), is taken as server power supplies and battery units, the rest being AI servers and other products. KGI Securities (26 Sep 2025) calls Lite-On a tier-2 supplier behind Delta and says it won a new US hyperscaler for PSU and BBU with first shipments in 4Q25. This part: about $650M of calendar 2025 data-centre sales (range $350-950M). Share = $650M / $8,000M = 8.125% (range 4.375-11.875%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: KGI Securities, Taiwan power supply sector, 26 Sep 2025 (https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf); DigiTimes, 9 Jan 2026 (headline) (https://www.digitimes.com/news/a20260109PD204/lite-on-high-end-management-revenue-2025.html)."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0.429,"central":1.429,"high":3.571,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"KGI (26 Sep 2025) calls Lite-On a tier-2 AI server power supply supplier with first PSU and BBU shipments to a new US hyperscaler scheduled for 4Q25, and QYResearch's listing names LITEON among the leading AI server PSU makers. Lite-On's own site failed certificate verification and was not retried. Assumption: server and rack power about $0.45B (range 0.25-0.75) in 2025; small UPS/BBU and thermal allowances. This part: about $100M of calendar 2025 data-centre sales (range $30-250M). Share = $100M / $7,000M = 1.429% (range 0.429-3.571%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":4},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7ae9d196cc88dd1a9d0435f38cef76941ad7e0ddc30daed83bc752f63e7b2e97"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7ae9d196cc88dd1a9d0435f38cef76941ad7e0ddc30daed83bc752f63e7b2e97"}}},"jentech":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"jentech","name":"Jentech Precision","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.jentech.com.tw/","title":"Jentech Precision home page (thermal solutions)","publisher":"Jentech Precision Industrial","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling modules, UQD components, air cooling modules, vapor chamber lids, heat spreaders and pin fin heat sinks for AI data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.jentech.com.tw/","title":"Jentech Precision home page (thermal solutions)","publisher":"Jentech Precision Industrial","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling modules, UQD components, air cooling modules, vapor chamber lids, heat spreaders and pin fin heat sinks for AI data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.jentech.com.tw/","title":"Jentech Precision home page (thermal solutions)","publisher":"Jentech Precision Industrial","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling modules, UQD components, air cooling modules, vapor chamber lids, heat spreaders and pin fin heat sinks for AI data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.jentech.com.tw/","title":"Jentech Precision home page (thermal solutions)","publisher":"Jentech Precision Industrial","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling modules, UQD components, air cooling modules, vapor chamber lids, heat spreaders and pin fin heat sinks for AI data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.357,"high":1.427,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.jentech.com.tw/","title":"Jentech Precision home page (thermal solutions)","publisher":"Jentech Precision Industrial","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling modules, UQD components, air cooling modules, vapor chamber lids, heat spreaders and pin fin heat sinks for AI data centers; no revenue shown"},"note":"Jentech's page lists liquid cooling modules, UQD components, air cooling modules, vapor chamber lids, heat spreaders and heat sinks for AI data centres; no revenue shown. Assumption: server thermal parts about $0.15B (range 0.05-0.35). This part: about $20M of calendar 2025 data-centre sales (range $0-80M). Share = $20M / $5,606M = 0.357% (range 0-1.427%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":1.714,"central":3.571,"high":5.143,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/365320251128E001.pdf","title":"Jentech Precision Industrial Co., Ltd. Investor Conference, November 28, 2025","publisher":"Jentech Precision Industrial (TWSE MOPS filing)","publishedDate":"2025-11-28","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 13: thermal solutions 73% of 3Q25 revenue (+77% y/y); slides 14-15: heat spreaders +82% and liquid cooling modules +48% (3Q25 vs 3Q24); slide 20: revenue NT$4.75bn (Q1), 5.18bn (Q2), 5.07bn (Q3)"},"note":"Jentech's investor deck (28 Nov 2025) shows thermal solutions at 73% of Q3 2025 revenue, with quarterly revenue of about NT$4.8bn, 5.2bn and 5.1bn in Q1 to Q3, so nine-month thermal sales are about NT$11bn. Thermal products are heat spreaders (lids), vapor chambers and liquid-cooling modules for servers, PCs and vehicles. Full-year 2025 thermal sales are taken as about NT$14bn, and about 55% of it, NT$7.7bn or $0.25B at NT$31 per US dollar (2025 average, assumed) (range $0.12-0.36B), as server thermal parts (cold plates and heat spreaders for AI and other servers); the rest goes to PCs and vehicles. Liquid distribution hardware is small ($20M assumed). This part: about $250M of calendar 2025 data-centre sales (range $120-360M). Share = $250M / $7,000M = 3.571% (range 1.714-5.143%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"15f31c53047090159311e59ee2ad1eb42a9e2c94c518813be924ab6468af8ca2"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"15f31c53047090159311e59ee2ad1eb42a9e2c94c518813be924ab6468af8ca2"}}},"abb":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"abb","name":"ABB","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":1.176,"central":2.941,"high":5.882,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/17c5f84dedb946478c22ba1e00f5673e/ABB-Q4-2025-press-release-English.pdf","title":"ABB Q4 and full-year 2025 results press release","publisher":"ABB Ltd","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Electrification: data centers led demand with very strong double-digit growth; several large data-center orders each above $100M; Electrification revenue about $17.4B in 2025"},"note":"ABB's Q4 2025 release says data centres led Electrification demand with very strong double-digit growth and several data-centre orders each above $100M (about $600M of Q4 orders); Electrification revenue was $17,357M in 2025. Data-centre sales are not disclosed; assumed about $1.5B (range 0.8-2.4) in the counted parts: MV/LV switchgear about $0.6B, UPS, busway and power distribution about $0.5B (transformers and cables not counted). This part: about $500M of calendar 2025 data-centre sales (range $200-1000M). Share = $500M / $17,000M = 2.941% (range 1.176-5.882%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":4.244,"central":10.609,"high":21.218,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/17c5f84dedb946478c22ba1e00f5673e/ABB-Q4-2025-press-release-English.pdf","title":"ABB Q4 and full-year 2025 results press release","publisher":"ABB Ltd","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Electrification: data centers led demand with very strong double-digit growth; several large data-center orders each above $100M; Electrification revenue about $17.4B in 2025"},"note":"ABB's Q4 2025 release says data centres led Electrification demand with very strong double-digit growth and several data-centre orders each above $100M (about $600M of Q4 orders); Electrification revenue was $17,357M in 2025. Data-centre sales are not disclosed; assumed about $1.5B (range 0.8-2.4) in the counted parts: MV/LV switchgear about $0.6B, UPS, busway and power distribution about $0.5B (transformers and cables not counted). This part: about $600M of calendar 2025 data-centre sales (range $240-1200M). Share = $600M / $5,656M = 10.609% (range 4.244-21.218%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/17c5f84dedb946478c22ba1e00f5673e/ABB-Q4-2025-press-release-English.pdf","title":"ABB Q4 and full-year 2025 results press release","publisher":"ABB Ltd","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Electrification: data centers led demand with very strong double-digit growth; several large data-center orders each above $100M; Electrification revenue about $17.4B in 2025"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/17c5f84dedb946478c22ba1e00f5673e/ABB-Q4-2025-press-release-English.pdf","title":"ABB Q4 and full-year 2025 results press release","publisher":"ABB Ltd","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Electrification: data centers led demand with very strong double-digit growth; several large data-center orders each above $100M; Electrification revenue about $17.4B in 2025"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/17c5f84dedb946478c22ba1e00f5673e/ABB-Q4-2025-press-release-English.pdf","title":"ABB Q4 and full-year 2025 results press release","publisher":"ABB Ltd","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Electrification: data centers led demand with very strong double-digit growth; several large data-center orders each above $100M; Electrification revenue about $17.4B in 2025"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/17c5f84dedb946478c22ba1e00f5673e/ABB-Q4-2025-press-release-English.pdf","title":"ABB Q4 and full-year 2025 results press release","publisher":"ABB Ltd","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Electrification: data centers led demand with very strong double-digit growth; several large data-center orders each above $100M; Electrification revenue about $17.4B in 2025"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"baselineRevenueUsd":{"low":17357000000,"central":17357000000,"high":17357000000,"unit":"USD","basis":"Electrification business area revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/17c5f84dedb946478c22ba1e00f5673e/ABB-Q4-2025-press-release-English.pdf","title":"ABB Q4 and full-year 2025 results press release","publisher":"ABB Ltd","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"Electrification business area table: FY2025 revenues $17,357M (FY2024 $15,448M); orders $18,757M; order backlog $9,438M"},"note":"The business area that holds ABB's data-centre electrical products; data centres are not reported separately."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":3},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"40cf3b7c827e461b171e6de50df80be16aa38d59f2402e83fdff02c44bf6cd1d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"40cf3b7c827e461b171e6de50df80be16aa38d59f2402e83fdff02c44bf6cd1d"}}},"legrand":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"legrand","name":"Legrand","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":3.706,"central":4.729,"high":5.7,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf","title":"Legrand 2025 full-year results (press release of 12 February 2026)","publisher":"Legrand","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.2: 'the very strong expansion of our datacenter activities, which represented 26% of Legrand's 2025 sales'; p.3: sales table 8,648.9 (2024) to 9,480.6 (2025) EUR million and 'sales rose by +9.6% ... to reach EUR 9,480.6 million'; p.5: 'Datacenters ... represented sales of EUR 2.4 billion at year-end 2025, i.e. 26% of Group sales'"},"note":"Legrand says datacenters were 26% of its 2025 sales and, in the same release, gives them as sales of 'EUR 2.4 billion at year-end 2025' (full-year 2025 release, p.5; group 2025 sales were EUR 9,480.6M, p.3). The company's own EUR 2.4bn is used rather than 26% x 9,480.6 = EUR 2,465M; at US$1.13 per euro (2025 average, assumed) that is about $2.7B ($2,712M). The company's FY2025 mix of those sales (Capital Markets Day, Sep 2026) is critical power 35% (about $0.95B), physical compute infrastructure 25% (racks, not counted), monitoring and control 25% (not counted), advanced cooling 5% (about $0.14B) and testing and services 10% (not counted). Critical power is split about $0.80B power (busway, PDU, UPS) and $0.15B switchgear (a 5LayerCake assumption); advanced cooling (rear-door and direct-to-chip) is allocated $0.10B liquid and $0.04B air and heat rejection. This part: about $804M of calendar 2025 data-centre sales (range $630-969M). Share = $804M / $17,000M = 4.729% (range 3.706-5.7%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Legrand full-year 2025 release (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf); Legrand Capital Markets Day release (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/autre/CMD/Legrand_Press_Release_CMD_Sep-2026_1790606990.pdf); Legrand H1 2026 release (2025 sales of EUR 9.5bn) (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/6m/Legrand_Press_Release_Results_6M2026_1785247989.pdf)."},"switchgear":{"low":1.061,"central":2.564,"high":4.597,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf","title":"Legrand 2025 full-year results (press release of 12 February 2026)","publisher":"Legrand","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.2: 'the very strong expansion of our datacenter activities, which represented 26% of Legrand's 2025 sales'; p.3: sales table 8,648.9 (2024) to 9,480.6 (2025) EUR million and 'sales rose by +9.6% ... to reach EUR 9,480.6 million'; p.5: 'Datacenters ... represented sales of EUR 2.4 billion at year-end 2025, i.e. 26% of Group sales'"},"note":"Legrand says datacenters were 26% of its 2025 sales and, in the same release, gives them as sales of 'EUR 2.4 billion at year-end 2025' (full-year 2025 release, p.5; group 2025 sales were EUR 9,480.6M, p.3). The company's own EUR 2.4bn is used rather than 26% x 9,480.6 = EUR 2,465M; at US$1.13 per euro (2025 average, assumed) that is about $2.7B ($2,712M). The company's FY2025 mix of those sales (Capital Markets Day, Sep 2026) is critical power 35% (about $0.95B), physical compute infrastructure 25% (racks, not counted), monitoring and control 25% (not counted), advanced cooling 5% (about $0.14B) and testing and services 10% (not counted). Critical power is split about $0.80B power (busway, PDU, UPS) and $0.15B switchgear (a 5LayerCake assumption); advanced cooling (rear-door and direct-to-chip) is allocated $0.10B liquid and $0.04B air and heat rejection. This part: about $145M of calendar 2025 data-centre sales (range $60-260M). Share = $145M / $5,656M = 2.564% (range 1.061-4.597%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Legrand full-year 2025 release (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf); Legrand Capital Markets Day release (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/autre/CMD/Legrand_Press_Release_CMD_Sep-2026_1790606990.pdf); Legrand H1 2026 release (2025 sales of EUR 9.5bn) (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/6m/Legrand_Press_Release_Results_6M2026_1785247989.pdf)."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/autre/CMD/Legrand_Press_Release_CMD_Sep-2026_1790606990.pdf","title":"Legrand 2026 Capital Markets Day press release","publisher":"Legrand","publishedDate":"2026-09-28","accessedDate":"2026-10-22","tier":"T5","locator":"Section II: data center sales to exceed EUR 3 billion in 2026; FY2025 mix critical power 35%, physical compute infrastructure 25%, monitoring/control 25%, advanced cooling 5%, testing and services 10%"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.088,"central":0.341,"high":0.77,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf","title":"Legrand 2025 full-year results (press release of 12 February 2026)","publisher":"Legrand","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.2: 'the very strong expansion of our datacenter activities, which represented 26% of Legrand's 2025 sales'; p.3: sales table 8,648.9 (2024) to 9,480.6 (2025) EUR million and 'sales rose by +9.6% ... to reach EUR 9,480.6 million'; p.5: 'Datacenters ... represented sales of EUR 2.4 billion at year-end 2025, i.e. 26% of Group sales'"},"note":"Legrand says datacenters were 26% of its 2025 sales and, in the same release, gives them as sales of 'EUR 2.4 billion at year-end 2025' (full-year 2025 release, p.5; group 2025 sales were EUR 9,480.6M, p.3). The company's own EUR 2.4bn is used rather than 26% x 9,480.6 = EUR 2,465M; at US$1.13 per euro (2025 average, assumed) that is about $2.7B ($2,712M). The company's FY2025 mix of those sales (Capital Markets Day, Sep 2026) is critical power 35% (about $0.95B), physical compute infrastructure 25% (racks, not counted), monitoring and control 25% (not counted), advanced cooling 5% (about $0.14B) and testing and services 10% (not counted). Critical power is split about $0.80B power (busway, PDU, UPS) and $0.15B switchgear (a 5LayerCake assumption); advanced cooling (rear-door and direct-to-chip) is allocated $0.10B liquid and $0.04B air and heat rejection. This part: about $39M of calendar 2025 data-centre sales (range $10-88M). Share = $39M / $11,422M = 0.341% (range 0.088-0.77%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Legrand full-year 2025 release (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf); Legrand Capital Markets Day release (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/autre/CMD/Legrand_Press_Release_CMD_Sep-2026_1790606990.pdf); Legrand H1 2026 release (2025 sales of EUR 9.5bn) (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/6m/Legrand_Press_Release_Results_6M2026_1785247989.pdf)."},"liquid":{"low":0.856,"central":1.73,"high":2.943,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf","title":"Legrand 2025 full-year results (press release of 12 February 2026)","publisher":"Legrand","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.2: 'the very strong expansion of our datacenter activities, which represented 26% of Legrand's 2025 sales'; p.3: sales table 8,648.9 (2024) to 9,480.6 (2025) EUR million and 'sales rose by +9.6% ... to reach EUR 9,480.6 million'; p.5: 'Datacenters ... represented sales of EUR 2.4 billion at year-end 2025, i.e. 26% of Group sales'"},"note":"Legrand says datacenters were 26% of its 2025 sales and, in the same release, gives them as sales of 'EUR 2.4 billion at year-end 2025' (full-year 2025 release, p.5; group 2025 sales were EUR 9,480.6M, p.3). The company's own EUR 2.4bn is used rather than 26% x 9,480.6 = EUR 2,465M; at US$1.13 per euro (2025 average, assumed) that is about $2.7B ($2,712M). The company's FY2025 mix of those sales (Capital Markets Day, Sep 2026) is critical power 35% (about $0.95B), physical compute infrastructure 25% (racks, not counted), monitoring and control 25% (not counted), advanced cooling 5% (about $0.14B) and testing and services 10% (not counted). Critical power is split about $0.80B power (busway, PDU, UPS) and $0.15B switchgear (a 5LayerCake assumption); advanced cooling (rear-door and direct-to-chip) is allocated $0.10B liquid and $0.04B air and heat rejection. This part: about $97M of calendar 2025 data-centre sales (range $48-165M). Share = $97M / $5,606M = 1.73% (range 0.856-2.943%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Legrand full-year 2025 release (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf); Legrand Capital Markets Day release (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/autre/CMD/Legrand_Press_Release_CMD_Sep-2026_1790606990.pdf); Legrand H1 2026 release (2025 sales of EUR 9.5bn) (https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/6m/Legrand_Press_Release_Results_6M2026_1785247989.pdf)."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/autre/CMD/Legrand_Press_Release_CMD_Sep-2026_1790606990.pdf","title":"Legrand 2026 Capital Markets Day press release","publisher":"Legrand","publishedDate":"2026-09-28","accessedDate":"2026-10-22","tier":"T5","locator":"Section II: data center sales to exceed EUR 3 billion in 2026; FY2025 mix critical power 35%, physical compute infrastructure 25%, monitoring/control 25%, advanced cooling 5%, testing and services 10%"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":2400,"central":2400,"high":2400,"unit":"EUR million","basis":"Datacenter sales, calendar year, euro million","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf","title":"Legrand 2025 full-year results (press release of 12 February 2026)","publisher":"Legrand","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T2","locator":"p.2: 'the very strong expansion of our datacenter activities, which represented 26% of Legrand's 2025 sales'; p.3: sales table 8,648.9 (2024) to 9,480.6 (2025) EUR million and 'sales rose by +9.6% ... to reach EUR 9,480.6 million'; p.5: 'Datacenters ... represented sales of EUR 2.4 billion at year-end 2025, i.e. 26% of Group sales'"},"note":"The company states datacenter sales of EUR 2.4 billion at year-end 2025, i.e. 26% of Group sales (full-year 2025 release, p.5; group sales EUR 9,480.6M, p.3). The stated figure is used rather than 26% x EUR 9,480.6M = EUR 2,465M. It is rounded to one decimal of a billion, so the true figure lies between about EUR 2,350M and 2,450M."},"prior":{"low":1600,"central":1600,"high":1600,"unit":"EUR million","basis":"Datacenter sales, calendar year, euro million","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2024/1Y/Legrand_Press_Release_Results_12M2024-v2_1739806167.pdf","title":"Legrand 2024 full-year results (press release)","publisher":"Legrand","publishedDate":"2025-02-13","accessedDate":"2026-10-22","tier":"T2","locator":"'A major growth driver: datacenters': this activity represents sales of EUR 1.6 billion in 2024 (EUR 1.8 billion, or 20% on a proforma basis); group sales EUR 8,648.9M"},"note":"Reported 2024 datacenter sales of EUR 1.6bn (EUR 1.8bn proforma for acquisitions). The reported figure is used because the 2025 figure is also reported, so the growth includes acquisitions made in 2024 and 2025."}},"baselineRevenueUsd":{"low":2712000000,"central":2712000000,"high":2712000000,"unit":"USD","basis":"Datacenter sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2025/1Y/Legrand_Press_Release_Full-Year_Results-2025_1770814869.pdf","title":"Legrand 2025 full-year results (press release of 12 February 2026)","publisher":"Legrand","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T2","locator":"p.2: 'the very strong expansion of our datacenter activities, which represented 26% of Legrand's 2025 sales'; p.3: sales table 8,648.9 (2024) to 9,480.6 (2025) EUR million and 'sales rose by +9.6% ... to reach EUR 9,480.6 million'; p.5: 'Datacenters ... represented sales of EUR 2.4 billion at year-end 2025, i.e. 26% of Group sales'"},"note":"EUR 2,400M (the company's stated datacenter sales, full-year 2025 release, p.5) x 1.13 (2025 average US dollars per euro, assumed) = $2,712M. Legrand's data-centre line, not the group total."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"dc4fff3a78530dd5a03a16f32e823a5bb52232930489ab98a178dd56506fb97a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"dc4fff3a78530dd5a03a16f32e823a5bb52232930489ab98a178dd56506fb97a"}}},"mitsubishi-electric":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"mitsubishi-electric","name":"Mitsubishi Electric","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":1.765,"central":3.529,"high":6.471,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Mitsubishi Electric Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 31, 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T5","locator":"Infrastructure: revenue increased mainly on transportation systems in Japan and the uninterruptible power supply (UPS) business outside Japan; Energy Systems revenue JPY473.3bn (+77.1bn) on 'increased investments in data centers'"},"note":"Mitsubishi Electric's results briefing for the year to March 2026 says Infrastructure revenue rose on UPS sales outside Japan and Energy Systems revenue rose JPY77.1bn to JPY473.3bn on data-centre investment, but it gives no data-centre figure. The earlier screening used the year to March 2025 (UPS about $0.5B, switchgear $0.15B, chillers and CRAH $0.25B); with Energy Systems up about 19% those are raised by 20% for UPS and switchgear: power $0.6B, switchgear $0.18B; chillers and CRAH through Mitsubishi Electric Hydronics & IT Cooling Systems stay at $0.25B. The figure rests on segment commentary, not a data-centre line, so the range is wide. This part: about $600M of FY2025 (to 31 Mar 2026) data-centre sales (range $300-1100M). Share = $600M / $17,000M = 3.529% (range 1.765-6.471%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":1.238,"central":3.183,"high":6.189,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Mitsubishi Electric Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 31, 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T5","locator":"Infrastructure: revenue increased mainly on transportation systems in Japan and the uninterruptible power supply (UPS) business outside Japan; Energy Systems revenue JPY473.3bn (+77.1bn) on 'increased investments in data centers'"},"note":"Mitsubishi Electric's results briefing for the year to March 2026 says Infrastructure revenue rose on UPS sales outside Japan and Energy Systems revenue rose JPY77.1bn to JPY473.3bn on data-centre investment, but it gives no data-centre figure. The earlier screening used the year to March 2025 (UPS about $0.5B, switchgear $0.15B, chillers and CRAH $0.25B); with Energy Systems up about 19% those are raised by 20% for UPS and switchgear: power $0.6B, switchgear $0.18B; chillers and CRAH through Mitsubishi Electric Hydronics & IT Cooling Systems stay at $0.25B. The figure rests on segment commentary, not a data-centre line, so the range is wide. This part: about $180M of FY2025 (to 31 Mar 2026) data-centre sales (range $70-350M). Share = $180M / $5,656M = 3.183% (range 1.238-6.189%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2024 (to Mar 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2025/pdf/0428-a2.pdf","title":"Mitsubishi Electric consolidated financial results for fiscal year ended March 31, 2025","publisher":"Mitsubishi Electric Corporation","publishedDate":"2025-04-28","accessedDate":"2026-10-22","tier":"T5","locator":"Infrastructure segment revenue JPY 1,224.9bn; Public Utility Systems JPY 474.9bn, revenue up on UPS business outside Japan; Energy Systems JPY 396.1bn, demand from data-center investment"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.875,"central":2.189,"high":3.94,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Mitsubishi Electric Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 31, 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T5","locator":"Infrastructure: revenue increased mainly on transportation systems in Japan and the uninterruptible power supply (UPS) business outside Japan; Energy Systems revenue JPY473.3bn (+77.1bn) on 'increased investments in data centers'"},"note":"Mitsubishi Electric's results briefing for the year to March 2026 says Infrastructure revenue rose on UPS sales outside Japan and Energy Systems revenue rose JPY77.1bn to JPY473.3bn on data-centre investment, but it gives no data-centre figure. The earlier screening used the year to March 2025 (UPS about $0.5B, switchgear $0.15B, chillers and CRAH $0.25B); with Energy Systems up about 19% those are raised by 20% for UPS and switchgear: power $0.6B, switchgear $0.18B; chillers and CRAH through Mitsubishi Electric Hydronics & IT Cooling Systems stay at $0.25B. The figure rests on segment commentary, not a data-centre line, so the range is wide. This part: about $250M of FY2025 (to 31 Mar 2026) data-centre sales (range $100-450M). Share = $250M / $11,422M = 2.189% (range 0.875-3.94%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2024 (to Mar 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2025/pdf/0428-a2.pdf","title":"Mitsubishi Electric consolidated financial results for fiscal year ended March 31, 2025","publisher":"Mitsubishi Electric Corporation","publishedDate":"2025-04-28","accessedDate":"2026-10-22","tier":"T5","locator":"Infrastructure segment revenue JPY 1,224.9bn; Public Utility Systems JPY 474.9bn, revenue up on UPS business outside Japan; Energy Systems JPY 396.1bn, demand from data-center investment"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2024 (to Mar 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2025/pdf/0428-a2.pdf","title":"Mitsubishi Electric consolidated financial results for fiscal year ended March 31, 2025","publisher":"Mitsubishi Electric Corporation","publishedDate":"2025-04-28","accessedDate":"2026-10-22","tier":"T5","locator":"Infrastructure segment revenue JPY 1,224.9bn; Public Utility Systems JPY 474.9bn, revenue up on UPS business outside Japan; Energy Systems JPY 396.1bn, demand from data-center investment"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6d0ba66d0ea6a1b1e9c496f96318062c24c8a33dbf2a2739231972437da18e26"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6d0ba66d0ea6a1b1e9c496f96318062c24c8a33dbf2a2739231972437da18e26"}}},"modine":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"modine","name":"Modine","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: net sales by product group FY2026 Data Centers 35% (25% in FY2025); consolidated net sales $3.2 billion in FY2026"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: net sales by product group FY2026 Data Centers 35% (25% in FY2025); consolidated net sales $3.2 billion in FY2026"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: net sales by product group FY2026 Data Centers 35% (25% in FY2025); consolidated net sales $3.2 billion in FY2026"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":6.829,"central":8.054,"high":9.193,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 product groups as a percentage of net sales: Data Centers 35% (fiscal 2026) and 25% (fiscal 2025); MD&A: fiscal 2026 net sales $3,181M, $598M (23%) higher than the prior year"},"note":"Modine's 10-K (fiscal year to 31 Mar 2026) says the Data Centers product group was 35% of net sales of $3,181M, about $1,113M (25% of $2,583M, about $646M, a year earlier); the percentages are rounded. The 10-K lists the group's products as chillers, dry coolers, precision air handlers, CRAC and CRAH units, rear-door heat exchangers, coolant distribution units and immersion solutions (Airedale, counted with Modine), sold to hyperscale and colocation customers. About $0.92B is taken as air cooling and heat rejection and $0.15B as liquid distribution; modular data-centre solutions, parts, service and controls, which the 10-K also lists, are not counted. The fiscal year ends 31 March 2026, the latest full year. This part: about $920M of FY2026 (to 31 Mar 2026) data-centre sales (range $780-1050M). Share = $920M / $11,422M = 8.054% (range 6.829-9.193%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":1.07,"central":2.676,"high":4.46,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 product groups as a percentage of net sales: Data Centers 35% (fiscal 2026) and 25% (fiscal 2025); MD&A: fiscal 2026 net sales $3,181M, $598M (23%) higher than the prior year"},"note":"Modine's 10-K (fiscal year to 31 Mar 2026) says the Data Centers product group was 35% of net sales of $3,181M, about $1,113M (25% of $2,583M, about $646M, a year earlier); the percentages are rounded. The 10-K lists the group's products as chillers, dry coolers, precision air handlers, CRAC and CRAH units, rear-door heat exchangers, coolant distribution units and immersion solutions (Airedale, counted with Modine), sold to hyperscale and colocation customers. About $0.92B is taken as air cooling and heat rejection and $0.15B as liquid distribution; modular data-centre solutions, parts, service and controls, which the 10-K also lists, are not counted. The fiscal year ends 31 March 2026, the latest full year. This part: about $150M of FY2026 (to 31 Mar 2026) data-centre sales (range $60-250M). Share = $150M / $5,606M = 2.676% (range 1.07-4.46%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2026 (to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: net sales by product group FY2026 Data Centers 35% (25% in FY2025); consolidated net sales $3.2 billion in FY2026"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":1113000000,"central":1113000000,"high":1113000000,"unit":"USD","basis":"Data Centers product group net sales, fiscal year to 31 March, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 product groups as a percentage of net sales: Data Centers 35% (fiscal 2026) and 25% (fiscal 2025); MD&A: fiscal 2026 net sales $3,181M, $598M (23%) higher than the prior year"},"note":"35% x $3,181M; the percentage is rounded to the nearest whole point."},"prior":{"low":646000000,"central":646000000,"high":646000000,"unit":"USD","basis":"Data Centers product group net sales, fiscal year to 31 March, US dollars","period":"FY2025 (to 31 March 2025)","periodEnd":"2025-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 product groups as a percentage of net sales: Data Centers 35% (fiscal 2026) and 25% (fiscal 2025); MD&A: fiscal 2026 net sales $3,181M, $598M (23%) higher than the prior year"},"note":"25% x $2,583M ($3,181M less the $598M increase); +72%. Q1 fiscal 2027 (to June 2026) Data Centers segment sales were $348.6M, up 90% from $183.7M (Modine Q1 fiscal 2027 release, https://s205.q4cdn.com/270741342/files/doc_financials/2027/q1/Modine-Reports-First-Quarter-Fiscal-2027-Results.pdf)."}},"baselineRevenueUsd":{"low":1113000000,"central":1113000000,"high":1113000000,"unit":"USD","basis":"Data Centers product group net sales, fiscal year to 31 March, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0000067347/ea0db24b-c456-4bef-b7ab-e3d2045ee303.pdf","title":"Modine Manufacturing Form 10-K for the fiscal year ended March 31, 2026","publisher":"Modine Manufacturing Company","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 product groups as a percentage of net sales: Data Centers 35% (fiscal 2026) and 25% (fiscal 2025); MD&A: fiscal 2026 net sales $3,181M, $598M (23%) higher than the prior year"},"note":"The data-centre line of the 10-K, not Modine's total of $3,181M."},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4033f869b97681358f7f5b5623c6d554d330cb1974d1d0be4ac4fa00c2fe89c0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4033f869b97681358f7f5b5623c6d554d330cb1974d1d0be4ac4fa00c2fe89c0"}}},"advanced-energy":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"advanced-energy","name":"Advanced Energy","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.advancedenergy.com/","title":"Advanced Energy home page (data center computing power)","publisher":"Advanced Energy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists ORv3 HPR 33 kW power shelf, M-CRPS 3200-3600 W AI/enterprise server power supplies, 800 VDC hyperscale solutions; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.advancedenergy.com/","title":"Advanced Energy home page (data center computing power)","publisher":"Advanced Energy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists ORv3 HPR 33 kW power shelf, M-CRPS 3200-3600 W AI/enterprise server power supplies, 800 VDC hyperscale solutions; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":6,"central":7.337,"high":7.75,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/advanced-energy-aeis-q4-2025-earnings-transcript/","title":"Advanced Energy (AEIS) Q4 2025 Earnings Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T5","locator":"Call of 10 Feb 2026: data center computing revenue $587 million for 2025, up 107%; Q4 record $178 million, +101% y/y; 2026 data-centre growth guided above 30%; total 2025 revenue $1.8 billion"},"note":"Advanced Energy says on its Q4 2025 call that data center computing revenue was $587M for 2025, up 107% (a record $178M in Q4), from customised power solutions for AI racks, with 800-volt projects under way with marquee customers; total revenue was $1.8B. The whole of that line is taken as server and rack power supplies, with the range allowing for non-power content. This part: about $587M of calendar 2025 data-centre sales (range $480-620M). Share = $587M / $8,000M = 7.337% (range 6-7.75%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.advancedenergy.com/","title":"Advanced Energy home page (data center computing power)","publisher":"Advanced Energy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists ORv3 HPR 33 kW power shelf, M-CRPS 3200-3600 W AI/enterprise server power supplies, 800 VDC hyperscale solutions; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.advancedenergy.com/","title":"Advanced Energy home page (data center computing power)","publisher":"Advanced Energy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists ORv3 HPR 33 kW power shelf, M-CRPS 3200-3600 W AI/enterprise server power supplies, 800 VDC hyperscale solutions; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.advancedenergy.com/","title":"Advanced Energy home page (data center computing power)","publisher":"Advanced Energy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists ORv3 HPR 33 kW power shelf, M-CRPS 3200-3600 W AI/enterprise server power supplies, 800 VDC hyperscale solutions; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":587000000,"central":587000000,"high":587000000,"unit":"USD","basis":"Data center computing revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/advanced-energy-aeis-q4-2025-earnings-transcript/","title":"Advanced Energy (AEIS) Q4 2025 Earnings Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T2","locator":"Call of 10 Feb 2026: data center computing revenue $587 million for 2025, up 107%; Q4 record $178 million, +101% y/y; 2026 data-centre growth guided above 30%; total 2025 revenue $1.8 billion"},"note":"The company says $587 million."},"prior":{"low":283600000,"central":283600000,"high":283600000,"unit":"USD","basis":"Data center computing revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/advanced-energy-aeis-q4-2025-earnings-transcript/","title":"Advanced Energy (AEIS) Q4 2025 Earnings Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T2","locator":"Call of 10 Feb 2026: data center computing revenue $587 million for 2025, up 107%; Q4 record $178 million, +101% y/y; 2026 data-centre growth guided above 30%; total 2025 revenue $1.8 billion"},"note":"Derived from the stated 107% growth: 587 / 2.07 = 283.6 (rounded growth; the 2024 dollar figure was not stated on the call)."}},"baselineRevenueUsd":{"low":587000000,"central":587000000,"high":587000000,"unit":"USD","basis":"Data center computing revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/advanced-energy-aeis-q4-2025-earnings-transcript/","title":"Advanced Energy (AEIS) Q4 2025 Earnings Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T2","locator":"Call of 10 Feb 2026: data center computing revenue $587 million for 2025, up 107%; Q4 record $178 million, +101% y/y; 2026 data-centre growth guided above 30%; total 2025 revenue $1.8 billion"},"note":"The data-centre market line, not the company total of $1.8B."},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":4},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"64da5a6860c6b65c5fd1cf44d7b5d5f2b7f646473ba7ecc61a9e0cac7dcc89dd"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"64da5a6860c6b65c5fd1cf44d7b5d5f2b7f646473ba7ecc61a9e0cac7dcc89dd"}}},"carrier":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"carrier","name":"Carrier","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"2025 highlights: 'Doubled global data center sales to approximately $1 billion'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"2025 highlights: 'Doubled global data center sales to approximately $1 billion'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"2025 highlights: 'Doubled global data center sales to approximately $1 billion'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":5.691,"central":7.004,"high":8.317,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Financial Highlights: 'Doubled global data center sales to approximately $1 billion and entered 2026 with more than $1 billion in backlog, while expecting sales to grow to approximately $1.5 billion in 2026'"},"note":"Carrier says in its 2026 proxy statement that it doubled global data-centre sales to approximately $1 billion in 2025 and entered 2026 with more than $1 billion of data-centre backlog; on its Q2 2026 call it raised 2026 data-centre sales to about $2 billion, all in backlog. About $0.8B of the $1 billion is taken as chillers and air handling (air cooling and heat rejection) and $0.12B as liquid cooling and coolant distribution (the proxy gives no split, so this is a 5LayerCake assumption); controls and services are not counted. This part: about $800M of calendar 2025 data-centre sales (range $650-950M). Share = $800M / $11,422M = 7.004% (range 5.691-8.317%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Carrier Q2 2026 earnings call (https://s205.q4cdn.com/164393362/files/doc_events/2026/Jul/28/2026-07-28-CARR-Q2-2026-Earnings-Call-CORRECTED-TRANSCRIPT.pdf)."},"liquid":{"low":0.892,"central":2.141,"high":3.568,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Financial Highlights: 'Doubled global data center sales to approximately $1 billion and entered 2026 with more than $1 billion in backlog, while expecting sales to grow to approximately $1.5 billion in 2026'"},"note":"Carrier says in its 2026 proxy statement that it doubled global data-centre sales to approximately $1 billion in 2025 and entered 2026 with more than $1 billion of data-centre backlog; on its Q2 2026 call it raised 2026 data-centre sales to about $2 billion, all in backlog. About $0.8B of the $1 billion is taken as chillers and air handling (air cooling and heat rejection) and $0.12B as liquid cooling and coolant distribution (the proxy gives no split, so this is a 5LayerCake assumption); controls and services are not counted. This part: about $120M of calendar 2025 data-centre sales (range $50-200M). Share = $120M / $5,606M = 2.141% (range 0.892-3.568%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Carrier Q2 2026 earnings call (https://s205.q4cdn.com/164393362/files/doc_events/2026/Jul/28/2026-07-28-CARR-Q2-2026-Earnings-Call-CORRECTED-TRANSCRIPT.pdf)."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"2025 highlights: 'Doubled global data center sales to approximately $1 billion'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":1000000000,"central":1000000000,"high":1000000000,"unit":"USD","basis":"Global data center sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Financial Highlights: 'Doubled global data center sales to approximately $1 billion and entered 2026 with more than $1 billion in backlog, while expecting sales to grow to approximately $1.5 billion in 2026'"},"note":"The company says approximately $1 billion."},"prior":{"low":500000000,"central":500000000,"high":500000000,"unit":"USD","basis":"Global data center sales, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Financial Highlights: 'Doubled global data center sales to approximately $1 billion and entered 2026 with more than $1 billion in backlog, while expecting sales to grow to approximately $1.5 billion in 2026'"},"note":"Derived from the company's statement that it 'doubled' data-centre sales: 1,000 / 2 = 500."}},"committedExpansion":{"low":1,"central":1,"high":1,"unit":"ratio","basis":"Data center backlog entering 2026 ÷ 2025 data center sales","period":"Backlog at 31 Dec 2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Financial Highlights: 'Doubled global data center sales to approximately $1 billion and entered 2026 with more than $1 billion in backlog, while expecting sales to grow to approximately $1.5 billion in 2026'"},"note":"The company says it entered 2026 with more than $1 billion in data-centre backlog; 1.0 / 1.0 (about $1 billion of 2025 sales) = 1.0 is therefore a floor. The Q2 2026 call says the whole 2026 data-centre forecast of about $2 billion is in backlog."},"baselineRevenueUsd":{"low":1000000000,"central":1000000000,"high":1000000000,"unit":"USD","basis":"Global data center sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","title":"Carrier Global 2026 Proxy Statement","publisher":"Carrier Global Corporation","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Financial Highlights: 'Doubled global data center sales to approximately $1 billion and entered 2026 with more than $1 billion in backlog, while expecting sales to grow to approximately $1.5 billion in 2026'"},"note":"The data-centre line, not Carrier's total."},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e0ecff545f74810a25280003898319821929acc48b7630e88c3179612f40bfb4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e0ecff545f74810a25280003898319821929acc48b7630e88c3179612f40bfb4"}}},"johnson-controls":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"johnson-controls","name":"Johnson Controls","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://s21.q4cdn.com/502874060/files/doc_earnings/2026/q2/transcript/Q2-2026-Transcript.pdf","title":"Johnson Controls Q2 fiscal 2026 earnings call transcript","publisher":"Johnson Controls International plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Opening remarks and Q&A: demand led by data centers; thermal chain from chillers to liquid cooling; no stand-alone data-center revenue figure given"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://s21.q4cdn.com/502874060/files/doc_earnings/2026/q2/transcript/Q2-2026-Transcript.pdf","title":"Johnson Controls Q2 fiscal 2026 earnings call transcript","publisher":"Johnson Controls International plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Opening remarks and Q&A: demand led by data centers; thermal chain from chillers to liquid cooling; no stand-alone data-center revenue figure given"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://s21.q4cdn.com/502874060/files/doc_earnings/2026/q2/transcript/Q2-2026-Transcript.pdf","title":"Johnson Controls Q2 fiscal 2026 earnings call transcript","publisher":"Johnson Controls International plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Opening remarks and Q&A: demand led by data centers; thermal chain from chillers to liquid cooling; no stand-alone data-center revenue figure given"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":2.802,"central":7.004,"high":14.008,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://s21.q4cdn.com/502874060/files/doc_earnings/2026/q2/transcript/Q2-2026-Transcript.pdf","title":"Johnson Controls Q2 fiscal 2026 earnings call transcript","publisher":"Johnson Controls International plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Opening remarks and Q&A: demand led by data centers; thermal chain from chillers to liquid cooling; no stand-alone data-center revenue figure given"},"note":"Johnson Controls gives no stand-alone data-centre revenue (10-K and Q2 FY2026 call open: demand 'led by data centers', thermal chain from chillers to liquid cooling). A press-sourced outside estimate of $4B for 2024 data-centre revenue was seen but is not an opened source and looks high. Assumption: data-centre related equipment sales of about $0.9B (range 0.4-1.5) from YORK chillers and Silent-Aire air handlers, out of FY2025 revenue of about $23.6B (dossier); CDUs launched recently, so liquid is small. This part: about $800M of FY2025 (to Sep 2025) data-centre sales (range $320-1600M). Share = $800M / $11,422M = 7.004% (range 2.802-14.008%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.535,"central":1.784,"high":5.352,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://s21.q4cdn.com/502874060/files/doc_earnings/2026/q2/transcript/Q2-2026-Transcript.pdf","title":"Johnson Controls Q2 fiscal 2026 earnings call transcript","publisher":"Johnson Controls International plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Opening remarks and Q&A: demand led by data centers; thermal chain from chillers to liquid cooling; no stand-alone data-center revenue figure given"},"note":"Johnson Controls gives no stand-alone data-centre revenue (10-K and Q2 FY2026 call open: demand 'led by data centers', thermal chain from chillers to liquid cooling). A press-sourced outside estimate of $4B for 2024 data-centre revenue was seen but is not an opened source and looks high. Assumption: data-centre related equipment sales of about $0.9B (range 0.4-1.5) from YORK chillers and Silent-Aire air handlers, out of FY2025 revenue of about $23.6B (dossier); CDUs launched recently, so liquid is small. This part: about $100M of FY2025 (to Sep 2025) data-centre sales (range $30-300M). Share = $100M / $5,606M = 1.784% (range 0.535-5.352%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://s21.q4cdn.com/502874060/files/doc_earnings/2026/q2/transcript/Q2-2026-Transcript.pdf","title":"Johnson Controls Q2 fiscal 2026 earnings call transcript","publisher":"Johnson Controls International plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Opening remarks and Q&A: demand led by data centers; thermal chain from chillers to liquid cooling; no stand-alone data-center revenue figure given"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"baselineRevenueUsd":{"low":23596000000,"central":23596000000,"high":23596000000,"unit":"USD","basis":"Total net sales, fiscal year to 30 September, US dollars","period":"FY2025 (to 30 September 2025)","periodEnd":"2025-09-30","source":{"url":"https://s21.q4cdn.com/502874060/files/doc_financials/2025/q4/fy2025-form-10-k-jci-plc.pdf","title":"Johnson Controls International plc Form 10-K for the fiscal year ended September 30, 2025","publisher":"Johnson Controls International plc","publishedDate":"2025-11","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A, Net Sales: fiscal 2025 net sales $23,596M (fiscal 2024: $22,952M), +3%"},"note":"Group total; Johnson Controls does not report data-centre sales separately."},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c1e68dcbeb1ebde412e877216f05f3ee4848493c2d2303c90895834d7bb6dbe6"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c1e68dcbeb1ebde412e877216f05f3ee4848493c2d2303c90895834d7bb6dbe6"}}},"trane":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"trane","name":"Trane Technologies","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001466258/5ab69b9e-9219-4f06-967a-7665b882d492.pdf","title":"Trane Technologies plc Form 10-K for the year ended December 31, 2025","publisher":"Trane Technologies plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 product list: 'Data center HVAC systems', 'Data center liquid cooling solutions', 'Data center facility controls', 'Data center services'; 2025 company revenue $21.3B (no data-center revenue line)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001466258/5ab69b9e-9219-4f06-967a-7665b882d492.pdf","title":"Trane Technologies plc Form 10-K for the year ended December 31, 2025","publisher":"Trane Technologies plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 product list: 'Data center HVAC systems', 'Data center liquid cooling solutions', 'Data center facility controls', 'Data center services'; 2025 company revenue $21.3B (no data-center revenue line)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001466258/5ab69b9e-9219-4f06-967a-7665b882d492.pdf","title":"Trane Technologies plc Form 10-K for the year ended December 31, 2025","publisher":"Trane Technologies plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 product list: 'Data center HVAC systems', 'Data center liquid cooling solutions', 'Data center facility controls', 'Data center services'; 2025 company revenue $21.3B (no data-center revenue line)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":2.451,"central":6.128,"high":12.256,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001466258/5ab69b9e-9219-4f06-967a-7665b882d492.pdf","title":"Trane Technologies plc Form 10-K for the year ended December 31, 2025","publisher":"Trane Technologies plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 product list: 'Data center HVAC systems', 'Data center liquid cooling solutions', 'Data center facility controls', 'Data center services'; 2025 company revenue $21.3B (no data-center revenue line)"},"note":"Trane does not disclose data-centre revenue; the 10-K lists data-centre HVAC systems, liquid cooling solutions, facility controls and services among its products, on 2025 revenue of $21,321.9M. Assumption: data-centre chillers and air handling about $0.7B (range 0.4-1.2) in 2025; LiquidStack (acquired March 2026, counted with Trane) adds a small liquid line. Stellar modular cooling plants (acquired 2026) add nothing to 2025. This part: about $700M of calendar 2025 data-centre sales (range $280-1400M). Share = $700M / $11,422M = 6.128% (range 2.451-12.256%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.714,"central":1.784,"high":3.568,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001466258/5ab69b9e-9219-4f06-967a-7665b882d492.pdf","title":"Trane Technologies plc Form 10-K for the year ended December 31, 2025","publisher":"Trane Technologies plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 product list: 'Data center HVAC systems', 'Data center liquid cooling solutions', 'Data center facility controls', 'Data center services'; 2025 company revenue $21.3B (no data-center revenue line)"},"note":"Trane does not disclose data-centre revenue; the 10-K lists data-centre HVAC systems, liquid cooling solutions, facility controls and services among its products, on 2025 revenue of $21,321.9M. Assumption: data-centre chillers and air handling about $0.7B (range 0.4-1.2) in 2025; LiquidStack (acquired March 2026, counted with Trane) adds a small liquid line. Stellar modular cooling plants (acquired 2026) add nothing to 2025. This part: about $100M of calendar 2025 data-centre sales (range $40-200M). Share = $100M / $5,606M = 1.784% (range 0.714-3.568%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001466258/5ab69b9e-9219-4f06-967a-7665b882d492.pdf","title":"Trane Technologies plc Form 10-K for the year ended December 31, 2025","publisher":"Trane Technologies plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 product list: 'Data center HVAC systems', 'Data center liquid cooling solutions', 'Data center facility controls', 'Data center services'; 2025 company revenue $21.3B (no data-center revenue line)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"baselineRevenueUsd":{"low":21321900000,"central":21321900000,"high":21321900000,"unit":"USD","basis":"Total net sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001466258/5ab69b9e-9219-4f06-967a-7665b882d492.pdf","title":"Trane Technologies plc Form 10-K for the year ended December 31, 2025","publisher":"Trane Technologies plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"2025 net sales $21,321.9M; backlog $7,769.4M (2024: $6,747.7M)"},"note":"Group total; Trane does not report data-centre sales separately."},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e98c783be6d8ff5484970ad052a12d6b9ebd6a09ee65f5662bbafd34bd1cefc5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e98c783be6d8ff5484970ad052a12d6b9ebd6a09ee65f5662bbafd34bd1cefc5"}}},"daikin":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"daikin","name":"Daikin","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.daikinapplied.com/","title":"Daikin Applied home page","publisher":"Daikin Applied","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page links to a 'Data Center Cooling Solutions' industry page and shows chiller products; no size or revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.daikinapplied.com/","title":"Daikin Applied home page","publisher":"Daikin Applied","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page links to a 'Data Center Cooling Solutions' industry page and shows chiller products; no size or revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.daikinapplied.com/","title":"Daikin Applied home page","publisher":"Daikin Applied","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page links to a 'Data Center Cooling Solutions' industry page and shows chiller products; no size or revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":3.94,"central":6.128,"high":8.317,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","title":"Daikin's Growth in the North American Data Center Cooling Market (investor presentation)","publisher":"Daikin Industries","publishedDate":"2025-11-27","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 4: North American Data Center Cooling Business (billion yen): approx. 23 (FY2023), approx. 100 (FY2025), over 300 (FY2030)"},"note":"Daikin's investor presentation of 27 Nov 2025 gives its North American data-centre cooling business as about JPY23bn in fiscal 2023 and about JPY100bn in fiscal 2025 (year to March 2026), with over JPY300bn targeted for fiscal 2030. JPY100bn is about $0.67B at JPY150 per US dollar (assumed); it was presented in Nov 2025, before the year ended, so it is a company estimate, and other regions add a little. About $0.7B (range $0.45-0.95B) is taken for air cooling and heat rejection (chillers, computer-room air handlers); the business also holds controls and services that are not counted. Liquid cooling (Chilldyne, DDC Solutions cabinets) is small. This part: about $700M of FY2025 (to 31 Mar 2026) data-centre sales (range $450-950M). Share = $700M / $11,422M = 6.128% (range 3.94-8.317%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.535,"high":2.141,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"FY2025 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.daikinapplied.com/daikin-blog/post/2025/08/18/daikin-applied-completes-acquisition-of-ddc-solutions","title":"Daikin Applied Completes Acquisition of DDC Solutions","publisher":"Daikin Applied","publishedDate":"2025-08-18","accessedDate":"2026-10-22","tier":"T5","locator":"'Daikin Applied today announced it has acquired DDC Solutions' (cooling cabinets, hybrid air and liquid cooling inside the rack, 'liquid to the chip ready'); Chilldyne acquisition announced 4 Nov 2025 (phcppros copy, 13 Nov 2025); Daikin presentation of 27 Nov 2025, slides 9-10"},"note":"Daikin Applied's own release of 18 Aug 2025 (opened) says it has acquired DDC Solutions, a San Diego developer of ultra-high-density cooling cabinets whose hybrid system integrates air and liquid cooling in the rack and is 'liquid to the chip ready'. The trade-press copy of Daikin Applied's 4 Nov 2025 release (PHCP Pros, 13 Nov 2025, https://www.phcppros.com/articles/22482-daikin-applied-expands-data-center-offering-with-acquisition-of-chilldyne, opened) says it acquired Chilldyne, whose negative-pressure liquid-cooling CDU technology removes heat through cold plates. Neither release gives a price or sales. Daikin's investor presentation of 27 Nov 2025 (slides 9-10, opened) shows DDC's S-Series cabinet and Chilldyne's direct-to-chip system among its server-cooling initiatives, and gives one total for its North American data-centre cooling business (slide 4), so the liquid portion is not stated. Both deals closed in the second half of 2025, so liquid sales in the year to March 2026 are small: about $30M (range $0-120M) is a 5LayerCake judgment, not a measurement. This part: about $30M of FY2025 (to 31 Mar 2026) data-centre sales, the same period as the air cooling value. Share = $30M / $5,606M = 0.535% (range 0-2.141%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.daikinapplied.com/","title":"Daikin Applied home page","publisher":"Daikin Applied","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page links to a 'Data Center Cooling Solutions' industry page and shows chiller products; no size or revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"84ef67185256a1ee14a5b20c7f7e385ea798a3b4d298127fc99765ed5436b61d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"84ef67185256a1ee14a5b20c7f7e385ea798a3b4d298127fc99765ed5436b61d"}}},"hon-hai":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"hon-hai","name":"Hon Hai (Foxconn)","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) announces FY2025 and 4Q25 financial results","publisher":"Hon Hai Technology Group","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 consolidated revenue NT$8.1 trillion (+18%); cloud and networking the largest category in 4Q25; no thermal or power-supply business mentioned"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) announces FY2025 and 4Q25 financial results","publisher":"Hon Hai Technology Group","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 consolidated revenue NT$8.1 trillion (+18%); cloud and networking the largest category in 4Q25; no thermal or power-supply business mentioned"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0.25,"central":1.25,"high":5,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) announces FY2025 and 4Q25 financial results","publisher":"Hon Hai Technology Group","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 consolidated revenue NT$8.1 trillion (+18%); cloud and networking the largest category in 4Q25; no thermal or power-supply business mentioned"},"note":"Hon Hai reported FY2025 revenue of NT$8.1 trillion (+18%) with cloud and networking the largest category in 4Q25; the release mentions no thermal or power-supply business. Cold plates and power parts are mostly inside its own servers and racks; assumed separate thermal, liquid and power sales of about $0.45B in total (wide: 0.1-1.2). This part: about $100M of calendar 2025 data-centre sales (range $20-400M). Share = $100M / $8,000M = 1.25% (range 0.25-5%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) announces FY2025 and 4Q25 financial results","publisher":"Hon Hai Technology Group","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 consolidated revenue NT$8.1 trillion (+18%); cloud and networking the largest category in 4Q25; no thermal or power-supply business mentioned"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0.357,"central":1.784,"high":5.352,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) announces FY2025 and 4Q25 financial results","publisher":"Hon Hai Technology Group","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 consolidated revenue NT$8.1 trillion (+18%); cloud and networking the largest category in 4Q25; no thermal or power-supply business mentioned"},"note":"Hon Hai reported FY2025 revenue of NT$8.1 trillion (+18%) with cloud and networking the largest category in 4Q25; the release mentions no thermal or power-supply business. Cold plates and power parts are mostly inside its own servers and racks; assumed separate thermal, liquid and power sales of about $0.45B in total (wide: 0.1-1.2). This part: about $100M of calendar 2025 data-centre sales (range $20-300M). Share = $100M / $5,606M = 1.784% (range 0.357-5.352%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":1.143,"central":3.571,"high":8.571,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) announces FY2025 and 4Q25 financial results","publisher":"Hon Hai Technology Group","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 consolidated revenue NT$8.1 trillion (+18%); cloud and networking the largest category in 4Q25; no thermal or power-supply business mentioned"},"note":"Hon Hai reported FY2025 revenue of NT$8.1 trillion (+18%) with cloud and networking the largest category in 4Q25; the release mentions no thermal or power-supply business. Cold plates and power parts are mostly inside its own servers and racks; assumed separate thermal, liquid and power sales of about $0.45B in total (wide: 0.1-1.2). This part: about $250M of calendar 2025 data-centre sales (range $80-600M). Share = $250M / $7,000M = 3.571% (range 1.143-8.571%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f8bae333c19aa1fd0845e7c75411a15a98da2fe24abe7054580c1d2d104a2a1b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f8bae333c19aa1fd0845e7c75411a15a98da2fe24abe7054580c1d2d104a2a1b"}}},"enersys":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"enersys","name":"EnerSys","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":1.471,"central":2.647,"high":4.412,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enersys.com/","title":"EnerSys home page (DataSafe data-center batteries)","publisher":"EnerSys","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists DataSafe HX530T/HX600T data-center UPS batteries; no revenue shown"},"note":"EnerSys' page lists DataSafe HX530T/HX600T batteries for data-centre UPS; no revenue shown. Assumption: data-centre UPS battery sales about $0.45B (range 0.25-0.75). This part: about $450M of calendar 2025 data-centre sales (range $250-750M). Share = $450M / $17,000M = 2.647% (range 1.471-4.412%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enersys.com/","title":"EnerSys home page (DataSafe data-center batteries)","publisher":"EnerSys","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists DataSafe HX530T/HX600T data-center UPS batteries; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enersys.com/","title":"EnerSys home page (DataSafe data-center batteries)","publisher":"EnerSys","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists DataSafe HX530T/HX600T data-center UPS batteries; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enersys.com/","title":"EnerSys home page (DataSafe data-center batteries)","publisher":"EnerSys","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists DataSafe HX530T/HX600T data-center UPS batteries; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enersys.com/","title":"EnerSys home page (DataSafe data-center batteries)","publisher":"EnerSys","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists DataSafe HX530T/HX600T data-center UPS batteries; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enersys.com/","title":"EnerSys home page (DataSafe data-center batteries)","publisher":"EnerSys","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists DataSafe HX530T/HX600T data-center UPS batteries; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"baselineRevenueUsd":{"low":1651300000,"central":1651300000,"high":1651300000,"unit":"USD","basis":"Energy Systems segment net sales, fiscal year to 31 March, US dollars","period":"FY2026 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001289308/000162828026036903/ex991_earningsx4qfy26.htm","title":"EnerSys fourth quarter and fiscal 2026 results (Form 8-K exhibit 99.1)","publisher":"EnerSys","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Segment table: Energy Systems net sales $1,651.3M for fiscal 2026 (year to 31 March 2026), +7.8%; narrative: 'Strength in our Data Center, Communications and Aerospace and Defense businesses drove favorable price/mix'"},"note":"The segment that sells data-centre and telecom batteries; data centres are not reported separately (EnerSys total $3,751.4M)."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6d9019b96a52beecf5ba641e0d84ec1e622372a46e22e40bfe128780cf224bed"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6d9019b96a52beecf5ba641e0d84ec1e622372a46e22e40bfe128780cf224bed"}}},"nvent":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"nvent","name":"nVent","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0.588,"central":1.471,"high":2.353,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"Notes to consolidated financial statements, vertical net sales: Infrastructure $1,746.1M (2025) vs $980.9M (2024), of which Systems Protection $1,298.9M vs $640.0M; Backlog of Orders by Segment: Systems Protection $2,118.9M vs $665.9M"},"note":"nVent's 10-K reports Infrastructure vertical net sales of $1,746.1M in 2025 ($980.9M in 2024), covering data centres and power utilities, and says its data-centre business is mainly in the Systems Protection segment. Data centres are assumed at 55-65% of the vertical, about $1.0B; the IT racks and enclosures that make up much of that are not counted. The counted parts are a 5LayerCake allocation: busway and rack power distribution about $0.25B, power distribution and switchgear systems (Avail Electrical Products Group, counted with nVent) about $0.12B, liquid cooling (CDUs, rear-door) about $0.25B and air cooling about $0.05B. This part: about $250M of calendar 2025 data-centre sales (range $100-400M). Share = $250M / $17,000M = 1.471% (range 0.588-2.353%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0.884,"central":2.122,"high":3.89,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"Notes to consolidated financial statements, vertical net sales: Infrastructure $1,746.1M (2025) vs $980.9M (2024), of which Systems Protection $1,298.9M vs $640.0M; Backlog of Orders by Segment: Systems Protection $2,118.9M vs $665.9M"},"note":"nVent's 10-K reports Infrastructure vertical net sales of $1,746.1M in 2025 ($980.9M in 2024), covering data centres and power utilities, and says its data-centre business is mainly in the Systems Protection segment. Data centres are assumed at 55-65% of the vertical, about $1.0B; the IT racks and enclosures that make up much of that are not counted. The counted parts are a 5LayerCake allocation: busway and rack power distribution about $0.25B, power distribution and switchgear systems (Avail Electrical Products Group, counted with nVent) about $0.12B, liquid cooling (CDUs, rear-door) about $0.25B and air cooling about $0.05B. This part: about $120M of calendar 2025 data-centre sales (range $50-220M). Share = $120M / $5,656M = 2.122% (range 0.884-3.89%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Net sales by vertical: Infrastructure (includes data centers and power utilities) $1,746.1M in 2025; Systems Protection segment includes enclosures, cooling solutions, power distribution for data centers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.438,"high":1.138,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"Notes to consolidated financial statements, vertical net sales: Infrastructure $1,746.1M (2025) vs $980.9M (2024), of which Systems Protection $1,298.9M vs $640.0M; Backlog of Orders by Segment: Systems Protection $2,118.9M vs $665.9M"},"note":"nVent's 10-K reports Infrastructure vertical net sales of $1,746.1M in 2025 ($980.9M in 2024), covering data centres and power utilities, and says its data-centre business is mainly in the Systems Protection segment. Data centres are assumed at 55-65% of the vertical, about $1.0B; the IT racks and enclosures that make up much of that are not counted. The counted parts are a 5LayerCake allocation: busway and rack power distribution about $0.25B, power distribution and switchgear systems (Avail Electrical Products Group, counted with nVent) about $0.12B, liquid cooling (CDUs, rear-door) about $0.25B and air cooling about $0.05B. This part: about $50M of calendar 2025 data-centre sales (range $0-130M). Share = $50M / $11,422M = 0.438% (range 0-1.138%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":2.141,"central":4.46,"high":7.136,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"Notes to consolidated financial statements, vertical net sales: Infrastructure $1,746.1M (2025) vs $980.9M (2024), of which Systems Protection $1,298.9M vs $640.0M; Backlog of Orders by Segment: Systems Protection $2,118.9M vs $665.9M"},"note":"nVent's 10-K reports Infrastructure vertical net sales of $1,746.1M in 2025 ($980.9M in 2024), covering data centres and power utilities, and says its data-centre business is mainly in the Systems Protection segment. Data centres are assumed at 55-65% of the vertical, about $1.0B; the IT racks and enclosures that make up much of that are not counted. The counted parts are a 5LayerCake allocation: busway and rack power distribution about $0.25B, power distribution and switchgear systems (Avail Electrical Products Group, counted with nVent) about $0.12B, liquid cooling (CDUs, rear-door) about $0.25B and air cooling about $0.05B. This part: about $250M of calendar 2025 data-centre sales (range $120-400M). Share = $250M / $5,606M = 4.46% (range 2.141-7.136%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Net sales by vertical: Infrastructure (includes data centers and power utilities) $1,746.1M in 2025; Systems Protection segment includes enclosures, cooling solutions, power distribution for data centers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":1298900000,"central":1298900000,"high":1298900000,"unit":"USD","basis":"Systems Protection segment net sales to the infrastructure vertical (data centres and utilities), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"Notes to consolidated financial statements, vertical net sales: Infrastructure $1,746.1M (2025) vs $980.9M (2024), of which Systems Protection $1,298.9M vs $640.0M; Backlog of Orders by Segment: Systems Protection $2,118.9M vs $665.9M"},"note":"Vertical table: Systems Protection Infrastructure $1,298.9M. Includes $443.9M of segment sales from the Electrical Products Group and Trachte acquisitions (all verticals) and utilities as well as data centres."},"prior":{"low":640000000,"central":640000000,"high":640000000,"unit":"USD","basis":"Systems Protection segment net sales to the infrastructure vertical (data centres and utilities), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"Notes to consolidated financial statements, vertical net sales: Infrastructure $1,746.1M (2025) vs $980.9M (2024), of which Systems Protection $1,298.9M vs $640.0M; Backlog of Orders by Segment: Systems Protection $2,118.9M vs $665.9M"},"note":"Vertical table, 2024 column: $640.0M (+103%)."}},"committedExpansion":{"low":0.817,"central":0.817,"high":0.817,"unit":"ratio","basis":"Systems Protection backlog at year end ÷ Systems Protection net sales for the year","period":"Backlog at 31 Dec 2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"Notes to consolidated financial statements, vertical net sales: Infrastructure $1,746.1M (2025) vs $980.9M (2024), of which Systems Protection $1,298.9M vs $640.0M; Backlog of Orders by Segment: Systems Protection $2,118.9M vs $665.9M"},"note":"Backlog of orders $2,118.9M ÷ Systems Protection net sales $2,592.9M = 0.817. Segment-wide, not data-centre only; the 10-K says the increase in backlog came mainly from the Electrical Products Group acquisition and the growth of the data-centres business."},"baselineRevenueUsd":{"low":1298900000,"central":1298900000,"high":1298900000,"unit":"USD","basis":"Systems Protection segment net sales to the infrastructure vertical (data centres and utilities), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://d18rn0p25nwr6d.cloudfront.net/CIK-0001720635/2c98a446-9180-4a29-9ab0-d137c983a5a4.pdf","title":"nVent Electric plc Form 10-K for the year ended December 31, 2025","publisher":"nVent Electric plc","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"Notes to consolidated financial statements, vertical net sales: Infrastructure $1,746.1M (2025) vs $980.9M (2024), of which Systems Protection $1,298.9M vs $640.0M; Backlog of Orders by Segment: Systems Protection $2,118.9M vs $665.9M"},"note":"Data centres alone are not reported; this is the narrowest line (nVent's total is $3,893.1M)."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"adb2d81f647030552a714beb475b81de8c68847036050635c7a1d16923a6a727"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"adb2d81f647030552a714beb475b81de8c68847036050635c7a1d16923a6a727"}}},"stulz":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"stulz","name":"STULZ","kind":"private","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.stulz.com/en-de/","title":"STULZ home page (data-center cooling offering)","publisher":"STULZ GmbH","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists precision air conditioning, air handling units, chillers, liquid cooling, high-density rack cooling, micro data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.stulz.com/en-de/","title":"STULZ home page (data-center cooling offering)","publisher":"STULZ GmbH","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists precision air conditioning, air handling units, chillers, liquid cooling, high-density rack cooling, micro data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.stulz.com/en-de/","title":"STULZ home page (data-center cooling offering)","publisher":"STULZ GmbH","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists precision air conditioning, air handling units, chillers, liquid cooling, high-density rack cooling, micro data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":2.101,"central":5.253,"high":8.755,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.stulz.com/en-it/regions/","title":"Stulz: Regions (group profile)","publisher":"STULZ GmbH","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page text: 'The STULZ Group employs around 7,000 people worldwide, with current annual sales of around 1,300 million euros'; 'this division of the STULZ Group achieved a turnover of around 750 million euros in 2020' (precision air-conditioning units, chillers, humidification systems, service), 'specializing in A/C for data centers and telecommunications installations'; no data-centre split and no date for the group figure"},"note":"STULZ's regions page (opened) says the group has 'current annual sales of around 1,300 million euros' (the page gives no date) and that its air-conditioning division (precision air-conditioning units, chillers, humidification, service) turned over around EUR 750 million in 2020, 'specializing in A/C for data centers and telecommunications installations'; it gives no data-centre split. STULZ's home page lists precision air conditioning, air handlers, chillers, liquid cooling and micro data centres. Assumption (a 5LayerCake judgment, not a measurement): data-centre cooling is about 45% of group sales (range 25-70%): EUR 1,300M x 45% = EUR 585M, x US$1.13 per euro (2025 average, assumed) = about $660M (range $370-1,030M); the range is wide because the sales figure is undated and may predate 2025. About $600M of that is air cooling and heat rejection (range $240-1,000M). This part: about $600M of calendar 2025 data-centre sales. Share = $600M / $11,422M = 5.253% (range 2.101-8.755%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.268,"central":1.07,"high":2.676,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.stulz.com/en-it/regions/","title":"Stulz: Regions (group profile)","publisher":"STULZ GmbH","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page text: 'The STULZ Group employs around 7,000 people worldwide, with current annual sales of around 1,300 million euros'; 'this division of the STULZ Group achieved a turnover of around 750 million euros in 2020' (precision air-conditioning units, chillers, humidification systems, service), 'specializing in A/C for data centers and telecommunications installations'; no data-centre split and no date for the group figure"},"note":"STULZ's regions page (opened) says the group has 'current annual sales of around 1,300 million euros' (the page gives no date) and that its air-conditioning division (precision air-conditioning units, chillers, humidification, service) turned over around EUR 750 million in 2020, 'specializing in A/C for data centers and telecommunications installations'; it gives no data-centre split. STULZ's home page lists precision air conditioning, air handlers, chillers, liquid cooling and micro data centres. Assumption (a 5LayerCake judgment, not a measurement): data-centre cooling is about 45% of group sales (range 25-70%): EUR 1,300M x 45% = EUR 585M, x US$1.13 per euro (2025 average, assumed) = about $660M (range $370-1,030M); the range is wide because the sales figure is undated and may predate 2025. About $60M of that is liquid cooling (range $15-150M). This part: about $60M of calendar 2025 data-centre sales. Share = $60M / $5,606M = 1.07% (range 0.268-2.676%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.stulz.com/en-de/","title":"STULZ home page (data-center cooling offering)","publisher":"STULZ GmbH","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists precision air conditioning, air handling units, chillers, liquid cooling, high-density rack cooling, micro data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"487e9c297cc9b4747eeec10351bd907fe9cc2145ad39cfe2dfba56853e60032b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"487e9c297cc9b4747eeec10351bd907fe9cc2145ad39cfe2dfba56853e60032b"}}},"munters":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"munters","name":"Munters","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Page 'Our business areas': Data Center Technologies 40% of 2025 net sales (group net sales SEK 14,712M, so about SEK 5.9bn); cooling solutions for data centers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Page 'Our business areas': Data Center Technologies 40% of 2025 net sales (group net sales SEK 14,712M, so about SEK 5.9bn); cooling solutions for data centers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Page 'Our business areas': Data Center Technologies 40% of 2025 net sales (group net sales SEK 14,712M, so about SEK 5.9bn); cooling solutions for data centers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":3.765,"central":4.377,"high":5.078,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Segment information note: Data Center Technologies, MSEK 2025 vs 2024: order intake 13,889 vs 4,088; order backlog 13,787 vs 7,604; net sales external 5,906 vs 4,392"},"note":"Munters' annual report gives Data Center Technologies (DCT) external net sales of SEK 5,906M in 2025 (SEK 4,392M in 2024), about $609M at SEK 9.7 per US dollar (2025 average, assumed); the unit sells evaporative and air-based cooling, coolant distribution units and liquid-cooling evaporators for data halls, 85% to colocation customers. About $0.5B is taken as air cooling and heat rejection and $0.08B as liquid distribution; the remainder is not counted. This part: about $500M of calendar 2025 data-centre sales (range $430-580M). Share = $500M / $11,422M = 4.377% (range 3.765-5.078%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.714,"central":1.427,"high":2.498,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Segment information note: Data Center Technologies, MSEK 2025 vs 2024: order intake 13,889 vs 4,088; order backlog 13,787 vs 7,604; net sales external 5,906 vs 4,392"},"note":"Munters' annual report gives Data Center Technologies (DCT) external net sales of SEK 5,906M in 2025 (SEK 4,392M in 2024), about $609M at SEK 9.7 per US dollar (2025 average, assumed); the unit sells evaporative and air-based cooling, coolant distribution units and liquid-cooling evaporators for data halls, 85% to colocation customers. About $0.5B is taken as air cooling and heat rejection and $0.08B as liquid distribution; the remainder is not counted. This part: about $80M of calendar 2025 data-centre sales (range $40-140M). Share = $80M / $5,606M = 1.427% (range 0.714-2.498%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Page 'Our business areas': Data Center Technologies 40% of 2025 net sales (group net sales SEK 14,712M, so about SEK 5.9bn); cooling solutions for data centers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":5906,"central":5906,"high":5906,"unit":"SEK million","basis":"Data Center Technologies net sales (external), calendar year, SEK million","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T1","locator":"Segment information note: Data Center Technologies, MSEK 2025 vs 2024: order intake 13,889 vs 4,088; order backlog 13,787 vs 7,604; net sales external 5,906 vs 4,392"},"note":"Segment information table, 'Net sales, external'."},"prior":{"low":4392,"central":4392,"high":4392,"unit":"SEK million","basis":"Data Center Technologies net sales (external), calendar year, SEK million","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T1","locator":"Segment information note: Data Center Technologies, MSEK 2025 vs 2024: order intake 13,889 vs 4,088; order backlog 13,787 vs 7,604; net sales external 5,906 vs 4,392"},"note":"Same table, 2024 column (+34.5%)."}},"committedExpansion":{"low":2.334,"central":2.334,"high":2.334,"unit":"ratio","basis":"Data Center Technologies order backlog at year end ÷ Data Center Technologies net sales for the year","period":"Backlog at 31 Dec 2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T1","locator":"Segment information note: Data Center Technologies, MSEK 2025 vs 2024: order intake 13,889 vs 4,088; order backlog 13,787 vs 7,604; net sales external 5,906 vs 4,392"},"note":"Order backlog SEK 13,787M ÷ net sales SEK 5,906M = 2.334 (backlog was SEK 7,604M a year earlier). The Munters interim report for January-June 2026 (https://attachment.news.eu.nasdaq.com/ab7ce6b66c6acfed285dd35ac6c025c53) says DCT sales fell in Q2 2026 on ramp-up and supply constraints while group orders rose 137%."},"baselineRevenueUsd":{"low":609000000,"central":609000000,"high":609000000,"unit":"USD","basis":"Data Center Technologies net sales (external), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.munters.com/globalassets/story-page-import-images/munters-annual-and-sustainability-report-2025.pdf","title":"Munters Annual and Sustainability Report 2025","publisher":"Munters Group AB","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T1","locator":"Segment information note: Data Center Technologies, MSEK 2025 vs 2024: order intake 13,889 vs 4,088; order backlog 13,787 vs 7,604; net sales external 5,906 vs 4,392"},"note":"SEK 5,906M / 9.7 (2025 average, assumed) = $609M. The business area's sales, not Munters' group total of SEK 14,712M."},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"cdc74a5fcf72ec476f152f52f2715adf0b6bf012d2784db89546204516dab2d3"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"cdc74a5fcf72ec476f152f52f2715adf0b6bf012d2784db89546204516dab2d3"}}},"auras":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"auras","name":"Auras Technology","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0.535,"central":1.784,"high":4.46,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Auras' own page opened but showed only the company name, with no product or revenue information. Dell'Oro (30 Sep 2025) counts about 40 CDU vendors with fewer than 10 taking the lion's share. Auras is a Taiwanese thermal maker; assumption: server thermal (cold plates, heat exchangers) about $0.25B (range 0.1-0.45) and CDUs/liquid about $0.1B. This part: about $100M of calendar 2025 data-centre sales (range $30-250M). Share = $100M / $5,606M = 1.784% (range 0.535-4.46%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":1.429,"central":3.571,"high":6.429,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Auras' own page opened but showed only the company name, with no product or revenue information. Dell'Oro (30 Sep 2025) counts about 40 CDU vendors with fewer than 10 taking the lion's share. Auras is a Taiwanese thermal maker; assumption: server thermal (cold plates, heat exchangers) about $0.25B (range 0.1-0.45) and CDUs/liquid about $0.1B. This part: about $250M of calendar 2025 data-centre sales (range $100-450M). Share = $250M / $7,000M = 3.571% (range 1.429-6.429%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"1b4946be9e538eb9ac48c9288db83ba30cf01c63994e401a3b2204a69fe98479"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"1b4946be9e538eb9ac48c9288db83ba30cf01c63994e401a3b2204a69fe98479"}}},"simplo":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"simplo","name":"Simplo Technology","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":1.875,"central":4.5,"high":5.625,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ctee.com.tw/news/20260106700200-430502","title":"漲價效應＋BBU需求強勁 新普、AES-KY營收報喜","publisher":"Commercial Times (工商時報)","publishedDate":"2026-01-06","accessedDate":"2026-10-22","tier":"T5","locator":"'AES-KY 2025年合併營收160億元，年增59.42％'; 'AES-KY 2025年BBU營收占比達七成'; Simplo '2025年全年合併營收821.5億元，年增2.65％'"},"note":"Simplo's own site refused the connection and was not opened. Commercial Times (6 Jan 2026, opened) reports that AES-KY (6781) had 2025 consolidated revenue of NT$16.0bn (+59.42%), driven by BBU shipments, with BBU about 70% of it (the article's wording is that BBU 'reached 70%'), and that Simplo's consolidated revenue was NT$82.15bn. Economic Daily News (6 Oct 2026, https://money.udn.com/money/story/5607/9796490, opened) calls AES-KY a subsidiary of Simplo and credits its record revenue to strong AI-server battery backup unit shipments; its 6 Jul 2026 article (https://money.udn.com/money/story/5607/9609739, opened) says Simplo's subsidiary assembles BBU packs from Samsung SDI cells for US technology companies, naming Amazon and Meta as end customers (an industry source, via Korean media). Calculation: NT$16.0bn x 70% = NT$11.2bn, divided by NT$31 per US dollar (2025 average, assumed) = about $360M. Whether all of AES-KY's BBU sales belong to Simplo (the holding is not stated) and whether all of them go to AI-server racks are open, so the range runs from $150M to $450M. This part: about $360M of calendar 2025 data-centre sales (range $150-450M). Share = $360M / $8,000M = 4.5% (range 1.875-5.625%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","title":"Taiwan power supply sector: 800V HVDC roadmap, more content upside","publisher":"KGI Securities (Hong Kong)","publishedDate":"2025-09-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1: Delta's AI server PSU share 'current 60-65%'; Flex and Lite-On tier-2; Delta liquid-cooling revenue NT$4.6bn in August 2025 (10% of sales), 2025 contribution estimated 6-7%, over 50% of liquid-to-air sidecars"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"37215d122e00ec2fe3c97a1bfe7c8fb3836e88be9c35bd080308e0e74d20ab43"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"37215d122e00ec2fe3c97a1bfe7c8fb3836e88be9c35bd080308e0e74d20ab43"}}},"fuji-electric":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"fuji-electric","name":"Fuji Electric","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0.706,"central":1.765,"high":3.235,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fujielectric.com/","title":"Fuji Electric home page (UPS and industrial power supplies)","publisher":"Fuji Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a UPS and industrial power supply product line and a 21 May 2026 story on a transformer for data centers in ASEAN; no sales figures"},"note":"Fuji Electric's page lists a UPS and industrial power supply line and a data-centre transformer story; Meticulous Research (Oct 2026) lists Fuji Electric among switchgear players. No sales figures were found. Assumption: data-centre UPS about $0.3B (range 0.12-0.55) and switchgear about $0.08B. This part: about $300M of calendar 2025 data-centre sales (range $120-550M). Share = $300M / $17,000M = 1.765% (range 0.706-3.235%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0.354,"central":1.415,"high":3.536,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","title":"Data Center Switchgear Market report (MR-2297)","publisher":"Meticulous Research","publishedDate":"2026-10","accessedDate":"2026-10-22","tier":"T5","locator":"Summary: market US$8.78B in 2025 (US$6.80B in 2024); four global electrical groups account for more than half of revenue; players listed include Schneider Electric, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, Powell, LS ELECTRIC, HD Hyundai Electric, Fuji Electric; Powell's largest-ever award over US$400M (May 2026)"},"note":"Fuji Electric's page lists a UPS and industrial power supply line and a data-centre transformer story; Meticulous Research (Oct 2026) lists Fuji Electric among switchgear players. No sales figures were found. Assumption: data-centre UPS about $0.3B (range 0.12-0.55) and switchgear about $0.08B. This part: about $80M of calendar 2025 data-centre sales (range $20-200M). Share = $80M / $5,656M = 1.415% (range 0.354-3.536%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fujielectric.com/","title":"Fuji Electric home page (UPS and industrial power supplies)","publisher":"Fuji Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a UPS and industrial power supply product line and a 21 May 2026 story on a transformer for data centers in ASEAN; no sales figures"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fujielectric.com/","title":"Fuji Electric home page (UPS and industrial power supplies)","publisher":"Fuji Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a UPS and industrial power supply product line and a 21 May 2026 story on a transformer for data centers in ASEAN; no sales figures"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fujielectric.com/","title":"Fuji Electric home page (UPS and industrial power supplies)","publisher":"Fuji Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a UPS and industrial power supply product line and a 21 May 2026 story on a transformer for data centers in ASEAN; no sales figures"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fujielectric.com/","title":"Fuji Electric home page (UPS and industrial power supplies)","publisher":"Fuji Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a UPS and industrial power supply product line and a 21 May 2026 story on a transformer for data centers in ASEAN; no sales figures"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"baselineRevenueUsd":{"low":2642000000,"central":2642000000,"high":2642000000,"unit":"USD","basis":"Energy segment net sales, fiscal year to 31 March, US dollars","period":"FY2025 (to 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.fujielectric.com/ir/library/detail/ar2026_segment_01_e.html","title":"Fuji Electric Report 2026: Energy segment overview","publisher":"Fuji Electric Co., Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Energy segment net sales increased by JPY38.7bn year on year to JPY396.4bn; 'the power supply and facility systems business has significantly expanded sales, mainly for IDCs'; data-centre sales 5.2x fiscal 2020"},"note":"JPY396.4bn / 150 (average for the year, assumed) = $2.64B. The segment that holds power supply and facility systems for data centres; data centres are not reported separately."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3ad50029448f7876aeeaae4d4804c2408c7db10c954e43aee4300b5783ee7f32"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3ad50029448f7876aeeaae4d4804c2408c7db10c954e43aee4300b5783ee7f32"}}},"acbel":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"acbel","name":"AcBel Polytech","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":2.25,"central":3.75,"high":5.625,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"QYResearch's listing names AcBel Polytech among the five leading AI server PSU makers (top five about 77.66% of a US$1,374M 2024 market; the 2025 market is larger). AcBel's own site returned 403. Assumption: server power sales of about $0.3B (range 0.18-0.45) in 2025. This part: about $300M of calendar 2025 data-centre sales (range $180-450M). Share = $300M / $8,000M = 3.75% (range 2.25-5.625%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"09c5a8ecc26e19de6ed5c17dedd3404c38f41fccf75557ee26209fd039a0494e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"09c5a8ecc26e19de6ed5c17dedd3404c38f41fccf75557ee26209fd039a0494e"}}},"kehua-data":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"kehua-data","name":"Kehua Data","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":1.059,"central":1.559,"high":1.941,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-27/1225194937.PDF","title":"科华数据股份有限公司 2025 年年度报告全文 (Kehua Data 2025 annual report)","publisher":"Kehua Data Co., Ltd.","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T5","locator":"营业收入构成 / 分产品: 数据中心产品 RMB 2,239,034,564.24 (2025) vs 1,921,210,359.94 (2024), +16.54%; IDC 服务收入 RMB 1,283,893,845.08; total revenue RMB 8,160,262,477.61"},"note":"Kehua's 2025 annual report shows data-centre product revenue of RMB 2,239M (up 16.54%), about $312M at CNY7.18 per US dollar (2025 average, assumed); the line covers modular UPS, high-voltage DC power, prefabricated power modules, micro-module data centres and precision cooling. IDC hosting services (RMB 1,284M) are not counted. About 85% of the product line, $265M, is taken as UPS and power equipment and about 10%, $30M, as precision cooling; its liquid-cooling units (WiseCol-LD, 200 kW-1.5 MW) and liquid PODs (WiseMDC) are launched, per the report, but no sales are shown and they are treated in the liquid part. This part: about $265M of calendar 2025 data-centre sales (range $180-330M). Share = $265M / $17,000M = 1.559% (range 1.059-1.941%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kehua.com/","title":"Kehua home page (Critical Power and modular data centers)","publisher":"Kehua","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: UPS ('Critical Power') and WiseAisle modular data centers, 'No. 1 micro-module data center supplier in China', 2025 annual revenue USD 1.21 billion"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kehua.com/","title":"Kehua home page (Critical Power and modular data centers)","publisher":"Kehua","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: UPS ('Critical Power') and WiseAisle modular data centers, 'No. 1 micro-module data center supplier in China', 2025 annual revenue USD 1.21 billion"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.088,"central":0.263,"high":0.613,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-27/1225194937.PDF","title":"科华数据股份有限公司 2025 年年度报告全文 (Kehua Data 2025 annual report)","publisher":"Kehua Data Co., Ltd.","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T5","locator":"营业收入构成 / 分产品: 数据中心产品 RMB 2,239,034,564.24 (2025) vs 1,921,210,359.94 (2024), +16.54%; IDC 服务收入 RMB 1,283,893,845.08; total revenue RMB 8,160,262,477.61"},"note":"Kehua's 2025 annual report shows data-centre product revenue of RMB 2,239M (up 16.54%), about $312M at CNY7.18 per US dollar (2025 average, assumed); the line covers modular UPS, high-voltage DC power, prefabricated power modules, micro-module data centres and precision cooling. IDC hosting services (RMB 1,284M) are not counted. About 85% of the product line, $265M, is taken as UPS and power equipment and about 10%, $30M, as precision cooling; its liquid-cooling units (WiseCol-LD, 200 kW-1.5 MW) and liquid PODs (WiseMDC) are launched, per the report, but no sales are shown and they are treated in the liquid part. This part: about $30M of calendar 2025 data-centre sales (range $10-70M). Share = $30M / $11,422M = 0.263% (range 0.088-0.613%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-27/1225194937.PDF","title":"科华数据股份有限公司 2025 年年度报告全文 (Kehua Data 2025 annual report)","publisher":"Kehua Data Co., Ltd.","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T5","locator":"p.11 (IT-room side): WiseCol-LD liquid-cooling temperature-control units, 200 kW to 1.5 MW cooling capacity, and WiseMDC liquid-cooling PODs, 40-120 kW per cabinet, launched; p.24 R&D table: a separate 'intelligent liquid-cooling CDU' product is 'in development' (开发中); no liquid-cooling sales shown"},"note":"Kehua's 2025 annual report (opened) says it launched WiseCol-LD liquid-cooling temperature-control units (200 kW to 1.5 MW) and WiseMDC liquid-cooling PODs (40-120 kW per cabinet) in 2025 (p.11), and lists a further intelligent liquid-cooling CDU as in development (p.24); it shows no liquid-cooling sales. Their sales are inside the data-centre product line of RMB 2,239M and the 10% precision-cooling share counted in the air-cooling part, so only a small separate share is kept: about $3M central (0.05% of the part), range 0 to $28M (0.5%), a 5LayerCake judgment. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kehua.com/","title":"Kehua home page (Critical Power and modular data centers)","publisher":"Kehua","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: UPS ('Critical Power') and WiseAisle modular data centers, 'No. 1 micro-module data center supplier in China', 2025 annual revenue USD 1.21 billion"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"activityGrowth":{"current":{"low":2239,"central":2239,"high":2239,"unit":"CNY million","basis":"Data center product revenue, calendar year, CNY million","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-27/1225194937.PDF","title":"科华数据股份有限公司 2025 年年度报告全文 (Kehua Data 2025 annual report)","publisher":"Kehua Data Co., Ltd.","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T1","locator":"营业收入构成 / 分产品: 数据中心产品 RMB 2,239,034,564.24 (2025) vs 1,921,210,359.94 (2024), +16.54%; IDC 服务收入 RMB 1,283,893,845.08; total revenue RMB 8,160,262,477.61"},"note":"RMB 2,239,034,564.24."},"prior":{"low":1921.2,"central":1921.2,"high":1921.2,"unit":"CNY million","basis":"Data center product revenue, calendar year, CNY million","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-27/1225194937.PDF","title":"科华数据股份有限公司 2025 年年度报告全文 (Kehua Data 2025 annual report)","publisher":"Kehua Data Co., Ltd.","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T1","locator":"营业收入构成 / 分产品: 数据中心产品 RMB 2,239,034,564.24 (2025) vs 1,921,210,359.94 (2024), +16.54%; IDC 服务收入 RMB 1,283,893,845.08; total revenue RMB 8,160,262,477.61"},"note":"RMB 1,921,210,359.94 (+16.54%)."}},"baselineRevenueUsd":{"low":312000000,"central":312000000,"high":312000000,"unit":"USD","basis":"Data center product revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-27/1225194937.PDF","title":"科华数据股份有限公司 2025 年年度报告全文 (Kehua Data 2025 annual report)","publisher":"Kehua Data Co., Ltd.","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T1","locator":"营业收入构成 / 分产品: 数据中心产品 RMB 2,239,034,564.24 (2025) vs 1,921,210,359.94 (2024), +16.54%; IDC 服务收入 RMB 1,283,893,845.08; total revenue RMB 8,160,262,477.61"},"note":"RMB 2,239M / 7.18 (2025 average, assumed) = $312M. The product line, not the company total of RMB 8,160M (which includes solar and storage)."},"screening":{"power":{"levelLow":1,"levelHigh":3},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c3403ad36fdb3e95ff5be1543d7c3e3dadbeb59394c1dde52e88cbd33e5c5b1e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c3403ad36fdb3e95ff5be1543d7c3e3dadbeb59394c1dde52e88cbd33e5c5b1e"}}},"rittal":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"rittal","name":"Rittal","kind":"unit","parentId":"friedhelm-loh-group","commercialActivityVerified":true,"shares":{"power":{"low":0.235,"central":0.588,"high":1.176,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://press.siemens.com/global/en/pressrelease/siemens-and-rittal-enter-strategic-partnership-data-center-energy-infrastructure","title":"Siemens and Rittal enter strategic partnership for data center energy infrastructure","publisher":"Siemens AG","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T5","locator":"Text: Friedhelm Loh Group (largest company Rittal) turnover EUR 3.1 billion in fiscal 2024; Rittal supplies racks and standardized data center infrastructure including power and cooling to cloud providers"},"note":"Siemens' release says the Friedhelm Loh Group (largest company Rittal) had turnover of EUR 3.1bn in fiscal 2024 and that Rittal supplies racks and standardized infrastructure including power and cooling to cloud providers. Data-centre share and split are not given; assumed data-centre sales of about EUR 0.7bn ($0.8B), mostly IT racks (not counted); counted parts about $0.35B: cooling (CDUs, rear-door, chillers), power distribution. This part: about $100M of calendar 2025 data-centre sales (range $40-200M). Share = $100M / $17,000M = 0.588% (range 0.235-1.176%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://press.siemens.com/global/en/pressrelease/siemens-and-rittal-enter-strategic-partnership-data-center-energy-infrastructure","title":"Siemens and Rittal enter strategic partnership for data center energy infrastructure","publisher":"Siemens AG","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T5","locator":"Text: Friedhelm Loh Group (largest company Rittal) turnover EUR 3.1 billion in fiscal 2024; Rittal supplies racks and standardized data center infrastructure including power and cooling to cloud providers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://press.siemens.com/global/en/pressrelease/siemens-and-rittal-enter-strategic-partnership-data-center-energy-infrastructure","title":"Siemens and Rittal enter strategic partnership for data center energy infrastructure","publisher":"Siemens AG","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T5","locator":"Text: Friedhelm Loh Group (largest company Rittal) turnover EUR 3.1 billion in fiscal 2024; Rittal supplies racks and standardized data center infrastructure including power and cooling to cloud providers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.525,"central":1.313,"high":2.626,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://press.siemens.com/global/en/pressrelease/siemens-and-rittal-enter-strategic-partnership-data-center-energy-infrastructure","title":"Siemens and Rittal enter strategic partnership for data center energy infrastructure","publisher":"Siemens AG","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T5","locator":"Text: Friedhelm Loh Group (largest company Rittal) turnover EUR 3.1 billion in fiscal 2024; Rittal supplies racks and standardized data center infrastructure including power and cooling to cloud providers"},"note":"Siemens' release says the Friedhelm Loh Group (largest company Rittal) had turnover of EUR 3.1bn in fiscal 2024 and that Rittal supplies racks and standardized infrastructure including power and cooling to cloud providers. Data-centre share and split are not given; assumed data-centre sales of about EUR 0.7bn ($0.8B), mostly IT racks (not counted); counted parts about $0.35B: cooling (CDUs, rear-door, chillers), power distribution. This part: about $150M of calendar 2025 data-centre sales (range $60-300M). Share = $150M / $11,422M = 1.313% (range 0.525-2.626%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.714,"central":1.784,"high":3.568,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://press.siemens.com/global/en/pressrelease/siemens-and-rittal-enter-strategic-partnership-data-center-energy-infrastructure","title":"Siemens and Rittal enter strategic partnership for data center energy infrastructure","publisher":"Siemens AG","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T5","locator":"Text: Friedhelm Loh Group (largest company Rittal) turnover EUR 3.1 billion in fiscal 2024; Rittal supplies racks and standardized data center infrastructure including power and cooling to cloud providers"},"note":"Siemens' release says the Friedhelm Loh Group (largest company Rittal) had turnover of EUR 3.1bn in fiscal 2024 and that Rittal supplies racks and standardized infrastructure including power and cooling to cloud providers. Data-centre share and split are not given; assumed data-centre sales of about EUR 0.7bn ($0.8B), mostly IT racks (not counted); counted parts about $0.35B: cooling (CDUs, rear-door, chillers), power distribution. This part: about $100M of calendar 2025 data-centre sales (range $40-200M). Share = $100M / $5,606M = 1.784% (range 0.714-3.568%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://press.siemens.com/global/en/pressrelease/siemens-and-rittal-enter-strategic-partnership-data-center-energy-infrastructure","title":"Siemens and Rittal enter strategic partnership for data center energy infrastructure","publisher":"Siemens AG","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T5","locator":"Text: Friedhelm Loh Group (largest company Rittal) turnover EUR 3.1 billion in fiscal 2024; Rittal supplies racks and standardized data center infrastructure including power and cooling to cloud providers"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3c5c3c57a660a193bb825871d90e27813e89cffabe5c5cc59edeaeae67350ca5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3c5c3c57a660a193bb825871d90e27813e89cffabe5c5cc59edeaeae67350ca5"}}},"flaktgroup":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"flaktgroup","name":"FläktGroup","kind":"unit","parentId":"samsung-electronics","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.flaktgroup.com/en-us/","title":"FläktGroup home page","publisher":"FläktGroup","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows turnover '700 million' (currency not stated), about 3,500 employees, CRAC, CRAH, liquid cooling and fan wall systems for data centres"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.flaktgroup.com/en-us/","title":"FläktGroup home page","publisher":"FläktGroup","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows turnover '700 million' (currency not stated), about 3,500 employees, CRAC, CRAH, liquid cooling and fan wall systems for data centres"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.flaktgroup.com/en-us/","title":"FläktGroup home page","publisher":"FläktGroup","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows turnover '700 million' (currency not stated), about 3,500 employees, CRAC, CRAH, liquid cooling and fan wall systems for data centres"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":1.313,"central":2.626,"high":4.377,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.flaktgroup.com/en-us/","title":"FläktGroup home page","publisher":"FläktGroup","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows turnover '700 million' (currency not stated), about 3,500 employees, CRAC, CRAH, liquid cooling and fan wall systems for data centres"},"note":"FläktGroup's page shows turnover of '700 million' (currency not stated) and 3,500 employees and lists CRAC, CRAH, liquid cooling and fan wall systems for data centres. Assumption: data-centre cooling sales about $0.3B (range 0.15-0.5); CDUs small. This part: about $300M of calendar 2025 data-centre sales (range $150-500M). Share = $300M / $11,422M = 2.626% (range 1.313-4.377%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.178,"central":0.714,"high":2.141,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.flaktgroup.com/en-us/","title":"FläktGroup home page","publisher":"FläktGroup","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows turnover '700 million' (currency not stated), about 3,500 employees, CRAC, CRAH, liquid cooling and fan wall systems for data centres"},"note":"FläktGroup's page shows turnover of '700 million' (currency not stated) and 3,500 employees and lists CRAC, CRAH, liquid cooling and fan wall systems for data centres. Assumption: data-centre cooling sales about $0.3B (range 0.15-0.5); CDUs small. This part: about $40M of calendar 2025 data-centre sales (range $10-120M). Share = $40M / $5,606M = 0.714% (range 0.178-2.141%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.flaktgroup.com/en-us/","title":"FläktGroup home page","publisher":"FläktGroup","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows turnover '700 million' (currency not stated), about 3,500 employees, CRAC, CRAH, liquid cooling and fan wall systems for data centres"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"a9f27a43281de1f3ff417216ad0cbd3cb8c225de0c795a55f9db9d9503f2c810"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"a9f27a43281de1f3ff417216ad0cbd3cb8c225de0c795a55f9db9d9503f2c810"}}},"ecolab":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"ecolab","name":"Ecolab (CoolIT)","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://datacenter.news/story/ecolab-completes-usd-4-75-billion-coolit-takeover","title":"Ecolab completes USD 4.75 billion CoolIT takeover","publisher":"DataCenterNews","publishedDate":"2026-07-03","accessedDate":"2026-10-22","tier":"T5","locator":"Article text: Ecolab says CoolIT's year-to-date sales have grown by more than 100%; Ecolab combines CoolIT's CDUs and cold plates"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://datacenter.news/story/ecolab-completes-usd-4-75-billion-coolit-takeover","title":"Ecolab completes USD 4.75 billion CoolIT takeover","publisher":"DataCenterNews","publishedDate":"2026-07-03","accessedDate":"2026-10-22","tier":"T5","locator":"Article text: Ecolab says CoolIT's year-to-date sales have grown by more than 100%; Ecolab combines CoolIT's CDUs and cold plates"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://datacenter.news/story/ecolab-completes-usd-4-75-billion-coolit-takeover","title":"Ecolab completes USD 4.75 billion CoolIT takeover","publisher":"DataCenterNews","publishedDate":"2026-07-03","accessedDate":"2026-10-22","tier":"T5","locator":"Article text: Ecolab says CoolIT's year-to-date sales have grown by more than 100%; Ecolab combines CoolIT's CDUs and cold plates"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://datacenter.news/story/ecolab-completes-usd-4-75-billion-coolit-takeover","title":"Ecolab completes USD 4.75 billion CoolIT takeover","publisher":"DataCenterNews","publishedDate":"2026-07-03","accessedDate":"2026-10-22","tier":"T5","locator":"Article text: Ecolab says CoolIT's year-to-date sales have grown by more than 100%; Ecolab combines CoolIT's CDUs and cold plates"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":1.606,"central":3.033,"high":4.995,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ecolab.com/en-us/media-center/news/ecolab-to-acquire-coolit-systems-a-global-leader-in-advanced-liquid-cooling-for-next-gen-ai-data-centers","title":"Ecolab to Acquire CoolIT Systems, a Global Leader in Advanced Liquid Cooling for Next-Gen AI Data Centers","publisher":"Ecolab","publishedDate":"2026-03-20","accessedDate":"2026-10-22","tier":"T5","locator":"'CoolIT is expected to generate approximately $550 million in sales over the next 12 months'; products: coolant distribution units, cold plates and direct-to-chip cooling, liquid loops and rack manifolds; no 2025 sales stated"},"note":"Ecolab closed its CoolIT acquisition on 2 Jul 2026 and says CoolIT's year-to-date 2026 sales are up more than 100% (closing release, 2 Jul 2026). The announcement (20 Mar 2026) expects CoolIT to make about $550M of sales in the following 12 months and gives no 2025 figure; the earlier screening figure of $550M for the latest full year was a forward number and is replaced. With growth near 100%, CoolIT's 2025 sales are taken as about $0.28B (range $0.16-0.45B), counted with Ecolab. The split is not disclosed; 60% coolant distribution (CDUs, manifolds, loops) and 40% cold plates is a 5LayerCake assumption. Ecolab's water treatment for data-centre cooling is not a counted part. This part: about $170M of calendar 2025 data-centre sales (range $90-280M). Share = $170M / $5,606M = 3.033% (range 1.606-4.995%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Ecolab closing release, 2 Jul 2026 (https://www.ecolab.com/en-us/media-center/news/ecolab-closes-coolit-acquisition-and-expands-ai-cooling-platform)."},"server-thermal":{"low":0.714,"central":1.571,"high":2.714,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ecolab.com/en-us/media-center/news/ecolab-to-acquire-coolit-systems-a-global-leader-in-advanced-liquid-cooling-for-next-gen-ai-data-centers","title":"Ecolab to Acquire CoolIT Systems, a Global Leader in Advanced Liquid Cooling for Next-Gen AI Data Centers","publisher":"Ecolab","publishedDate":"2026-03-20","accessedDate":"2026-10-22","tier":"T5","locator":"'CoolIT is expected to generate approximately $550 million in sales over the next 12 months'; products: coolant distribution units, cold plates and direct-to-chip cooling, liquid loops and rack manifolds; no 2025 sales stated"},"note":"Ecolab closed its CoolIT acquisition on 2 Jul 2026 and says CoolIT's year-to-date 2026 sales are up more than 100% (closing release, 2 Jul 2026). The announcement (20 Mar 2026) expects CoolIT to make about $550M of sales in the following 12 months and gives no 2025 figure; the earlier screening figure of $550M for the latest full year was a forward number and is replaced. With growth near 100%, CoolIT's 2025 sales are taken as about $0.28B (range $0.16-0.45B), counted with Ecolab. The split is not disclosed; 60% coolant distribution (CDUs, manifolds, loops) and 40% cold plates is a 5LayerCake assumption. Ecolab's water treatment for data-centre cooling is not a counted part. This part: about $110M of calendar 2025 data-centre sales (range $50-190M). Share = $110M / $7,000M = 1.571% (range 0.714-2.714%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Inputs: Ecolab closing release, 2 Jul 2026 (https://www.ecolab.com/en-us/media-center/news/ecolab-closes-coolit-acquisition-and-expands-ai-cooling-platform)."}},"baselineRevenueUsd":{"low":16081200000,"central":16081200000,"high":16081200000,"unit":"USD","basis":"Total net sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s204.q4cdn.com/218790897/files/doc_financials/2025/ar/2025-Annual-Report.pdf","title":"Ecolab 2025 Annual Report","publisher":"Ecolab Inc.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Financial summary: net sales $16,081.2M (2025), $15,741.4M (2024)"},"note":"Ecolab's group total; data-centre sales are not reported separately and CoolIT was not owned during 2025."},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":4},"server-thermal":{"levelLow":1,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"9ba250fc9489e2c5f5d5d98395dcabe4e40bedae26ecc8b529a9d9553ff3719b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"9ba250fc9489e2c5f5d5d98395dcabe4e40bedae26ecc8b529a9d9553ff3719b"}}},"chicony-power":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"chicony-power","name":"Chicony Power","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":1.25,"central":2.5,"high":4.375,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"QYResearch's listing names Chicony Power among the five leading AI server PSU makers. Its site did not resolve. Assumption: server power sales of about $0.2B (range 0.1-0.35) in 2025. This part: about $200M of calendar 2025 data-centre sales (range $100-350M). Share = $200M / $8,000M = 2.5% (range 1.25-4.375%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8915eb570841176c84f4768571d1b673e3d9fef377f28a2fe1c96e84a99683e6"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8915eb570841176c84f4768571d1b673e3d9fef377f28a2fe1c96e84a99683e6"}}},"envicool":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"envicool","name":"Envicool","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.7,"central":1.751,"high":3.502,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-21/1225131812.PDF","title":"深圳市英维克科技股份有限公司 2025 年年度报告摘要 (Envicool 2025 annual report summary)","publisher":"Envicool (Shenzhen Envicool Technology Co., Ltd.)","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T5","locator":"Section 2 (main business and products): room-level cooling for data centres/intelligent-computing centres incl. CyberMate, XRow, XStorm, XFlex, XSpace; end-to-end liquid cooling (cold plates, quick disconnects, manifold, CDU); customers ByteDance, Tencent, Alibaba, China Mobile, China Telecom; p.4 revenue RMB 6,067,759,091.55 (2025), quarterly revenue table. File path dated 2026-04-21; the PDF shows no publication date"},"note":"Envicool's 2025 annual report summary (opened, Shenzhen-listed, code 002837) reports revenue of RMB 6,067.8M and describes data-centre and intelligent-computing-centre room cooling products (CyberMate room air conditioners, XRow in-row units, XStorm air walls, XFlex evaporative units, XSpace micro-modules), supplied to customers including ByteDance, Tencent, Alibaba, China Mobile and China Telecom. Daily Economic News (21 Apr 2026, https://www.mrjjxw.com/articles/2026-04-21/4348218.html, opened) reports the room-level cooling line (data centres, computing equipment, communications rooms, laboratories) at RMB 3,448M in 2025, up 41.28%; at RMB 7.18 per US dollar (2025 average, assumed) that is about $480M. Judgment: about $80M of it is liquid cooling (see the liquid part) and about half of the remaining $400M is data-centre air cooling, the rest serving communications rooms and laboratories: about $200M (range $80-400M). This part: about $200M of calendar 2025 data-centre sales. Share = $200M / $11,422M = 1.751% (range 0.7-3.502%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.446,"central":1.427,"high":3.568,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-21/1225131812.PDF","title":"深圳市英维克科技股份有限公司 2025 年年度报告摘要 (Envicool 2025 annual report summary)","publisher":"Envicool (Shenzhen Envicool Technology Co., Ltd.)","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T5","locator":"Section 2 (main business and products): room-level cooling for data centres/intelligent-computing centres incl. CyberMate, XRow, XStorm, XFlex, XSpace; end-to-end liquid cooling (cold plates, quick disconnects, manifold, CDU); customers ByteDance, Tencent, Alibaba, China Mobile, China Telecom; p.4 revenue RMB 6,067,759,091.55 (2025), quarterly revenue table. File path dated 2026-04-21; the PDF shows no publication date"},"note":"Envicool's 2025 annual report summary (opened) describes its end-to-end liquid cooling (cold plates, quick disconnects, manifolds, CDUs, coolant) and says a CDU made for Google was shown at the 2025 OCP summit. A Jiemian article (https://m.jiemian.com/article/14993625.html, undated, written after 25 Aug 2026, opened) says the 2025 half-year report gave revenue from computing-equipment and room liquid cooling of 'just over RMB 200M', under 8% of revenue (H1 2025 revenue was RMB 2,573M, the sum of the first two quarters in the annual report summary), and that Envicool stopped reporting it separately in 2026. Judgment: full-year 2025 about RMB 575M, or $80M at RMB 7.18 per US dollar (2025 average, assumed), which needs about 10.6% of second-half revenue (RMB 3,495M) to be liquid cooling, up from under 8% in the first half; the lower end of the range is the first-half figure alone. About $80M (range $25-200M). This part: about $80M of calendar 2025 data-centre sales. Share = $80M / $5,606M = 1.427% (range 0.446-3.568%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.286,"high":1.286,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-21/1225131812.PDF","title":"深圳市英维克科技股份有限公司 2025 年年度报告摘要 (Envicool 2025 annual report summary)","publisher":"Envicool (Shenzhen Envicool Technology Co., Ltd.)","publishedDate":"2026-04","accessedDate":"2026-10-22","tier":"T5","locator":"Section 2 (main business and products): room-level cooling for data centres/intelligent-computing centres incl. CyberMate, XRow, XStorm, XFlex, XSpace; end-to-end liquid cooling (cold plates, quick disconnects, manifold, CDU); customers ByteDance, Tencent, Alibaba, China Mobile, China Telecom; p.4 revenue RMB 6,067,759,091.55 (2025), quarterly revenue table. File path dated 2026-04-21; the PDF shows no publication date"},"note":"Envicool's annual report summary (opened) lists cold plates (on Intel's Eagle Stream design guide), quick disconnects (UQD, in NVIDIA's MGX partner ecosystem) and manifolds, and says mainstream computing-chip makers have begun to buy them at scale; it says electronic cooling revenue is counted in 'other' and gives no sales. 'Other' revenue (not room or cabinet cooling) is RMB 6,068M - 3,448M - 1,977M = RMB 643M (about $90M at RMB 7.18 per US dollar, assumed), and it also holds bus and rail air conditioning, so $90M is a ceiling for electronics cooling. Cold-plate sales are also part of the liquid-cooling revenue behind the liquid part; an overlap of a few million dollars is accepted. Judgment: about $20M (range $0-90M). This part: about $20M of calendar 2025 data-centre sales. Share = $20M / $7,000M = 0.286% (range 0-1.286%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6a9089286819ac5f20b22fcb657289e1ce9d738efa350fd1261c7f8595dccc2a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6a9089286819ac5f20b22fcb657289e1ce9d738efa350fd1261c7f8595dccc2a"}}},"samsung-sdi":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"samsung-sdi","name":"Samsung SDI","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0.294,"central":0.882,"high":2.353,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.samsungsdi.com/","title":"Samsung SDI home page (UPS and BBU for data centers)","publisher":"Samsung SDI","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: at Data Centre World Asia 2026 showcased UPS, BBU, SBB and battery cell zones; UPS batteries passed a UL fire test; no data-center sales shown"},"note":"Samsung SDI's page shows UPS and BBU battery zones at Data Centre World Asia 2026 and a UL-tested UPS battery, with no data-centre sales figure. Assumption: UPS batteries about $0.15B (range 0.05-0.4) and BBU about $0.08B. This part: about $150M of calendar 2025 data-centre sales (range $50-400M). Share = $150M / $17,000M = 0.882% (range 0.294-2.353%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.samsungsdi.com/","title":"Samsung SDI home page (UPS and BBU for data centers)","publisher":"Samsung SDI","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: at Data Centre World Asia 2026 showcased UPS, BBU, SBB and battery cell zones; UPS batteries passed a UL fire test; no data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":1,"high":3.125,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.samsungsdi.com/","title":"Samsung SDI home page (UPS and BBU for data centers)","publisher":"Samsung SDI","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: at Data Centre World Asia 2026 showcased UPS, BBU, SBB and battery cell zones; UPS batteries passed a UL fire test; no data-center sales shown"},"note":"Samsung SDI's page shows UPS and BBU battery zones at Data Centre World Asia 2026 and a UL-tested UPS battery, with no data-centre sales figure. Assumption: UPS batteries about $0.15B (range 0.05-0.4) and BBU about $0.08B. This part: about $80M of calendar 2025 data-centre sales (range $0-250M). Share = $80M / $8,000M = 1% (range 0-3.125%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.samsungsdi.com/","title":"Samsung SDI home page (UPS and BBU for data centers)","publisher":"Samsung SDI","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: at Data Centre World Asia 2026 showcased UPS, BBU, SBB and battery cell zones; UPS batteries passed a UL fire test; no data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.samsungsdi.com/","title":"Samsung SDI home page (UPS and BBU for data centers)","publisher":"Samsung SDI","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: at Data Centre World Asia 2026 showcased UPS, BBU, SBB and battery cell zones; UPS batteries passed a UL fire test; no data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.samsungsdi.com/","title":"Samsung SDI home page (UPS and BBU for data centers)","publisher":"Samsung SDI","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: at Data Centre World Asia 2026 showcased UPS, BBU, SBB and battery cell zones; UPS batteries passed a UL fire test; no data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"542b0fe59f26dee1cada3d79de0060460194f403faf730e514b3d0ea62056746"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"542b0fe59f26dee1cada3d79de0060460194f403faf730e514b3d0ea62056746"}}},"aaon":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"aaon","name":"AAON","kind":"public","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.aaon.com/","title":"AAON investor relations home page","publisher":"AAON, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows annual sales of $1.44 billion for 2025; no data-center (BasX) revenue figure on the page"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.aaon.com/","title":"AAON investor relations home page","publisher":"AAON, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows annual sales of $1.44 billion for 2025; no data-center (BasX) revenue figure on the page"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.aaon.com/","title":"AAON investor relations home page","publisher":"AAON, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows annual sales of $1.44 billion for 2025; no data-center (BasX) revenue figure on the page"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.875,"central":2.189,"high":3.94,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.aaon.com/","title":"AAON investor relations home page","publisher":"AAON, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows annual sales of $1.44 billion for 2025; no data-center (BasX) revenue figure on the page"},"note":"AAON's investor page shows 2025 net sales of $1.44B; the BasX data-centre line is not broken out. Assumption: data-centre air handling and cooling sales about $0.25B (range 0.1-0.45). This part: about $250M of calendar 2025 data-centre sales (range $100-450M). Share = $250M / $11,422M = 2.189% (range 0.875-3.94%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.aaon.com/","title":"AAON investor relations home page","publisher":"AAON, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows annual sales of $1.44 billion for 2025; no data-center (BasX) revenue figure on the page"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.aaon.com/","title":"AAON investor relations home page","publisher":"AAON, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows annual sales of $1.44 billion for 2025; no data-center (BasX) revenue figure on the page"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":3},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b2443d4dcb009eaa38c2f316ddf19bf23843af24061a70601588398f1bbe32d0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b2443d4dcb009eaa38c2f316ddf19bf23843af24061a70601588398f1bbe32d0"}}},"nidec":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"nidec","name":"Nidec","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nidec.com/en/","title":"Nidec Corporation home page (cooling for data centers)","publisher":"Nidec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists coolant distribution units (CDU), an air-cooling fan for data-center thermal management and a 3.2MW in-row CDU prototype; no sales figure"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nidec.com/en/","title":"Nidec Corporation home page (cooling for data centers)","publisher":"Nidec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists coolant distribution units (CDU), an air-cooling fan for data-center thermal management and a 3.2MW in-row CDU prototype; no sales figure"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nidec.com/en/","title":"Nidec Corporation home page (cooling for data centers)","publisher":"Nidec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists coolant distribution units (CDU), an air-cooling fan for data-center thermal management and a 3.2MW in-row CDU prototype; no sales figure"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nidec.com/en/","title":"Nidec Corporation home page (cooling for data centers)","publisher":"Nidec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists coolant distribution units (CDU), an air-cooling fan for data-center thermal management and a 3.2MW in-row CDU prototype; no sales figure"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.714,"high":2.676,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nidec.com/en/","title":"Nidec Corporation home page (cooling for data centers)","publisher":"Nidec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists coolant distribution units (CDU), an air-cooling fan for data-center thermal management and a 3.2MW in-row CDU prototype; no sales figure"},"note":"Nidec's page lists CDUs (including a 3.2MW in-row prototype) and an air-cooling fan for data centres, but no sales figure. Assumption: server and data-centre fans and thermal parts about $0.15B (range 0.05-0.35) in 2025 and CDUs about $0.04B. This part: about $40M of calendar 2025 data-centre sales (range $0-150M). Share = $40M / $5,606M = 0.714% (range 0-2.676%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0.714,"central":2.143,"high":5,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nidec.com/en/","title":"Nidec Corporation home page (cooling for data centers)","publisher":"Nidec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists coolant distribution units (CDU), an air-cooling fan for data-center thermal management and a 3.2MW in-row CDU prototype; no sales figure"},"note":"Nidec's page lists CDUs (including a 3.2MW in-row prototype) and an air-cooling fan for data centres, but no sales figure. Assumption: server and data-centre fans and thermal parts about $0.15B (range 0.05-0.35) in 2025 and CDUs about $0.04B. This part: about $150M of calendar 2025 data-centre sales (range $50-350M). Share = $150M / $7,000M = 2.143% (range 0.714-5%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"278d5e362f1584c971e7ac7581c56d89e4f0783cafba13e45b69a573632f4951"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"278d5e362f1584c971e7ac7581c56d89e4f0783cafba13e45b69a573632f4951"}}},"cooler-master":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"cooler-master","name":"Cooler Master","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.coolermaster.com/en-global/","title":"Cooler Master data-center cooling page","publisher":"Cooler Master","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists CDUs (liquid-to-liquid 100-2500 kW, liquid-to-air 25-300 kW) and CPU/GPU/DIMM cold plates; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.coolermaster.com/en-global/","title":"Cooler Master data-center cooling page","publisher":"Cooler Master","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists CDUs (liquid-to-liquid 100-2500 kW, liquid-to-air 25-300 kW) and CPU/GPU/DIMM cold plates; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.coolermaster.com/en-global/","title":"Cooler Master data-center cooling page","publisher":"Cooler Master","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists CDUs (liquid-to-liquid 100-2500 kW, liquid-to-air 25-300 kW) and CPU/GPU/DIMM cold plates; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.coolermaster.com/en-global/","title":"Cooler Master data-center cooling page","publisher":"Cooler Master","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists CDUs (liquid-to-liquid 100-2500 kW, liquid-to-air 25-300 kW) and CPU/GPU/DIMM cold plates; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0.178,"central":0.892,"high":2.676,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.coolermaster.com/en-global/","title":"Cooler Master data-center cooling page","publisher":"Cooler Master","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists CDUs (liquid-to-liquid 100-2500 kW, liquid-to-air 25-300 kW) and CPU/GPU/DIMM cold plates; no revenue shown"},"note":"Cooler Master's data-centre page lists CDUs from 25 kW to 2.5 MW and CPU/GPU/DIMM cold plates; no revenue shown. Assumption: cold plates about $0.1B (range 0.03-0.25) and CDUs about $0.05B. This part: about $50M of calendar 2025 data-centre sales (range $10-150M). Share = $50M / $5,606M = 0.892% (range 0.178-2.676%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0.429,"central":1.429,"high":3.571,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.coolermaster.com/en-global/","title":"Cooler Master data-center cooling page","publisher":"Cooler Master","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists CDUs (liquid-to-liquid 100-2500 kW, liquid-to-air 25-300 kW) and CPU/GPU/DIMM cold plates; no revenue shown"},"note":"Cooler Master's data-centre page lists CDUs from 25 kW to 2.5 MW and CPU/GPU/DIMM cold plates; no revenue shown. Assumption: cold plates about $0.1B (range 0.03-0.25) and CDUs about $0.05B. This part: about $100M of calendar 2025 data-centre sales (range $30-250M). Share = $100M / $7,000M = 1.429% (range 0.429-3.571%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2c2afbcb69638087f0fd4663d24738b8f1d2d9a2fe67473cb34a9c9e89628045"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2c2afbcb69638087f0fd4663d24738b8f1d2d9a2fe67473cb34a9c9e89628045"}}},"socomec":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"socomec","name":"Socomec","kind":"private","commercialActivityVerified":true,"shares":{"power":{"low":0.353,"central":0.882,"high":1.764,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lejournaldesentreprises.com/article/lalsacien-socomec-change-dechelle-industrielle-2143441","title":"L'alsacien Socomec change d'échelle industrielle","publisher":"Le Journal des Entreprises","publishedDate":"2026-06-25","accessedDate":"2026-10-22","tier":"T5","locator":"Quotes CEO Ivan Steyert: 'On approche du milliard d'euros de chiffre d'affaires en 2025, avec une croissance de 8 %'; 'Chez Socomec, les data centers représentent déjà entre 30 et 35 % de l'activité'; new Suwanee (Atlanta) plant, operating since March 2026, makes static transfer systems (STS) and UPS (ASI)"},"note":"Le Journal des Entreprises (25 June 2026, opened) quotes Socomec's CEO Ivan Steyert saying sales were 'close to EUR 1 billion in 2025, with growth of 8%', and reports that data centres are already 30-35% of Socomec's activity; its new US plant (operating since March 2026) makes static transfer systems and UPS. Data-centre sales are therefore about EUR 300-350M, about $340-395M at US$1.13 per euro (assumed). Vertiv's 10-K also names Socomec Holding SA a niche competitor. Socomec's own pages gave no revenue (socomec.co.in returned 403 and was not used again; socomec.com showed only a country selector). Assumption (a 5LayerCake judgment): about 40% of its data-centre sales is UPS, static transfer and power distribution, and about 16% is switching and switchgear; the rest is services, energy storage, monitoring and other lines. This part: about $150M of calendar 2025 data-centre sales (range $60-300M). Share = $150M / $17,000M = 0.882% (range 0.353-1.764%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0.354,"central":1.061,"high":2.122,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lejournaldesentreprises.com/article/lalsacien-socomec-change-dechelle-industrielle-2143441","title":"L'alsacien Socomec change d'échelle industrielle","publisher":"Le Journal des Entreprises","publishedDate":"2026-06-25","accessedDate":"2026-10-22","tier":"T5","locator":"Quotes CEO Ivan Steyert: 'On approche du milliard d'euros de chiffre d'affaires en 2025, avec une croissance de 8 %'; 'Chez Socomec, les data centers représentent déjà entre 30 et 35 % de l'activité'; new Suwanee (Atlanta) plant, operating since March 2026, makes static transfer systems (STS) and UPS (ASI)"},"note":"Le Journal des Entreprises (25 June 2026, opened) quotes Socomec's CEO Ivan Steyert saying sales were 'close to EUR 1 billion in 2025, with growth of 8%', and reports that data centres are already 30-35% of Socomec's activity; its new US plant (operating since March 2026) makes static transfer systems and UPS. Data-centre sales are therefore about EUR 300-350M, about $340-395M at US$1.13 per euro (assumed). Vertiv's 10-K also names Socomec Holding SA a niche competitor. Socomec's own pages gave no revenue (socomec.co.in returned 403 and was not used again; socomec.com showed only a country selector). Assumption (a 5LayerCake judgment): about 40% of its data-centre sales is UPS, static transfer and power distribution, and about 16% is switching and switchgear; the rest is services, energy storage, monitoring and other lines. This part: about $60M of calendar 2025 data-centre sales (range $20-120M). Share = $60M / $5,656M = 1.061% (range 0.354-2.122%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2596df1de1c823474016e69e3fb1a6b16eebafdcbf89acb0481bb89f050a7009"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2596df1de1c823474016e69e3fb1a6b16eebafdcbf89acb0481bb89f050a7009"}}},"nortek-air-solutions":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"nortek-air-solutions","name":"Nortek Air Solutions","kind":"unit","parentId":"madison-industries","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nortekair.com/","title":"Nortek Air Solutions home page","publisher":"Nortek Air Solutions","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page mentions data centers once as an application; no data-center cooling products listed; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nortekair.com/","title":"Nortek Air Solutions home page","publisher":"Nortek Air Solutions","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page mentions data centers once as an application; no data-center cooling products listed; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nortekair.com/","title":"Nortek Air Solutions home page","publisher":"Nortek Air Solutions","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page mentions data centers once as an application; no data-center cooling products listed; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.438,"central":1.751,"high":3.94,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nortekair.com/","title":"Nortek Air Solutions home page","publisher":"Nortek Air Solutions","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page mentions data centers once as an application; no data-center cooling products listed; no revenue shown"},"note":"Nortek Air Solutions' page lists no data-centre cooling products (data centers appear once as an application) and no revenue. Register lead: data-centre chillers and air handlers. Assumption: about $0.2B (range 0.05-0.45). This part: about $200M of calendar 2025 data-centre sales (range $50-450M). Share = $200M / $11,422M = 1.751% (range 0.438-3.94%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nortekair.com/","title":"Nortek Air Solutions home page","publisher":"Nortek Air Solutions","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page mentions data centers once as an application; no data-center cooling products listed; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nortekair.com/","title":"Nortek Air Solutions home page","publisher":"Nortek Air Solutions","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page mentions data centers once as an application; no data-center cooling products listed; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"9dbf69399781da94caa190c854d60f595dee48f615c67c79c3b57631f1c71d24"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"9dbf69399781da94caa190c854d60f595dee48f615c67c79c3b57631f1c71d24"}}},"sunon":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"sunon","name":"Sunon","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sunon.com/","title":"SUNON home page (server and AI cooling)","publisher":"Sunon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling products for servers and AI computing, a coolant distribution unit and EC fans for data-center cooling; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sunon.com/","title":"SUNON home page (server and AI cooling)","publisher":"Sunon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling products for servers and AI computing, a coolant distribution unit and EC fans for data-center cooling; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sunon.com/","title":"SUNON home page (server and AI cooling)","publisher":"Sunon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling products for servers and AI computing, a coolant distribution unit and EC fans for data-center cooling; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sunon.com/","title":"SUNON home page (server and AI cooling)","publisher":"Sunon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling products for servers and AI computing, a coolant distribution unit and EC fans for data-center cooling; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.357,"high":1.427,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sunon.com/","title":"SUNON home page (server and AI cooling)","publisher":"Sunon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling products for servers and AI computing, a coolant distribution unit and EC fans for data-center cooling; no revenue shown"},"note":"Sunon's page lists liquid cooling for servers and AI, a CDU and EC fans for data centres; no revenue shown. Assumption: server fans and thermal parts about $0.15B (range 0.06-0.3), liquid small. This part: about $20M of calendar 2025 data-centre sales (range $0-80M). Share = $20M / $5,606M = 0.357% (range 0-1.427%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0.857,"central":2.143,"high":4.286,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sunon.com/","title":"SUNON home page (server and AI cooling)","publisher":"Sunon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists liquid cooling products for servers and AI computing, a coolant distribution unit and EC fans for data-center cooling; no revenue shown"},"note":"Sunon's page lists liquid cooling for servers and AI, a CDU and EC fans for data centres; no revenue shown. Assumption: server fans and thermal parts about $0.15B (range 0.06-0.3), liquid small. This part: about $150M of calendar 2025 data-centre sales (range $60-300M). Share = $150M / $7,000M = 2.143% (range 0.857-4.286%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"953ad847fc808836fd30606ba35bc705b54fd0a9ba804a6cd9ed5758f7f3c141"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"953ad847fc808836fd30606ba35bc705b54fd0a9ba804a6cd9ed5758f7f3c141"}}},"ls-electric":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"ls-electric","name":"LS Electric","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0.176,"central":0.588,"high":1.294,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","title":"Data Center Switchgear Market report (MR-2297)","publisher":"Meticulous Research","publishedDate":"2026-10","accessedDate":"2026-10-22","tier":"T5","locator":"Summary: market US$8.78B in 2025 (US$6.80B in 2024); four global electrical groups account for more than half of revenue; players listed include Schneider Electric, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, Powell, LS ELECTRIC, HD Hyundai Electric, Fuji Electric; Powell's largest-ever award over US$400M (May 2026)"},"note":"Meticulous Research (Oct 2026) lists LS ELECTRIC among data-centre switchgear players. LS Electric's site showed no figures. Assumption: data-centre switchgear, busway and UPS sales about $0.12B each for switchgear and power (range 0.04-0.25). This part: about $100M of calendar 2025 data-centre sales (range $30-220M). Share = $100M / $17,000M = 0.588% (range 0.176-1.294%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0.884,"central":2.122,"high":4.42,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","title":"Data Center Switchgear Market report (MR-2297)","publisher":"Meticulous Research","publishedDate":"2026-10","accessedDate":"2026-10-22","tier":"T5","locator":"Summary: market US$8.78B in 2025 (US$6.80B in 2024); four global electrical groups account for more than half of revenue; players listed include Schneider Electric, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, Powell, LS ELECTRIC, HD Hyundai Electric, Fuji Electric; Powell's largest-ever award over US$400M (May 2026)"},"note":"Meticulous Research (Oct 2026) lists LS ELECTRIC among data-centre switchgear players. LS Electric's site showed no figures. Assumption: data-centre switchgear, busway and UPS sales about $0.12B each for switchgear and power (range 0.04-0.25). This part: about $120M of calendar 2025 data-centre sales (range $50-250M). Share = $120M / $5,656M = 2.122% (range 0.884-4.42%). Market used: $5,656M, held for every company in this part; it is above the card's central $2,700M because the candidates' own estimates at screening added up to $5,090M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","title":"Data Center Switchgear Market report (MR-2297)","publisher":"Meticulous Research","publishedDate":"2026-10","accessedDate":"2026-10-22","tier":"T5","locator":"Summary: market US$8.78B in 2025 (US$6.80B in 2024); four global electrical groups account for more than half of revenue; players listed include Schneider Electric, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, Powell, LS ELECTRIC, HD Hyundai Electric, Fuji Electric; Powell's largest-ever award over US$400M (May 2026)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","title":"Data Center Switchgear Market report (MR-2297)","publisher":"Meticulous Research","publishedDate":"2026-10","accessedDate":"2026-10-22","tier":"T5","locator":"Summary: market US$8.78B in 2025 (US$6.80B in 2024); four global electrical groups account for more than half of revenue; players listed include Schneider Electric, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, Powell, LS ELECTRIC, HD Hyundai Electric, Fuji Electric; Powell's largest-ever award over US$400M (May 2026)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","title":"Data Center Switchgear Market report (MR-2297)","publisher":"Meticulous Research","publishedDate":"2026-10","accessedDate":"2026-10-22","tier":"T5","locator":"Summary: market US$8.78B in 2025 (US$6.80B in 2024); four global electrical groups account for more than half of revenue; players listed include Schneider Electric, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, Powell, LS ELECTRIC, HD Hyundai Electric, Fuji Electric; Powell's largest-ever award over US$400M (May 2026)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","title":"Data Center Switchgear Market report (MR-2297)","publisher":"Meticulous Research","publishedDate":"2026-10","accessedDate":"2026-10-22","tier":"T5","locator":"Summary: market US$8.78B in 2025 (US$6.80B in 2024); four global electrical groups account for more than half of revenue; players listed include Schneider Electric, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, Powell, LS ELECTRIC, HD Hyundai Electric, Fuji Electric; Powell's largest-ever award over US$400M (May 2026)"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f7302f021ff7be14e004730038dbe87b3b449961a4e577e507f06f087e5ab595"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f7302f021ff7be14e004730038dbe87b3b449961a4e577e507f06f087e5ab595"}}},"kstar":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"kstar","name":"Kstar","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0.353,"central":0.882,"high":1.765,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kstar.com/","title":"Kstar home page (UPS and data center solutions)","publisher":"Kstar","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists UPS systems, cooling and modular data center solutions, batteries, PV inverters, energy storage; claims a top-5 UPS supplier position; no revenue shown"},"note":"Kstar's page lists UPS, cooling and modular data-centre solutions and claims a top-5 UPS supplier position, with no revenue. Assumption: data-centre UPS and cooling sales about $0.15B (range 0.06-0.3) for power and $0.03B for air cooling. This part: about $150M of calendar 2025 data-centre sales (range $60-300M). Share = $150M / $17,000M = 0.882% (range 0.353-1.765%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kstar.com/","title":"Kstar home page (UPS and data center solutions)","publisher":"Kstar","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists UPS systems, cooling and modular data center solutions, batteries, PV inverters, energy storage; claims a top-5 UPS supplier position; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kstar.com/","title":"Kstar home page (UPS and data center solutions)","publisher":"Kstar","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists UPS systems, cooling and modular data center solutions, batteries, PV inverters, energy storage; claims a top-5 UPS supplier position; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.263,"high":1.051,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kstar.com/","title":"Kstar home page (UPS and data center solutions)","publisher":"Kstar","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists UPS systems, cooling and modular data center solutions, batteries, PV inverters, energy storage; claims a top-5 UPS supplier position; no revenue shown"},"note":"Kstar's page lists UPS, cooling and modular data-centre solutions and claims a top-5 UPS supplier position, with no revenue. Assumption: data-centre UPS and cooling sales about $0.15B (range 0.06-0.3) for power and $0.03B for air cooling. This part: about $30M of calendar 2025 data-centre sales (range $0-120M). Share = $30M / $11,422M = 0.263% (range 0-1.051%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kstar.com/","title":"Kstar home page (UPS and data center solutions)","publisher":"Kstar","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists UPS systems, cooling and modular data center solutions, batteries, PV inverters, energy storage; claims a top-5 UPS supplier position; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kstar.com/","title":"Kstar home page (UPS and data center solutions)","publisher":"Kstar","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists UPS systems, cooling and modular data center solutions, batteries, PV inverters, energy storage; claims a top-5 UPS supplier position; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"799e87d138834296248b1d796d7d9bd8704a2607b024439a682dc2b094f83fea"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"799e87d138834296248b1d796d7d9bd8704a2607b024439a682dc2b094f83fea"}}},"toshiba":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"toshiba","name":"Toshiba (UPS)","kind":"private","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.882,"high":2.059,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://toshiba.com/tic/product-category/power-electronics/uninterruptible-power-systems/three-phase-ups/","title":"Three-Phase UPS - Toshiba - TIC","publisher":"Toshiba International Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page text: 'Toshiba International Corporation offers a comprehensive range of Three-Phase Uninterruptible Power Systems (UPS) for datacenter/IT, commercial, retail, healthcare, and industrial applications. With capacities ranging from 5 to 2,000 kVA'; lists G9000 Series (100-1050 kVA) and 'Critical UPS Power Package for AI Cooling'; no sales or customers"},"note":"Toshiba International Corporation's three-phase UPS page (opened) says it offers three-phase UPS 'for datacenter/IT, commercial, retail, healthcare, and industrial applications', from 5 to 2,000 kVA, and lists a G9000 Series (100-1050 kVA) and a 'Critical UPS Power Package for AI Cooling'; it gives no sales, customers or data-centre share, and Toshiba's Japanese UPS business was not opened. Vertiv's 10-K does not name Toshiba among its competitors, which supports sizing it as a minor data-centre UPS vendor. Size is a 5LayerCake judgment, not a measurement: data-centre UPS sales about $150M (range $0-350M); the range reaches zero because no data-centre sales are evidenced. This part: about $150M of calendar 2025 data-centre sales. Share = $150M / $17,000M = 0.882% (range 0-2.059%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions. Toshiba Corporation was delisted from the Tokyo and Nagoya stock exchanges on 20 December 2023 after TBJH Inc.'s tender offer succeeded (Toshiba IR page 'About Tender Offer for the Shares of Toshiba Corporation', https://www.global.toshiba/ww/ir/corporate/tender-offer.html, opened), so the company is scored as private."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","title":"Vertiv 2025 Annual Report (shareholder letter and Form 10-K for FY2025)","publisher":"Vertiv Holdings Co","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Letter p.8 'Vertiv at a glance': ~$10.2B revenue, data centers 85% of sales (rounded to nearest 5%), products 80% and services & spares 20%, #1 in thermal management (Dell'Oro) and #1 in 3-phase large UPS and power distribution (Omdia); 10-K Item 1 'Our Business' and 'Competition'"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8a182bf5bacef246cded2d4a962922fd869d4f035078ecddbe791a9937d8234b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8a182bf5bacef246cded2d4a962922fd869d4f035078ecddbe791a9937d8234b"}}},"shenling":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"shenling","name":"Shenling Environmental","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.shenling.com/","title":"Shenling Environmental Systems home page (computer-room cooling)","publisher":"Shenling Environmental Systems","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists computer-room cold source and temperature/humidity control series for data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.shenling.com/","title":"Shenling Environmental Systems home page (computer-room cooling)","publisher":"Shenling Environmental Systems","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists computer-room cold source and temperature/humidity control series for data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.shenling.com/","title":"Shenling Environmental Systems home page (computer-room cooling)","publisher":"Shenling Environmental Systems","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists computer-room cold source and temperature/humidity control series for data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.525,"central":1.313,"high":3.064,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.shenling.com/","title":"Shenling Environmental Systems home page (computer-room cooling)","publisher":"Shenling Environmental Systems","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists computer-room cold source and temperature/humidity control series for data centers; no revenue shown"},"note":"Shenling's page lists computer-room cold-source and temperature/humidity-control series for data centres; no revenue shown. Assumption: data-centre cooling sales about $0.15B (range 0.06-0.35). This part: about $150M of calendar 2025 data-centre sales (range $60-350M). Share = $150M / $11,422M = 1.313% (range 0.525-3.064%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.357,"high":1.427,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.shenling.com/","title":"Shenling Environmental Systems home page (computer-room cooling)","publisher":"Shenling Environmental Systems","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists computer-room cold source and temperature/humidity control series for data centers; no revenue shown"},"note":"Shenling's page lists computer-room cold-source and temperature/humidity-control series for data centres; no revenue shown. Assumption: data-centre cooling sales about $0.15B (range 0.06-0.35). This part: about $20M of calendar 2025 data-centre sales (range $0-80M). Share = $20M / $5,606M = 0.357% (range 0-1.427%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.shenling.com/","title":"Shenling Environmental Systems home page (computer-room cooling)","publisher":"Shenling Environmental Systems","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists computer-room cold source and temperature/humidity control series for data centers; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"62659fdada9e190e27a2705efec43ec51c3f91e3670fa170693ce102097a05cc"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"62659fdada9e190e27a2705efec43ec51c3f91e3670fa170693ce102097a05cc"}}},"honor-electronic":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"honor-electronic","name":"Shenzhen Honor Electronic","kind":"private","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0.375,"central":1.25,"high":3.75,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"No page for Shenzhen Honor Electronic was opened. QYResearch's listing (opened) names Shenzhen Honor Electronic seventh among the key AI server PSU makers, outside the top five (Delta, LITEON, Acbel, Chicony Power, Advanced Energy) that hold about 77.66% of 2024 revenue of US$1,374M; the other makers, from sixth place down, share the remaining 22.34% (about $307M), which supports a small size. Assumption: server power sales about $0.1B (range 0.03-0.3) in China. This part: about $100M of calendar 2025 data-centre sales (range $30-300M). Share = $100M / $8,000M = 1.25% (range 0.375-3.75%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","title":"AI Server Power Supply: Global Market Share and Ranking (QYResearch report listing)","publisher":"GII Research (QYResearch)","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T5","locator":"Listing summary: global AI server power supply market about US$1,374M in 2024 growing to US$6,567M by 2031; leading makers Delta, LITEON, AcBel, Chicony Power, Advanced Energy; top five hold about 77.66% of 2024 revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"51556e6d2ff7ae3fd47ba6f3c691fd5ed83548e5094b3ef67925696de85d4b06"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"51556e6d2ff7ae3fd47ba6f3c691fd5ed83548e5094b3ef67925696de85d4b06"}}},"megmeet":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"megmeet","name":"Megmeet","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.megmeet.com/","title":"Megmeet home page (server power and automation)","publisher":"Megmeet Electrical","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists MEG-CRPS server power supplies, power shelf and BBU shelf, plus drives and servo systems; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.megmeet.com/","title":"Megmeet home page (server power and automation)","publisher":"Megmeet Electrical","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists MEG-CRPS server power supplies, power shelf and BBU shelf, plus drives and servo systems; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0.5,"central":1.25,"high":3.125,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.megmeet.com/","title":"Megmeet home page (server power and automation)","publisher":"Megmeet Electrical","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists MEG-CRPS server power supplies, power shelf and BBU shelf, plus drives and servo systems; no revenue shown"},"note":"Megmeet's page lists MEG-CRPS server power supplies, a power shelf and a BBU shelf; KGI (26 Sep 2025) expects Megmeet to establish a foothold in its domestic market. No revenue shown. Assumption: server power sales about $0.1B (range 0.04-0.25). This part: about $100M of calendar 2025 data-centre sales (range $40-250M). Share = $100M / $8,000M = 1.25% (range 0.5-3.125%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.megmeet.com/","title":"Megmeet home page (server power and automation)","publisher":"Megmeet Electrical","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists MEG-CRPS server power supplies, power shelf and BBU shelf, plus drives and servo systems; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.megmeet.com/","title":"Megmeet home page (server power and automation)","publisher":"Megmeet Electrical","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists MEG-CRPS server power supplies, power shelf and BBU shelf, plus drives and servo systems; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.megmeet.com/","title":"Megmeet home page (server power and automation)","publisher":"Megmeet Electrical","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists MEG-CRPS server power supplies, power shelf and BBU shelf, plus drives and servo systems; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3da7dcac5f485b743671cd481929e88bf052a5f02f7ae7d958a7deb0556bf79d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3da7dcac5f485b743671cd481929e88bf052a5f02f7ae7d958a7deb0556bf79d"}}},"ebm-papst":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"ebm-papst","name":"ebm-papst","kind":"private","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ebmpapst.com/us/en/","title":"ebm-papst home page (fans)","publisher":"ebm-papst Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists axial, centrifugal and compact fans for markets including IT/telecom; no data-center offering detail or revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ebmpapst.com/us/en/","title":"ebm-papst home page (fans)","publisher":"ebm-papst Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists axial, centrifugal and compact fans for markets including IT/telecom; no data-center offering detail or revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ebmpapst.com/us/en/","title":"ebm-papst home page (fans)","publisher":"ebm-papst Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists axial, centrifugal and compact fans for markets including IT/telecom; no data-center offering detail or revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.35,"high":1.313,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ebmpapst.com/us/en/","title":"ebm-papst home page (fans)","publisher":"ebm-papst Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists axial, centrifugal and compact fans for markets including IT/telecom; no data-center offering detail or revenue"},"note":"ebm-papst's page lists axial, centrifugal and compact fans for IT/telecom among other markets and shows no revenue. Fans for CRAH units are sold to cooling makers and already inside their sales; own data-centre sales assumed about $0.1B (range 0.03-0.25) in server and rack fans. This part: about $40M of calendar 2025 data-centre sales (range $0-150M). Share = $40M / $11,422M = 0.35% (range 0-1.313%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ebmpapst.com/us/en/","title":"ebm-papst home page (fans)","publisher":"ebm-papst Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists axial, centrifugal and compact fans for markets including IT/telecom; no data-center offering detail or revenue"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0.429,"central":1.429,"high":3.571,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ebmpapst.com/us/en/","title":"ebm-papst home page (fans)","publisher":"ebm-papst Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists axial, centrifugal and compact fans for markets including IT/telecom; no data-center offering detail or revenue"},"note":"ebm-papst's page lists axial, centrifugal and compact fans for IT/telecom among other markets and shows no revenue. Fans for CRAH units are sold to cooling makers and already inside their sales; own data-centre sales assumed about $0.1B (range 0.03-0.25) in server and rack fans. This part: about $100M of calendar 2025 data-centre sales (range $30-250M). Share = $100M / $7,000M = 1.429% (range 0.429-3.571%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2a94d97d79ad0744b64e7b7f5bf79cb2ae8114093056457175bd8dccb5ab229f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2a94d97d79ad0744b64e7b7f5bf79cb2ae8114093056457175bd8dccb5ab229f"}}},"spx-technologies":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"spx-technologies","name":"SPX Technologies","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spx.com/","title":"SPX Technologies home page","publisher":"SPX Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows consolidated and HVAC revenue charts without figures in text; promotes Marley fluid coolers and cooling towers; no data-center claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spx.com/","title":"SPX Technologies home page","publisher":"SPX Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows consolidated and HVAC revenue charts without figures in text; promotes Marley fluid coolers and cooling towers; no data-center claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spx.com/","title":"SPX Technologies home page","publisher":"SPX Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows consolidated and HVAC revenue charts without figures in text; promotes Marley fluid coolers and cooling towers; no data-center claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.525,"central":1.313,"high":2.626,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spx.com/","title":"SPX Technologies home page","publisher":"SPX Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows consolidated and HVAC revenue charts without figures in text; promotes Marley fluid coolers and cooling towers; no data-center claims"},"note":"SPX's page promotes Marley fluid coolers and cooling towers without data-centre figures. Assumption: data-centre heat-rejection sales (cooling towers, fluid coolers) about $0.15B (range 0.06-0.3). This part: about $150M of calendar 2025 data-centre sales (range $60-300M). Share = $150M / $11,422M = 1.313% (range 0.525-2.626%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spx.com/","title":"SPX Technologies home page","publisher":"SPX Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows consolidated and HVAC revenue charts without figures in text; promotes Marley fluid coolers and cooling towers; no data-center claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spx.com/","title":"SPX Technologies home page","publisher":"SPX Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page shows consolidated and HVAC revenue charts without figures in text; promotes Marley fluid coolers and cooling towers; no data-center claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"07e92e538542e1bec2afab84aaa61383e112b1e0136544912f168f8dbea6f6df"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"07e92e538542e1bec2afab84aaa61383e112b1e0136544912f168f8dbea6f6df"}}},"furukawa-electric":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"furukawa-electric","name":"Furukawa Electric","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.furukawaelectric.com/en/","title":"Furukawa Electric home page (thermal management and data center solutions)","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a 'Thermal Management and Cooling Solutions' category and 'Data center solutions' links; no sales figure"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.furukawaelectric.com/en/","title":"Furukawa Electric home page (thermal management and data center solutions)","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a 'Thermal Management and Cooling Solutions' category and 'Data center solutions' links; no sales figure"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.furukawaelectric.com/en/","title":"Furukawa Electric home page (thermal management and data center solutions)","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a 'Thermal Management and Cooling Solutions' category and 'Data center solutions' links; no sales figure"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.furukawaelectric.com/en/","title":"Furukawa Electric home page (thermal management and data center solutions)","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a 'Thermal Management and Cooling Solutions' category and 'Data center solutions' links; no sales figure"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.357,"high":1.427,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.furukawaelectric.com/en/","title":"Furukawa Electric home page (thermal management and data center solutions)","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a 'Thermal Management and Cooling Solutions' category and 'Data center solutions' links; no sales figure"},"note":"Furukawa Electric's page lists thermal management and cooling solutions and data-centre solutions; it shows no sales. Assumption: heat pipes, cold plates and vapor chambers for data centres about $0.1B (range 0.03-0.25). This part: about $20M of calendar 2025 data-centre sales (range $0-80M). Share = $20M / $5,606M = 0.357% (range 0-1.427%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0.429,"central":1.429,"high":3.571,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.furukawaelectric.com/en/","title":"Furukawa Electric home page (thermal management and data center solutions)","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists a 'Thermal Management and Cooling Solutions' category and 'Data center solutions' links; no sales figure"},"note":"Furukawa Electric's page lists thermal management and cooling solutions and data-centre solutions; it shows no sales. Assumption: heat pipes, cold plates and vapor chambers for data centres about $0.1B (range 0.03-0.25). This part: about $100M of calendar 2025 data-centre sales (range $30-250M). Share = $100M / $7,000M = 1.429% (range 0.429-3.571%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7e96dec67d533dba2098d8f93038e190d031c84830d6477a61ebe371c9532e7e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7e96dec67d533dba2098d8f93038e190d031c84830d6477a61ebe371c9532e7e"}}},"baltimore-aircoil":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"baltimore-aircoil","name":"Baltimore Aircoil Company","kind":"unit","parentId":"amsted-industries","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.baltimoreaircoil.com/","title":"Baltimore Aircoil Company home page","publisher":"Baltimore Aircoil Company","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists Trillium Adiabatic Cooler TRFS for large-scale data centers, Nexus modular hybrid cooler and an immersion cooling tank; no size claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.baltimoreaircoil.com/","title":"Baltimore Aircoil Company home page","publisher":"Baltimore Aircoil Company","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists Trillium Adiabatic Cooler TRFS for large-scale data centers, Nexus modular hybrid cooler and an immersion cooling tank; no size claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.baltimoreaircoil.com/","title":"Baltimore Aircoil Company home page","publisher":"Baltimore Aircoil Company","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists Trillium Adiabatic Cooler TRFS for large-scale data centers, Nexus modular hybrid cooler and an immersion cooling tank; no size claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.35,"central":1.051,"high":2.626,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.baltimoreaircoil.com/","title":"Baltimore Aircoil Company home page","publisher":"Baltimore Aircoil Company","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists Trillium Adiabatic Cooler TRFS for large-scale data centers, Nexus modular hybrid cooler and an immersion cooling tank; no size claims"},"note":"BAC's page lists a Trillium adiabatic cooler for large-scale data centres, a hybrid cooler and an immersion cooling tank; no size claims. Assumption: data-centre heat-rejection sales about $0.12B (range 0.04-0.3). This part: about $120M of calendar 2025 data-centre sales (range $40-300M). Share = $120M / $11,422M = 1.051% (range 0.35-2.626%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.178,"high":0.892,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.baltimoreaircoil.com/","title":"Baltimore Aircoil Company home page","publisher":"Baltimore Aircoil Company","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists Trillium Adiabatic Cooler TRFS for large-scale data centers, Nexus modular hybrid cooler and an immersion cooling tank; no size claims"},"note":"BAC's page lists a Trillium adiabatic cooler for large-scale data centres, a hybrid cooler and an immersion cooling tank; no size claims. Assumption: data-centre heat-rejection sales about $0.12B (range 0.04-0.3). This part: about $10M of calendar 2025 data-centre sales (range $0-50M). Share = $10M / $5,606M = 0.178% (range 0-0.892%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.baltimoreaircoil.com/","title":"Baltimore Aircoil Company home page","publisher":"Baltimore Aircoil Company","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists Trillium Adiabatic Cooler TRFS for large-scale data centers, Nexus modular hybrid cooler and an immersion cooling tank; no size claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"103643eb68c6ec79af4683fb5dbca4a778b0abdece0ccd5e09870c4da0841afe"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"103643eb68c6ec79af4683fb5dbca4a778b0abdece0ccd5e09870c4da0841afe"}}},"dynapack":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"dynapack","name":"Dynapack","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.dynapack.com.tw/","title":"Dynapack home page (battery solutions)","publisher":"Dynapack International Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists IT battery packs, energy storage and backup power solutions including server backup power battery modules; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.dynapack.com.tw/","title":"Dynapack home page (battery solutions)","publisher":"Dynapack International Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists IT battery packs, energy storage and backup power solutions including server backup power battery modules; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0.25,"central":1,"high":2.5,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.dynapack.com.tw/","title":"Dynapack home page (battery solutions)","publisher":"Dynapack International Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists IT battery packs, energy storage and backup power solutions including server backup power battery modules; no revenue shown"},"note":"Dynapack's page lists server backup power battery modules among its backup power solutions; no revenue shown. Assumption: BBU sales about $0.08B (range 0.02-0.2) in 2025. This part: about $80M of calendar 2025 data-centre sales (range $20-200M). Share = $80M / $8,000M = 1% (range 0.25-2.5%). Market used: the card's central size for this part, about $8,000M (the screening-time sum of the candidates' own estimates was $5,830M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.dynapack.com.tw/","title":"Dynapack home page (battery solutions)","publisher":"Dynapack International Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists IT battery packs, energy storage and backup power solutions including server backup power battery modules; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.dynapack.com.tw/","title":"Dynapack home page (battery solutions)","publisher":"Dynapack International Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists IT battery packs, energy storage and backup power solutions including server backup power battery modules; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.dynapack.com.tw/","title":"Dynapack home page (battery solutions)","publisher":"Dynapack International Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists IT battery packs, energy storage and backup power solutions including server backup power battery modules; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":3},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"659c3554e709b2202bd7c942883511f868839080f58427da7a3cd86168ef9fff"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"659c3554e709b2202bd7c942883511f868839080f58427da7a3cd86168ef9fff"}}},"evapco":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"evapco","name":"EVAPCO","kind":"private","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.evapco.com/","title":"EVAPCO home page (dry, adiabatic and closed-circuit coolers)","publisher":"EVAPCO","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists dry and adiabatic technologies, eco-ATWB-H closed-circuit coolers, eco-Air coolers and condensers; no revenue or data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.evapco.com/","title":"EVAPCO home page (dry, adiabatic and closed-circuit coolers)","publisher":"EVAPCO","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists dry and adiabatic technologies, eco-ATWB-H closed-circuit coolers, eco-Air coolers and condensers; no revenue or data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.evapco.com/","title":"EVAPCO home page (dry, adiabatic and closed-circuit coolers)","publisher":"EVAPCO","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists dry and adiabatic technologies, eco-ATWB-H closed-circuit coolers, eco-Air coolers and condensers; no revenue or data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.35,"central":1.051,"high":2.626,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.evapco.com/","title":"EVAPCO home page (dry, adiabatic and closed-circuit coolers)","publisher":"EVAPCO","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists dry and adiabatic technologies, eco-ATWB-H closed-circuit coolers, eco-Air coolers and condensers; no revenue or data-center sales shown"},"note":"EVAPCO's page lists dry and adiabatic technologies, closed-circuit coolers and condensers, with no revenue or data-centre sales. Assumption: data-centre heat-rejection sales about $0.12B (range 0.04-0.3). This part: about $120M of calendar 2025 data-centre sales (range $40-300M). Share = $120M / $11,422M = 1.051% (range 0.35-2.626%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.evapco.com/","title":"EVAPCO home page (dry, adiabatic and closed-circuit coolers)","publisher":"EVAPCO","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists dry and adiabatic technologies, eco-ATWB-H closed-circuit coolers, eco-Air coolers and condensers; no revenue or data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.evapco.com/","title":"EVAPCO home page (dry, adiabatic and closed-circuit coolers)","publisher":"EVAPCO","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists dry and adiabatic technologies, eco-ATWB-H closed-circuit coolers, eco-Air coolers and condensers; no revenue or data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4872bf83e299efd3433edd5f3d9fd596f8a81a1411cb732b2e04127e95e4badd"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4872bf83e299efd3433edd5f3d9fd596f8a81a1411cb732b2e04127e95e4badd"}}},"narada":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"narada","name":"Narada Power Source","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0.235,"central":0.588,"high":1.471,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.naradapower.com/","title":"Narada Power Source home page","publisher":"Narada Power Source","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: global #2 in 2025 shipments of base-station/data-center storage batteries; news item on an AI data center lithium backup power system; no revenue shown"},"note":"Narada's page claims global #2 in 2025 shipments of base-station and data-centre storage batteries and shows an AI data-centre lithium backup system. Assumption: data-centre UPS battery sales about $0.1B (range 0.04-0.25). This part: about $100M of calendar 2025 data-centre sales (range $40-250M). Share = $100M / $17,000M = 0.588% (range 0.235-1.471%). Market used: the card's central size for this part, about $17,000M (the screening-time sum of the candidates' own estimates was $14,600M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.naradapower.com/","title":"Narada Power Source home page","publisher":"Narada Power Source","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: global #2 in 2025 shipments of base-station/data-center storage batteries; news item on an AI data center lithium backup power system; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.naradapower.com/","title":"Narada Power Source home page","publisher":"Narada Power Source","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: global #2 in 2025 shipments of base-station/data-center storage batteries; news item on an AI data center lithium backup power system; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.naradapower.com/","title":"Narada Power Source home page","publisher":"Narada Power Source","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: global #2 in 2025 shipments of base-station/data-center storage batteries; news item on an AI data center lithium backup power system; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.naradapower.com/","title":"Narada Power Source home page","publisher":"Narada Power Source","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: global #2 in 2025 shipments of base-station/data-center storage batteries; news item on an AI data center lithium backup power system; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.naradapower.com/","title":"Narada Power Source home page","publisher":"Narada Power Source","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page: global #2 in 2025 shipments of base-station/data-center storage batteries; news item on an AI data center lithium backup power system; no revenue shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"df573dbaf3034751014f6d571b540d534de33e2e0b5e18c6b91492fb320dd225"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"df573dbaf3034751014f6d571b540d534de33e2e0b5e18c6b91492fb320dd225"}}},"lg-electronics":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"lg-electronics","name":"LG Electronics","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lg.com/global/business/hvac/","title":"LG HVAC business home page (data center solutions)","publisher":"LG Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists chiller plant and air-cooled turbo chillers under Data Center Solutions, and a liquid cooling (CDU) page; no sales claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lg.com/global/business/hvac/","title":"LG HVAC business home page (data center solutions)","publisher":"LG Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists chiller plant and air-cooled turbo chillers under Data Center Solutions, and a liquid cooling (CDU) page; no sales claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lg.com/global/business/hvac/","title":"LG HVAC business home page (data center solutions)","publisher":"LG Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists chiller plant and air-cooled turbo chillers under Data Center Solutions, and a liquid cooling (CDU) page; no sales claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0.263,"central":0.875,"high":3.502,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lg.com/global/business/hvac/","title":"LG HVAC business home page (data center solutions)","publisher":"LG Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists chiller plant and air-cooled turbo chillers under Data Center Solutions, and a liquid cooling (CDU) page; no sales claims"},"note":"LG's HVAC page lists chiller plants, air-cooled turbo chillers and CDUs under Data Center Solutions; no sales claims. Assumption: data-centre chillers about $0.1B (range 0.03-0.4) and CDUs about $0.03B. This part: about $100M of calendar 2025 data-centre sales (range $30-400M). Share = $100M / $11,422M = 0.875% (range 0.263-3.502%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.535,"high":2.141,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lg.com/global/business/hvac/","title":"LG HVAC business home page (data center solutions)","publisher":"LG Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists chiller plant and air-cooled turbo chillers under Data Center Solutions, and a liquid cooling (CDU) page; no sales claims"},"note":"LG's HVAC page lists chiller plants, air-cooled turbo chillers and CDUs under Data Center Solutions; no sales claims. Assumption: data-centre chillers about $0.1B (range 0.03-0.4) and CDUs about $0.03B. This part: about $30M of calendar 2025 data-centre sales (range $0-120M). Share = $30M / $5,606M = 0.535% (range 0-2.141%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lg.com/global/business/hvac/","title":"LG HVAC business home page (data center solutions)","publisher":"LG Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists chiller plant and air-cooled turbo chillers under Data Center Solutions, and a liquid cooling (CDU) page; no sales claims"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"17bcc07873a398d5d38e4a42c4ab3fcce178f1665209d814ea96250b44bf1d93"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"17bcc07873a398d5d38e4a42c4ab3fcce178f1665209d814ea96250b44bf1d93"}}},"wistron":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"wistron","name":"Wistron","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.wiwynn.com/news/wiwynn-showcases-next-gen-ai-platforms-thermal-engineering-and-optical-interconnect-technologies-at-2026-ocp-global-summit","title":"Wiwynn showcases next-gen AI platforms, thermal engineering and optical interconnect technologies at 2026 OCP Global Summit","publisher":"Wiwynn Corporation (Wistron group)","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T5","locator":"Thermal: 6kW double-sided cold plate, microchannel cold plates, manifolds; power: Vertical Power Delivery; no CDU or sidecar mentioned"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.wiwynn.com/news/wiwynn-showcases-next-gen-ai-platforms-thermal-engineering-and-optical-interconnect-technologies-at-2026-ocp-global-summit","title":"Wiwynn showcases next-gen AI platforms, thermal engineering and optical interconnect technologies at 2026 OCP Global Summit","publisher":"Wiwynn Corporation (Wistron group)","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T5","locator":"Thermal: 6kW double-sided cold plate, microchannel cold plates, manifolds; power: Vertical Power Delivery; no CDU or sidecar mentioned"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.wiwynn.com/news/wiwynn-showcases-next-gen-ai-platforms-thermal-engineering-and-optical-interconnect-technologies-at-2026-ocp-global-summit","title":"Wiwynn showcases next-gen AI platforms, thermal engineering and optical interconnect technologies at 2026 OCP Global Summit","publisher":"Wiwynn Corporation (Wistron group)","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T5","locator":"Thermal: 6kW double-sided cold plate, microchannel cold plates, manifolds; power: Vertical Power Delivery; no CDU or sidecar mentioned"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.wiwynn.com/news/wiwynn-showcases-next-gen-ai-platforms-thermal-engineering-and-optical-interconnect-technologies-at-2026-ocp-global-summit","title":"Wiwynn showcases next-gen AI platforms, thermal engineering and optical interconnect technologies at 2026 OCP Global Summit","publisher":"Wiwynn Corporation (Wistron group)","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T5","locator":"Thermal: 6kW double-sided cold plate, microchannel cold plates, manifolds; power: Vertical Power Delivery; no CDU or sidecar mentioned"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.714,"high":2.676,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.wiwynn.com/news/wiwynn-showcases-next-gen-ai-platforms-thermal-engineering-and-optical-interconnect-technologies-at-2026-ocp-global-summit","title":"Wiwynn showcases next-gen AI platforms, thermal engineering and optical interconnect technologies at 2026 OCP Global Summit","publisher":"Wiwynn Corporation (Wistron group)","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T5","locator":"Thermal: 6kW double-sided cold plate, microchannel cold plates, manifolds; power: Vertical Power Delivery; no CDU or sidecar mentioned"},"note":"Wiwynn (Wistron group) shows cold plates, manifolds and a vertical power delivery design at OCP 2026 (12 Oct 2026). These are mostly built into its own servers, not sold as separate parts; assumed separate thermal sales of about $60M (range 10-200). This part: about $40M of calendar 2025 data-centre sales (range $0-150M). Share = $40M / $5,606M = 0.714% (range 0-2.676%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0.143,"central":0.857,"high":2.857,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.wiwynn.com/news/wiwynn-showcases-next-gen-ai-platforms-thermal-engineering-and-optical-interconnect-technologies-at-2026-ocp-global-summit","title":"Wiwynn showcases next-gen AI platforms, thermal engineering and optical interconnect technologies at 2026 OCP Global Summit","publisher":"Wiwynn Corporation (Wistron group)","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T5","locator":"Thermal: 6kW double-sided cold plate, microchannel cold plates, manifolds; power: Vertical Power Delivery; no CDU or sidecar mentioned"},"note":"Wiwynn (Wistron group) shows cold plates, manifolds and a vertical power delivery design at OCP 2026 (12 Oct 2026). These are mostly built into its own servers, not sold as separate parts; assumed separate thermal sales of about $60M (range 10-200). This part: about $60M of calendar 2025 data-centre sales (range $10-200M). Share = $60M / $7,000M = 0.857% (range 0.143-2.857%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"bf07262c839eb898cd39bb733d1b5aaa32b763ad1248d1de7d04a153f822095a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"bf07262c839eb898cd39bb733d1b5aaa32b763ad1248d1de7d04a153f822095a"}}},"inventec":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"inventec","name":"Inventec","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.inventec.com/en/products?cat=12","title":"Inventec products: enterprise and cloud data center","publisher":"Inventec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists racks, AI servers, general-purpose, storage servers and switches; an image captioned 'Key Milestones in Liquid Cooling Research'; no cooling or power products named"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.inventec.com/en/products?cat=12","title":"Inventec products: enterprise and cloud data center","publisher":"Inventec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists racks, AI servers, general-purpose, storage servers and switches; an image captioned 'Key Milestones in Liquid Cooling Research'; no cooling or power products named"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.inventec.com/en/products?cat=12","title":"Inventec products: enterprise and cloud data center","publisher":"Inventec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists racks, AI servers, general-purpose, storage servers and switches; an image captioned 'Key Milestones in Liquid Cooling Research'; no cooling or power products named"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.inventec.com/en/products?cat=12","title":"Inventec products: enterprise and cloud data center","publisher":"Inventec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists racks, AI servers, general-purpose, storage servers and switches; an image captioned 'Key Milestones in Liquid Cooling Research'; no cooling or power products named"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"liquid":{"low":0,"central":0.535,"high":2.676,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.inventec.com/en/products?cat=12","title":"Inventec products: enterprise and cloud data center","publisher":"Inventec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists racks, AI servers, general-purpose, storage servers and switches; an image captioned 'Key Milestones in Liquid Cooling Research'; no cooling or power products named"},"note":"Inventec's products page lists racks and servers; no cooling or power product is named (an image mentions liquid cooling research). Thermal and power content is mostly inside its own servers; assumed separate sales of about $60M (range 10-200). This part: about $30M of calendar 2025 data-centre sales (range $0-150M). Share = $30M / $5,606M = 0.535% (range 0-2.676%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0.143,"central":0.857,"high":2.857,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.inventec.com/en/products?cat=12","title":"Inventec products: enterprise and cloud data center","publisher":"Inventec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists racks, AI servers, general-purpose, storage servers and switches; an image captioned 'Key Milestones in Liquid Cooling Research'; no cooling or power products named"},"note":"Inventec's products page lists racks and servers; no cooling or power product is named (an image mentions liquid cooling research). Thermal and power content is mostly inside its own servers; assumed separate sales of about $60M (range 10-200). This part: about $60M of calendar 2025 data-centre sales (range $10-200M). Share = $60M / $7,000M = 0.857% (range 0.143-2.857%). Market used: the card's central size for this part, about $7,000M (the screening-time sum of the candidates' own estimates was $4,380M). Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"85be6e00d960a226978dc704122516cd081288ed3ac878c29b36bdff7b0b1461"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"85be6e00d960a226978dc704122516cd081288ed3ac878c29b36bdff7b0b1461"}}},"alfa-laval":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"alfa-laval","name":"Alfa Laval","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.alfalaval.com/","title":"Alfa Laval home page (data-center cooling: FreeWaterLoop)","publisher":"Alfa Laval AB","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists the Alfa Laval FreeWaterLoop data-center free-cooling product; no data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.alfalaval.com/","title":"Alfa Laval home page (data-center cooling: FreeWaterLoop)","publisher":"Alfa Laval AB","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists the Alfa Laval FreeWaterLoop data-center free-cooling product; no data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.alfalaval.com/","title":"Alfa Laval home page (data-center cooling: FreeWaterLoop)","publisher":"Alfa Laval AB","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists the Alfa Laval FreeWaterLoop data-center free-cooling product; no data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.35,"high":1.313,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.alfalaval.com/","title":"Alfa Laval home page (data-center cooling: FreeWaterLoop)","publisher":"Alfa Laval AB","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists the Alfa Laval FreeWaterLoop data-center free-cooling product; no data-center sales shown"},"note":"Alfa Laval's page lists the FreeWaterLoop data-centre cooling product and no sales. Plate heat exchangers inside CDUs are mostly sold to CDU makers; assumption: own data-centre cooling sales about $0.08B (range 0.02-0.25). This part: about $40M of calendar 2025 data-centre sales (range $0-150M). Share = $40M / $11,422M = 0.35% (range 0-1.313%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0.357,"central":1.07,"high":2.676,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.alfalaval.com/","title":"Alfa Laval home page (data-center cooling: FreeWaterLoop)","publisher":"Alfa Laval AB","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists the Alfa Laval FreeWaterLoop data-center free-cooling product; no data-center sales shown"},"note":"Alfa Laval's page lists the FreeWaterLoop data-centre cooling product and no sales. Plate heat exchangers inside CDUs are mostly sold to CDU makers; assumption: own data-centre cooling sales about $0.08B (range 0.02-0.25). This part: about $60M of calendar 2025 data-centre sales (range $20-150M). Share = $60M / $5,606M = 1.07% (range 0.357-2.676%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.alfalaval.com/","title":"Alfa Laval home page (data-center cooling: FreeWaterLoop)","publisher":"Alfa Laval AB","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Page lists the Alfa Laval FreeWaterLoop data-center free-cooling product; no data-center sales shown"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e01ea690e31b3e236411be0c7440ac29ae464f7e83cfe6618c9638d1e01d97ba"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e01ea690e31b3e236411be0c7440ac29ae464f7e83cfe6618c9638d1e01d97ba"}}},"danfoss":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"danfoss","name":"Danfoss","kind":"private","commercialActivityVerified":true,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.525,"high":1.313,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.coolingpost.com/world-news/danfoss-reports-record-high-cash-flow/","title":"Danfoss reports record-high cash flow","publisher":"Cooling Post","publishedDate":"2026-03-05","accessedDate":"2026-10-22","tier":"T5","locator":"Danfoss total sales EUR 9,430m in 2025; CEO Kim Fausing: 'Global data centre sales reached approximately 7% of our total sales, almost doubling year-on-year. Our innovative and sustainable technologies for both air and liquid-cooled data centres remain one of our high-growth opportunities across our three business segments.'"},"note":"Cooling Post (5 March 2026, opened) quotes Danfoss's CEO: 'Global data centre sales reached approximately 7% of our total sales, almost doubling year-on-year', from technologies 'for both air and liquid-cooled data centres', with total 2025 sales of EUR 9,430M; data-centre sales were therefore about EUR 660M, about $750M at US$1.13 per euro (assumed). Danfoss's own pages returned 403 and were not used. The article does not say which products these are or whether they are sold as components to cooling-equipment makers or as finished units; the card counts sales at the equipment maker, so components sold into other makers' units are not counted here. How much of the $750M counts in these two parts is a 5LayerCake judgment: about 8% as air cooling and heat rejection and about 7% as liquid cooling, with ranges reaching zero because that overlap cannot be excluded. This part: about $60M of calendar 2025 data-centre sales (range $0-150M). Share = $60M / $11,422M = 0.525% (range 0-1.313%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.892,"high":2.141,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.coolingpost.com/world-news/danfoss-reports-record-high-cash-flow/","title":"Danfoss reports record-high cash flow","publisher":"Cooling Post","publishedDate":"2026-03-05","accessedDate":"2026-10-22","tier":"T5","locator":"Danfoss total sales EUR 9,430m in 2025; CEO Kim Fausing: 'Global data centre sales reached approximately 7% of our total sales, almost doubling year-on-year. Our innovative and sustainable technologies for both air and liquid-cooled data centres remain one of our high-growth opportunities across our three business segments.'"},"note":"Cooling Post (5 March 2026, opened) quotes Danfoss's CEO: 'Global data centre sales reached approximately 7% of our total sales, almost doubling year-on-year', from technologies 'for both air and liquid-cooled data centres', with total 2025 sales of EUR 9,430M; data-centre sales were therefore about EUR 660M, about $750M at US$1.13 per euro (assumed). Danfoss's own pages returned 403 and were not used. The article does not say which products these are or whether they are sold as components to cooling-equipment makers or as finished units; the card counts sales at the equipment maker, so components sold into other makers' units are not counted here. How much of the $750M counts in these two parts is a 5LayerCake judgment: about 8% as air cooling and heat rejection and about 7% as liquid cooling, with ranges reaching zero because that overlap cannot be excluded. This part: about $50M of calendar 2025 data-centre sales (range $0-120M). Share = $50M / $5,606M = 0.892% (range 0-2.141%). Market used: $5,606M, held for every company in this part; it is above the card's central $3,000M because the candidates' own estimates at screening added up to $5,045M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","title":"Market at the boiling point: is the CDU space becoming saturated?","publisher":"Dell'Oro Group","publishedDate":"2025-09-30","accessedDate":"2026-10-22","tier":"T5","locator":"Text: about 40 companies have CDUs in their portfolios and fewer than 10 are expected to capture the lion's share by decade end; Vertiv, CoolIT and Boyd described as established names; direct liquid cooling projected near $6B by 2029"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":3},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e89f517cb2443a5b60211c0634fc47d6cd523332d6146b2ee40a10bbca085e41"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e89f517cb2443a5b60211c0634fc47d6cd523332d6146b2ee40a10bbca085e41"}}},"midea":{"schema":"5lc-index-inputs/1","key":"infrastructure-power-cooling","entityId":"midea","name":"Midea (data-centre cooling)","kind":"public","commercialActivityVerified":false,"shares":{"power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-31/1225058109.PDF","title":"美的集团股份有限公司 2025 年年度报告摘要 (Midea Group 2025 annual report summary)","publisher":"Midea Group Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Section 2 (main business): product list for Building Technologies, Industrial Technology and New Energy; no data-centre UPS, switchgear, server power supply or server thermal product listed; file path dated 2026-03-31"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"switchgear":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-31/1225058109.PDF","title":"美的集团股份有限公司 2025 年年度报告摘要 (Midea Group 2025 annual report summary)","publisher":"Midea Group Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Section 2 (main business): product list for Building Technologies, Industrial Technology and New Energy; no data-centre UPS, switchgear, server power supply or server thermal product listed; file path dated 2026-03-31"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-power":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-31/1225058109.PDF","title":"美的集团股份有限公司 2025 年年度报告摘要 (Midea Group 2025 annual report summary)","publisher":"Midea Group Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Section 2 (main business): product list for Building Technologies, Industrial Technology and New Energy; no data-centre UPS, switchgear, server power supply or server thermal product listed; file path dated 2026-03-31"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."},"air-heat-rejection":{"low":0,"central":0.525,"high":4.377,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-31/1225058109.PDF","title":"美的集团股份有限公司 2025 年年度报告摘要 (Midea Group 2025 annual report summary)","publisher":"Midea Group Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Section 2 (main business): Building Technologies covers HVAC, elevators, energy and building controls, with products 'multi-split units, large chillers, unit air conditioners, computer-room air conditioners (机房空调)'; no data-centre revenue or customers; file path dated 2026-03-31; the PDF shows no publication date"},"note":"Midea Group's 2025 annual report summary (opened, Shenzhen-listed, code 000333) lists large chillers and computer-room air conditioners (机房空调) among Midea Building Technologies' products, and Midea Building Technologies' releases of 22 May 2026 (https://en.prnasia.com/releases/apac/midea-building-technologies-unveils-full-stack-data-center-cooling-solutions-in-malaysia-534120.shtml) and 2 Oct 2026 (https://kyodonewsprwire.jp/release/202610027163), both opened, present air-cooled magnetic-bearing chillers and CDUs for AI data centres. None of them gives data-centre sales, customers or a 2025 figure, so the size is a judgment: Midea is a very large group (Fortune Global 500 rank 246 in 2025, per the summary) but its data-centre cooling range was launched recently, so about $60M central with a high end of $500M and a low end of zero. This part: about $60M of calendar 2025 data-centre sales (range $0-500M). Share = $60M / $11,422M = 0.525% (range 0-4.377%). Market used: $11,422M, held for every company in this part; it is above the card's central $8,250M because the candidates' own estimates at screening added up to $10,280M (taken as 90% of the market). Shares are therefore relative sizes among the candidates; the card's size for this part may be low. Tier T5: derived by 5LayerCake from the cited source and the stated assumptions."},"liquid":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://en.prnasia.com/releases/apac/midea-building-technologies-unveils-full-stack-data-center-cooling-solutions-in-malaysia-534120.shtml","title":"Midea Building Technologies Unveils Full-Stack Data Center Cooling Solutions in Malaysia","publisher":"Midea Building Technologies (PR Newswire APAC)","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T5","locator":"Release of 22 May 2026: Maglev Active CDU, Industrial-Grade CDU '2,600 kW cooling capacity (at 3K dT)', Shunde liquid-cooling base with production expected August 2027; no customers or sales"},"note":"Midea Building Technologies' releases of 22 May 2026 and 2 Oct 2026 (opened) present liquid-cooling CDUs (a magnetic-bearing 'Maglev Active CDU' and an industrial CDU rated at 2,600 kW), and the May release says a Shunde liquid-cooling factory, started in March 2026 with more than RMB 1 billion of investment, will begin production in August 2027. They give no customers or 2025 sales. A very small share (0 to 0.1% of the part, central 0.02%) is kept as an allowance rather than recording zero without evidence. It changes no ranking. Tier T5."},"server-thermal":{"low":0,"central":0.02,"high":0.1,"unit":"percent","basis":"Share of worldwide data-centre sales in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-31/1225058109.PDF","title":"美的集团股份有限公司 2025 年年度报告摘要 (Midea Group 2025 annual report summary)","publisher":"Midea Group Co., Ltd.","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Section 2 (main business): product list for Building Technologies, Industrial Technology and New Energy; no data-centre UPS, switchgear, server power supply or server thermal product listed; file path dated 2026-03-31"},"note":"Allowance only, not a measurement: no product of this kind for this company was found in the opened source, so a very small share (0 to 0.1% of the part, central 0.02%) is kept rather than recording zero without evidence. It changes no ranking. Tier T5."}},"screening":{"power":{"levelLow":1,"levelHigh":2},"switchgear":{"levelLow":1,"levelHigh":2},"server-power":{"levelLow":1,"levelHigh":2},"air-heat-rejection":{"levelLow":1,"levelHigh":2},"liquid":{"levelLow":1,"levelHigh":2},"server-thermal":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"58ff7011722d005a452794a20660597c2d449b6d1c7799d237de6f559eda6bc4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"58ff7011722d005a452794a20660597c2d449b6d1c7799d237de6f559eda6bc4"}}}},"ratings":{"delta-electronics":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"delta-electronics","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"server-power":{"alternatives":{"level":3,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI estimates Delta holds about 70% of the Blackwell AI server PSU market; Lite-On is a major supplier to one US CSP and Flex an emerging supplier (p.1)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/advanced-energy-aeis-q4-2025-earnings-transcript/","date":"2026-02-10","support":"Advanced Energy says it doubled capacity in the Philippines and Mexico and expects to qualify first products from its Thailand plant during 2026. Replacing about two-thirds of AI PSU supply would need tier-2 makers to multiply output; new plants take about a year to qualify, so 1-2 years is a judgement."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI says fewer firms can fund the R&D to keep up with Nvidia's aggressive roadmap; PSUs move to 12kW for VR200 racks (p.1)."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI estimates Delta holds about 70% of the Blackwell AI server PSU market; Lite-On is a major supplier to one US CSP and Flex an emerging supplier (p.1)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}},"liquid":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1)."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI says Delta has over 50% of liquid-to-air sidecars on three tier-1 US CSP clients and is weighing more capacity in Thailand (p.1). Replacing over half of sidecar supply means requalifying with each CSP and adding capacity; no public timing found, so 1-2 years is a judgement."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro says scale, short lead times and commissioning teams are often decisive, and expects fewer than 10 vendors to take most of the CDU market by 2030."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI says Delta has over 50% of liquid-to-air sidecars on three tier-1 US CSP clients and is weighing more capacity in Thailand (p.1)."},{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."},{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."},{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"delta-electronics","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 5.3% of the part, Delta Electronics's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Delta Electronics (about 5.3% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"server-power":{"alternatives":{"level":3,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named with Delta for 800 VDC are Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for power systems."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"KGI says Delta is on track to become the first certified 12 kW PSU vendor for VR200, showing 'technology prowess over major competitors'; at comparable capability for the next rack generation, few alternatives exist (broker view)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Estimates Delta at about 60% of AI server power supplies, with no source named, so the other suppliers share the rest."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"Certification is rack-generation by rack-generation (Delta 'first certified 12kW PSU vendor for VR200'). To take over about 60% of AI-server PSU volume, rivals must certify and scale roughly 2.5x; no source gives a time, so 1-2 years is an inference."},{"url":"https://www.taipeitimes.com/News/biz/archives/2025/09/09/2003843451","date":"2025-09-09","support":"Delta says GB200/GB300 power-supply orders stay strong; three of four major cloud providers use a +/-400 V DC system and one uses 800 V, so designs differ by customer and generation."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"The article puts Delta's AI server power supply share at about 60%."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"KGI cites Delta's 'technology prowess over major competitors' and first-to-certify position on the 12 kW VR200 PSU, a material lead in capability."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Delta's estimated 60% share of AI server power supplies indicates rivals' volume and capacity trail well behind (article cites no source)."}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 2.6% of the part, Delta Electronics's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Delta Electronics holds about 2.6% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 21.4% of the part, Delta Electronics's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Delta's 1.5 MW liquid-to-liquid CDU is described as holding both RVL and AVL status, the only company said to; rivals listed ship comparable CDUs."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; Delta Electronics holds about 10.0% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to Delta Electronics's product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing Delta Electronics's volume (about 10.0% of the part) faces no capability shortfall (inference)."}]}}}},"reconciled":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"delta-electronics","rater":"reconciled","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Dell'Oro names Vertiv as the liquid-cooling leader, with CoolIT, nVent and Boyd holding strong market shares and Aaon growing fast (full date shown)."},{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce: sidecar CDUs dominate and are led by Delta; in-row CDUs come mainly from Vertiv and BOYD (full date shown)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI: Lite-On's liquid-to-air sidecar and in-row CDU are on Nvidia's reference vendor list (p.1; full date shown)."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios; that is offerings, not qualified makers at comparable scale, so it does not support 6+ (full date shown)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro: 'short equipment lead times can create opportunities for nimble challengers'; scale and availability are often decisive (full date shown)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"Alternatives are already listed on Nvidia's reference vendor list (Lite-On, p.1), so a switch needs customer qualification and ramp, not new platform approval (inference; full date shown)."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Reuters (republished by WHBL): Google is courting Envicool amid tight supply of cooling parts, and the market is highly fragmented; tight supply puts the switch at the upper end of 3-12 months (inference; full date shown)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Dell'Oro names Vertiv the leader of the liquid-cooling market, so the best alternative is not smaller than Delta overall (full date shown)."},{"url":"https://www.vertiv.com/en-emea/about/news-and-events/news-releases/2026/vertiv-expands-liquid-cooling-portfolio-in-emea-to-accelerate-ai-ready-data-centre-deployments/","date":"2026-05-26","support":"The company says its CoolChip CDU systems span 100 kW to 2.3 MW (full date shown)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Delta has over 50% of liquid-to-air sidecars through three tier-1 US CSP clients (p.1); rivals' sidecar volume is smaller, a small capacity gap while supply is tight (full date shown)."}]}}}}},"schneider-electric":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"schneider-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Schneider's Steve Carlini says operators place UPS and switchgear orders or capacity agreements many years in advance; large systems need custom engineering."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."}]}},"switchgear":{"alternatives":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research cites Eaton's 12-18 month order-to-delivery cycle (Feb 2026) and developers reserving factory slots under multi-year agreements. Month-only date."},{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says equipment lead times constrain the build-out: 'Demand is no longer the open question—delivery is.'"}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery. Chillers run longer than the 28-week average, but this company's volume can be re-sourced within about a year (judgement)."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."}]}},"liquid":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1)."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro says scale, short lead times and commissioning teams are often decisive, and expects fewer than 10 vendors to take most of the CDU market by 2030."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro says scale, short lead times and commissioning teams are often decisive, and expects fewer than 10 vendors to take most of the CDU market by 2030."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"schneider-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider and Vertiv are virtually tied for the lead and that Eaton, Legrand, Siemens and Vertiv have ramped busway capacity, so rack-power distribution also has several makers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 22.4% of the part, Schneider Electric's volume is more than peers could take up without adding capacity (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Schneider and Vertiv are 'virtually tied' for global share, a tenth of a point apart, so each is the other's near-equal alternative; the shortfall is capacity at Schneider Electric's scale (about 22.4% of the part), since no third maker matches either (inference)."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Calls the market fragmented with many makers of a well-established product, so there is no capability barrier, only scale. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). At about 17.7% of the part, replacing Schneider Electric means placing its output at peers facing the same 44-80 week lead times, roughly 1-2 years (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Ten established makers and 'no single supplier able to win every regional or specification niche' imply comparable capability among peers; at about 17.7% of the part, Schneider Electric's volume exceeds what peers could absorb quickly (inference), a small gap. (Date: month only, as the page gives.)"},{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Lead times of 44-80 weeks at all makers show capacity, not capability, is the limit."}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 9.6% of the part, Schneider Electric's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Schneider Electric holds about 9.6% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 7.1% of the part, Schneider Electric's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"vertiv":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"vertiv","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"The company says it is #1 in thermal management (Dell'Oro 2025) and #1 in 3-phase large UPS and power distribution (Omdia) ('Vertiv at a glance'). Year-only date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."},{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Schneider's Steve Carlini says operators place UPS and switchgear orders or capacity agreements many years in advance; large systems need custom engineering."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"The company says it is #1 in thermal management (Dell'Oro 2025) and #1 in 3-phase large UPS and power distribution (Omdia) ('Vertiv at a glance'). Year-only date."}]}},"switchgear":{"alternatives":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research cites Eaton's 12-18 month order-to-delivery cycle (Feb 2026) and developers reserving factory slots under multi-year agreements. Month-only date."},{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says equipment lead times constrain the build-out: 'Demand is no longer the open question—delivery is.'"}]}},"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."},{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI expects Megmeet to win a foothold in China, Voltronic to enter AI server PSUs and Vertiv to emerge with HVDC power racks (p.1)."}]}},"air-heat-rejection":{"alternatives":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"The company says it is #1 in thermal management (Dell'Oro 2025) and #1 in 3-phase large UPS and power distribution (Omdia) ('Vertiv at a glance'). Year-only date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."},{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4)."}]}},"liquid":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1)."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro says scale, short lead times and commissioning teams are often decisive, and expects fewer than 10 vendors to take most of the CDU market by 2030."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro says scale, short lead times and commissioning teams are often decisive, and expects fewer than 10 vendors to take most of the CDU market by 2030."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"vertiv","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider and Vertiv are virtually tied for the lead and that Eaton, Legrand, Siemens and Vertiv have ramped busway capacity, so rack-power distribution also has several makers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 17.1% of the part, Vertiv's volume is more than peers could take up without adding capacity (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Schneider and Vertiv are 'virtually tied' for global share, a tenth of a point apart, so each is the other's near-equal alternative; the shortfall is capacity at Vertiv's scale (about 17.1% of the part), since no third maker matches either (inference)."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Calls the market fragmented with many makers of a well-established product, so there is no capability barrier, only scale. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). At about 11.5% of the part, replacing Vertiv means placing its output at peers facing the same 44-80 week lead times, roughly 1-2 years (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed Vertiv's range, and Vertiv holds about 11.5% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.2% of the part, Vertiv's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Vertiv holds about 1.2% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog $15.0B at 31 Dec 2025, most to ship within 12-18 months. At about 15.8% of the part (the largest share), Vertiv's output is more than peers could take up without adding capacity (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a $12.1B backlog, about $6B of it for 2027 and beyond, and hyperscaler long-term capacity commitments, so rivals are also committed (Q2 2026 call)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in thermal management (Dell'Oro 2025) (company letter, p.8, a claim). The next makers (Schneider, Modine, Carrier, Johnson Controls) each hold under 10% of the part, so none could replace its capacity soon (inference), a small gap. (Date: year only, as the report gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 8.0% of the part, Vertiv's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"asia-vital-components":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"asia-vital-components","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}},"server-thermal":{"alternatives":{"level":3,"evidence":[{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."},{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."},{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/nvidia-gtc-2026_19032026e.pdf","date":"2026-03-19","support":"KGI: Vera Rubin raises heat-spreader content about 3x and liquid-cooling content over 50% per compute tray; AVC and BOYD named beneficiaries (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"asia-vital-components","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 3.6% of the part, Asia Vital Components (AVC)'s volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"AVC's chairman says output 'cannot meet' client demand; AVC plans cold plates from 200,000 units (end 2025) to 1 million (end 2026). At about 24.3% of the part, rivals would need similar multiples of capacity to replace it, 1-2 years (inference)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' stage-one capacity is 300k cold plates a month with a second stage of 200-300k later, showing rivals' ramps take multiple quarters."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"AVC's estimated 40-50% share of GB200/GB300 cold plates and capacity short of demand mean the best alternatives (Delta, Auras, Cooler Master, Boyd) are smaller, a small gap on capacity at scale (inference)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' planned capacity is below AVC's targeted 1 million units, though it is a credible second source."}]}}}}},"eaton":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"eaton","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.fool.com/earnings/call-transcripts/2025/11/05/eaton-etn-q3-2025-earnings-call-transcript","date":"2025-11-05","support":"Eaton says data-centre orders rose about 70%, Electrical Americas backlog grew 20% to $12B and it is expanding 12 facilities (Q3 2025 call held 4 Nov 2025)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says equipment lead times constrain the build-out: 'Demand is no longer the open question—delivery is.'"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."}]}},"switchgear":{"alternatives":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://www.fool.com/earnings/call-transcripts/2025/11/05/eaton-etn-q3-2025-earnings-call-transcript","date":"2025-11-05","support":"Eaton says data-centre orders rose about 70%, Electrical Americas backlog grew 20% to $12B and it is expanding 12 facilities (Q3 2025 call held 4 Nov 2025)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research cites Eaton's 12-18 month order-to-delivery cycle (Feb 2026) and developers reserving factory slots under multi-year agreements. Month-only date."},{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says equipment lead times constrain the build-out: 'Demand is no longer the open question—delivery is.'"}]}},"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]}},"liquid":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1)."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro says scale, short lead times and commissioning teams are often decisive, and expects fewer than 10 vendors to take most of the CDU market by 2030."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."},{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro says scale, short lead times and commissioning teams are often decisive, and expects fewer than 10 vendors to take most of the CDU market by 2030."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."},{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"eaton","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider and Vertiv are virtually tied for the lead and that Eaton, Legrand, Siemens and Vertiv have ramped busway capacity, so rack-power distribution also has several makers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 8.2% of the part, Eaton's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."},{"url":"https://www.marketbeat.com/earnings/reports/2026-7-31-eaton-co-plc-stock/","date":"2026-07-31","support":"Eaton says it is investing over $1B in capacity and knows which product lines have extended lead times (Q2 2026 call), so even a large maker cannot absorb volume quickly."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Eaton (about 8.2% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). At about 14.1% of the part, replacing Eaton means placing its output at peers facing the same 44-80 week lead times, roughly 1-2 years (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"},{"url":"https://www.marketbeat.com/earnings/reports/2026-7-31-eaton-co-plc-stock/","date":"2026-07-31","support":"Eaton says it is investing over $1B in capacity and knows which lines have extended lead times (Q2 2026 call)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Ten established makers and 'no single supplier able to win every regional or specification niche' imply comparable capability among peers; at about 14.1% of the part, Eaton's volume exceeds what peers could absorb quickly (inference), a small gap. (Date: month only, as the page gives.)"},{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Lead times of 44-80 weeks at all makers show capacity, not capability, is the limit."}]}},"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.2% of the part, Eaton's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Eaton holds about 1.2% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 8.0% of the part, Eaton's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; Eaton holds about 5.0% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to Eaton's product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing Eaton's volume (about 5.0% of the part) faces no capability shortfall (inference)."}]}}}}},"flex":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"flex","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research profiles 15 data-centre switchgear makers, including Schneider, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, LS ELECTRIC and Fuji Electric. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms. About a year sits at the top of level 2; small volumes can also go to second-tier panel builders (judgement)."},{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]}},"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."},{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI estimates Delta holds about 70% of the Blackwell AI server PSU market; Lite-On is a major supplier to one US CSP and Flex an emerging supplier (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI says fewer firms can fund the R&D to keep up with Nvidia's aggressive roadmap; PSUs move to 12kW for VR200 racks (p.1)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."},{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"flex","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 4.1% of the part, Flex (power and cooling)'s volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Flex (power and cooling) (about 4.1% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). Flex (power and cooling) holds about 5.3% of the part, a small volume; standard lead times of about 44-52 weeks put a replacement at the upper end of the 3-12 month band (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed Flex (power and cooling)'s range, and Flex (power and cooling) holds about 5.3% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 6.9% of the part, Flex (power and cooling)'s volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Flex (power and cooling) holds about 6.9% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 3.6% of the part, Flex (power and cooling)'s volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; Flex (power and cooling) holds about 1.4% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to Flex (power and cooling)'s product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing Flex (power and cooling)'s volume (about 1.4% of the part) faces no capability shortfall (inference)."}]}}}}},"huawei":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"huawei","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research profiles 15 data-centre switchgear makers, including Schneider, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, LS ELECTRIC and Fuji Electric. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms. About a year sits at the top of level 2; small volumes can also go to second-tier panel builders (judgement)."},{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]}},"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"huawei","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 4.7% of the part, Huawei (Digital Power)'s volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Huawei (Digital Power) (about 4.7% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). Huawei (Digital Power) holds about 1.8% of the part, a small volume; standard lead times of about 44-52 weeks put a replacement at the upper end of the 3-12 month band (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed Huawei (Digital Power)'s range, and Huawei (Digital Power) holds about 1.8% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.9% of the part, Huawei (Digital Power)'s volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Huawei (Digital Power) holds about 1.9% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 2.2% of the part, Huawei (Digital Power)'s volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Huawei (Digital Power) holds about 2.2% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.8% of the part, Huawei (Digital Power)'s volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"siemens-smart-infrastructure":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"siemens-smart-infrastructure","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"switchgear":{"alternatives":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:74aedb6a-c07d-472b-a6a5-07832e3804ff/ONE%20Tech%20-%20Speech%20Ralf%20P.%20Thomas_CFO_EN.pdf","date":"2025-11-13","support":"Siemens' CFO says Smart Infrastructure data-centre revenue reached EUR 2.9bn in FY2025, up 40%, with a EUR 18.6bn backlog and most large orders from data centres (pp.5-6)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research cites Eaton's 12-18 month order-to-delivery cycle (Feb 2026) and developers reserving factory slots under multi-year agreements. Month-only date."},{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says equipment lead times constrain the build-out: 'Demand is no longer the open question—delivery is.'"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"siemens-smart-infrastructure","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider and Vertiv are virtually tied for the lead and that Eaton, Legrand, Siemens and Vertiv have ramped busway capacity, so rack-power distribution also has several makers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 2.4% of the part, Siemens Smart Infrastructure's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Siemens Smart Infrastructure (about 2.4% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). At about 15.9% of the part, replacing Siemens Smart Infrastructure means placing its output at peers facing the same 44-80 week lead times, roughly 1-2 years (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"},{"url":"https://pv-magazine-usa.com/2026/05/28/siemens-and-jabil-to-expand-electrical-equipment-manufacturing-in-virginia/","date":"2026-05-28","support":"Siemens and Jabil announced a $30M medium-voltage switchgear and power distribution plant in Virginia with production due in fall 2026, showing that added capacity arrives in months to years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Ten established makers and 'no single supplier able to win every regional or specification niche' imply comparable capability among peers; at about 15.9% of the part, Siemens Smart Infrastructure's volume exceeds what peers could absorb quickly (inference), a small gap. (Date: month only, as the page gives.)"},{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Lead times of 44-80 weeks at all makers show capacity, not capability, is the limit."}]}}}}},"lite-on":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"lite-on","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."},{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI estimates Delta holds about 70% of the Blackwell AI server PSU market; Lite-On is a major supplier to one US CSP and Flex an emerging supplier (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI says fewer firms can fund the R&D to keep up with Nvidia's aggressive roadmap; PSUs move to 12kW for VR200 racks (p.1)."}]}},"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells eight standard AI-server fan models through DigiKey and Mouser and says the line is already widely adopted."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."},{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells eight standard AI-server fan models through DigiKey and Mouser and says the line is already widely adopted. No public fan requalification timing found; standard parts suggest months, not years (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"lite-on","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 8.1% of the part, LITEON's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; LITEON holds about 8.1% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; LITEON holds about 1.4% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to LITEON's product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing LITEON's volume (about 1.4% of the part) faces no capability shortfall (inference)."}]}}}}},"jentech":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"jentech","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":4,"evidence":[{"url":"https://udn.com/news/story/7253/9209788","date":"2025-12-18","support":"Economic Daily News: I-Chiun is one of only two suppliers of high-end advanced-packaging heat spreaders; new rivals are unlikely within 2-3 years."},{"url":"https://www.moneyweekly.com.tw/_Article?AID=241110","date":"2026-08-05","support":"MoneyWeekly calls Jentech the leader of the semiconductor heat spreader market, with growth tied to each new GPU platform."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.cnyes.com/news/id/6481407","date":"2026-06-03","support":"Jentech says Vera Rubin's lid moved to two pieces over warpage, then back to one because testing could not finish on schedule."},{"url":"https://udn.com/news/story/7253/9209788","date":"2025-12-18","support":"Economic Daily News: I-Chiun is one of only two suppliers of high-end advanced-packaging heat spreaders; new rivals are unlikely within 2-3 years."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.moneyweekly.com.tw/_Article?AID=241110","date":"2026-08-05","support":"MoneyWeekly calls Jentech the leader of the semiconductor heat spreader market, with growth tied to each new GPU platform."},{"url":"https://udn.com/news/story/7253/9209788","date":"2025-12-18","support":"Economic Daily News: I-Chiun's heat spreaders for Nvidia's Grace CPU only entered mass production in Q4 2025."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/nvidia-gtc-2026_19032026e.pdf","date":"2026-03-19","support":"KGI: Vera Rubin raises heat-spreader content about 3x and liquid-cooling content over 50% per compute tray; AVC and BOYD named beneficiaries (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"jentech","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; Jentech Precision holds about 3.6% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to Jentech Precision's product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing Jentech Precision's volume (about 3.6% of the part) faces no capability shortfall (inference)."}]}}}},"reconciled":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"jentech","rater":"reconciled","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":3,"evidence":[{"url":"https://udn.com/news/story/7253/9209788","date":"2025-12-18","support":"I-Chiun says it is one of only two suppliers of high-end advanced-packaging heat spreaders (the company's claim; full date shown)."},{"url":"https://blog.fugle.tw/post/earnings-call-2486-2025-12-17","date":"2025-12-17","support":"Memo of I-Chiun's earnings call (AI-assisted summary): management calls the other high-end lid supplier an earlier entrant and says demand exceeds supply (full date shown)."},{"url":"https://uanalyze.com.tw/articles/8146350921","date":"2026-04-20","support":"Reprint of an Anue report describing Jentech as the exclusive supplier for AMD's MI450 (full date shown)."},{"url":"https://t.media/3188903","date":"2026-04-27","support":"TVBS: Jentech is one of four approved Vera Rubin cold-plate suppliers with AVC, Cooler Master and Delta, so its cold-plate part has several alternatives (full date shown)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.cnyes.com/news/id/6481407","date":"2026-06-03","support":"Anue: the Vera Rubin two-piece lid could not finish testing on schedule, so customers returned to one piece; lid changes need long testing (full date shown)."},{"url":"https://udn.com/news/story/7253/9209788","date":"2025-12-18","support":"I-Chiun's scheduling is full through the first half of 2027, and it says new rivals are unlikely within two to three years (full date shown)."},{"url":"https://blog.fugle.tw/post/earnings-call-2486-2025-12-17","date":"2025-12-17","support":"Memo of I-Chiun's call (AI-assisted summary): it targets doubling capacity in 2026 over 2025, so taking Jentech's volume would need more than a year (inference; full date shown)."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://uanalyze.com.tw/articles/7626644172","date":"2026-01-05","support":"I-Chiun's 2025 revenue was NT$6.05bn, its highest since 2016 (full date shown)."},{"url":"https://blog.fugle.tw/post/earnings-call-2486-2025-12-17","date":"2025-12-17","support":"Thermal parts were 18.03% of I-Chiun's 2024 revenue, 26.38% in Q3 2025 and about 37% in November 2025 (AI-assisted call memo; full date shown)."},{"url":"https://mopsov.twse.com.tw/nas/STR/365320251128E001.pdf","date":"2025-11-28","support":"Jentech deck: thermal solutions 73% of 3Q25 revenue, quarterly revenue NT$4.75-5.18bn (slides 13, 21); about NT$14bn of thermal sales in 2025, several times I-Chiun's (full date shown)."},{"url":"https://udn.com/news/story/7253/9209788","date":"2025-12-18","support":"I-Chiun's heat spreaders for Nvidia's Grace CPU entered mass production only in Q4 2025 (full date shown)."},{"url":"https://www.ctee.com.tw/news/20260814700722-430201","date":"2026-08-14","support":"Commercial Times: reportedly only Jentech meets a chipmaker's removable-lid requirements; second-tier spreader makers struggle to cross the barrier (full date shown)."}]}}}}},"abb":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"abb","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"switchgear":{"alternatives":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://library.e.abb.com/public/17c5f84dedb946478c22ba1e00f5673e/ABB-Q4-2025-press-release-English.pdf","date":"2026-01-29","support":"ABB says Electrification demand was led by data centres, with several data-centre orders above $100M each and backlog up 26% to $9.4B (pp.2, 6)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research cites Eaton's 12-18 month order-to-delivery cycle (Feb 2026) and developers reserving factory slots under multi-year agreements. Month-only date."},{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says equipment lead times constrain the build-out: 'Demand is no longer the open question—delivery is.'"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"abb","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 2.9% of the part, ABB's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as ABB (about 2.9% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). At about 10.6% of the part, replacing ABB means placing its output at peers facing the same 44-80 week lead times, roughly 1-2 years (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed ABB's range, and ABB holds about 10.6% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"legrand":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"legrand","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research profiles 15 data-centre switchgear makers, including Schneider, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, LS ELECTRIC and Fuji Electric. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms. About a year sits at the top of level 2; small volumes can also go to second-tier panel builders (judgement)."},{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"legrand","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider and Vertiv are virtually tied for the lead and that Eaton, Legrand, Siemens and Vertiv have ramped busway capacity, so rack-power distribution also has several makers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 4.9% of the part, Legrand's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Legrand (about 4.9% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). Legrand holds about 2.6% of the part, a small volume; standard lead times of about 44-52 weeks put a replacement at the upper end of the 3-12 month band (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed Legrand's range, and Legrand holds about 2.6% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.8% of the part, Legrand's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"mitsubishi-electric":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"mitsubishi-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research profiles 15 data-centre switchgear makers, including Schneider, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, LS ELECTRIC and Fuji Electric. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms. About a year sits at the top of level 2; small volumes can also go to second-tier panel builders (judgement)."},{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"mitsubishi-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 3.5% of the part, Mitsubishi Electric's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Mitsubishi Electric (about 3.5% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). Mitsubishi Electric holds about 3.2% of the part, a small volume; standard lead times of about 44-52 weeks put a replacement at the upper end of the 3-12 month band (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed Mitsubishi Electric's range, and Mitsubishi Electric holds about 3.2% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 2.2% of the part, Mitsubishi Electric's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Mitsubishi Electric holds about 2.2% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"modine":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"modine","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery. Chillers run longer than the 28-week average, but this company's volume can be re-sourced within about a year (judgement)."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"modine","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 8.1% of the part, Modine's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Modine holds about 8.1% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 2.7% of the part, Modine's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"advanced-energy":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"advanced-energy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."},{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."},{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/advanced-energy-aeis-q4-2025-earnings-transcript/","date":"2026-02-10","support":"Advanced Energy's CEO says hyperscalers adopted its customized power solutions in AI racks and its 2025 design wins enter volume production in 2026."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI says fewer firms can fund the R&D to keep up with Nvidia's aggressive roadmap; PSUs move to 12kW for VR200 racks (p.1)."},{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/advanced-energy-aeis-q4-2025-earnings-transcript/","date":"2026-02-10","support":"Advanced Energy's CEO says the company is a technology leader, making it harder for rivals to catch up (company claim)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"advanced-energy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 7.3% of the part, Advanced Energy's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Advanced Energy holds about 7.3% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}}}}},"carrier":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"carrier","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery. Chillers run longer than the 28-week average, but this company's volume can be re-sourced within about a year (judgement)."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."},{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"carrier","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 7.0% of the part, Carrier's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Carrier holds about 7.0% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 2.1% of the part, Carrier's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"johnson-controls":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"johnson-controls","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery. Chillers run longer than the 28-week average, but this company's volume can be re-sourced within about a year (judgement)."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"johnson-controls","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 7.0% of the part, Johnson Controls's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Johnson Controls holds about 7.0% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.8% of the part, Johnson Controls's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"trane":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"trane","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery. Chillers run longer than the 28-week average, but this company's volume can be re-sourced within about a year (judgement)."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"trane","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 6.1% of the part, Trane Technologies's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Trane Technologies holds about 6.1% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.8% of the part, Trane Technologies's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"daikin":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"daikin","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery. Chillers run longer than the 28-week average, but this company's volume can be re-sourced within about a year (judgement)."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's backlog was $15.0B at end-2025 (from $7.2B), mostly expected to ship within 12 to 18 months (10-K, Backlog). Year-only date."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"daikin","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 6.1% of the part, Daikin's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Daikin holds about 6.1% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"hon-hai":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"hon-hai","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."},{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"hon-hai","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.2% of the part, Hon Hai (Foxconn)'s volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Hon Hai (Foxconn) holds about 1.2% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.8% of the part, Hon Hai (Foxconn)'s volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; Hon Hai (Foxconn) holds about 3.6% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to Hon Hai (Foxconn)'s product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing Hon Hai (Foxconn)'s volume (about 3.6% of the part) faces no capability shortfall (inference)."}]}}}}},"enersys":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"enersys","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":2,"evidence":[{"url":"https://s206.q4cdn.com/482396552/files/doc_presentations/2026/Jun/EnerSys-Investor-Day-Presentation.pdf","date":"2026-06-11","support":"EnerSys says its Network & Infrastructure unit, serving data centres and all large UPS makers, leads in North America; it is launching a lithium system against other lithium offerings (slides 36, 45)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s206.q4cdn.com/482396552/files/doc_presentations/2026/Jun/EnerSys-Investor-Day-Presentation.pdf","date":"2026-06-11","support":"EnerSys says its Network & Infrastructure unit, serving data centres and all large UPS makers, leads in North America; it is launching a lithium system against other lithium offerings (slides 36, 45)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"enersys","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1289308/000128930824000018/ens-20240331.htm","date":"2024","support":"Item 1 'Competition' (p.8) lists East Penn, Exide (Stryten), Fiamm, SAFT, C&D, Vertiv, ABB and Eltek among Energy Systems rivals, plus unnamed Chinese makers; the list is not split by data-centre UPS batteries, so the count of qualified UPS-battery suppliers is not measured directly. (Date: year only; fiscal year ended 31 March 2024.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro (4Q 2025) says demand is 'continuing to outpace supply across most infrastructure categories'. Evidence on battery lead times is thin; at about 2.6% of the part, EnerSys's volume could be placed with other UPS-battery makers in a few months to a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1289308/000128930824000018/ens-20240331.htm","date":"2024","support":"Several established battery makers named in the 10-K sell the same UPS reserve-power products, so the best alternative shows no capability gap for EnerSys's volume (inference from the rivals list; no capacity figures). (Date: year only; fiscal year ended 31 March 2024.)"}]}}}}},"nvent":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"nvent","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research profiles 15 data-centre switchgear makers, including Schneider, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, LS ELECTRIC and Fuji Electric. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms. About a year sits at the top of level 2; small volumes can also go to second-tier panel builders (judgement)."},{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"nvent","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider and Vertiv are virtually tied for the lead and that Eaton, Legrand, Siemens and Vertiv have ramped busway capacity, so rack-power distribution also has several makers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 1.5% of the part, nVent's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as nVent (about 1.5% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). nVent holds about 2.1% of the part, a small volume; standard lead times of about 44-52 weeks put a replacement at the upper end of the 3-12 month band (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed nVent's range, and nVent holds about 2.1% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 4.5% of the part, nVent's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"stulz":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"stulz","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"stulz","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 5.3% of the part, STULZ's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; STULZ holds about 5.3% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.1% of the part, STULZ's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"munters":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"munters","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"munters","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 4.4% of the part, Munters's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."},{"url":"https://www.climatecontrolnews.com.au/cooling/munters-expands-production","date":"2025-07-29","support":"Munters is adding chiller production in Virginia (completion Q2 2026, announced Mar 2025) to 'reduce lead times'."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Munters holds about 4.4% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.4% of the part, Munters's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"auras":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"auras","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."},{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"auras","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.8% of the part, Auras Technology's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; Auras Technology holds about 3.6% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to Auras Technology's product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing Auras Technology's volume (about 3.6% of the part) faces no capability shortfall (inference)."}]}}}}},"simplo":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"simplo","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.moneyweekly.com.tw/_Article?AID=236344","date":"2026-07-09","support":"MoneyWeekly names Dynapack, AES-KY, Celxpert and STL among Taiwan's AI-server BBU suppliers for GB200, GB300 and Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.moneyweekly.com.tw/_Article?AID=236344","date":"2026-07-09","support":"MoneyWeekly names Dynapack, AES-KY, Celxpert and STL among Taiwan's AI-server BBU suppliers for GB200, GB300 and Rubin."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"simplo","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://uanalyze.com.tw/articles/5522111336","date":"2025-03-10","support":"Names AES-KY (a Simplo-group battery-module maker) as a main NVIDIA BBU supplier with Amazon, Google and Microsoft positions, and Samsung SDI and Murata as cell suppliers. Few BBU module makers are named, so evidence is thin."},{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.5% of the part, Simplo Technology's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Simplo Technology holds about 1.5% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}}}}},"fuji-electric":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"fuji-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research profiles 15 data-centre switchgear makers, including Schneider, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, LS ELECTRIC and Fuji Electric. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms. About a year sits at the top of level 2; small volumes can also go to second-tier panel builders (judgement)."},{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"fuji-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 1.8% of the part, Fuji Electric's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Fuji Electric (about 1.8% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}},"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). Fuji Electric holds about 1.4% of the part, a small volume; standard lead times of about 44-52 weeks put a replacement at the upper end of the 3-12 month band (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed Fuji Electric's range, and Fuji Electric holds about 1.4% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"acbel":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"acbel","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"acbel","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 3.8% of the part, AcBel Polytech's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; AcBel Polytech holds about 3.8% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}}}}},"kehua-data":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"kehua-data","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Schneider Electric and Vertiv are virtually tied for global data-centre physical infrastructure share, a tenth of a point apart."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-grew-17-percent-y-y-in-1q-2025-driven-by-ai-buildout/","date":"2025-07-08","support":"Dell'Oro says Eaton, Legrand, Siemens and Vertiv have expanded busway and power-distribution capacity; busway grew over 40% in 1Q 2025."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"kehua-data","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"power":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Schneider, Eaton, Legrand and Huawei as large-scale rivals and Delta, STULZ, Johnson Controls and Socomec as niche rivals, so well over six makers compete in UPS and power distribution. (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Lists 12 'Top Data Center UPS Providers' (including ABB, Eaton, Schneider, Mitsubishi Electric, Vertiv, Legrand, Delta and Huawei) and calls the market fragmented. (The page shows no publication date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Backlog (Item 1): $15.0B at 31 Dec 2025, most 'expected to be shipped within the next 12 to 18 months', so a new UPS or busway order at the largest maker ships about a year out. At about 1.6% of the part, Kehua Data's volume could be placed with other qualified makers in roughly a year (inference; no source gives a replacement time). (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-reaches-10-9-billion-in-4q-2025-up-20-percent-y-y/","date":"2026-03-19","support":"Dell'Oro reports demand 'continuing to outpace supply across most infrastructure categories' and backlogs building across power, cooling and distribution at once."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv says it is #1 in 3-phase large UPS and power distribution (Omdia 2025) (company letter, p.8, a claim); with Schneider virtually tied (Dell'Oro), the best alternatives are larger and at least as capable as Kehua Data (about 1.6% of the part), so no gap (inference). (Date: year only, as the report gives.)"},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-ups-market/market-share","date":"undated","support":"Many established UPS makers are listed and the market is called fragmented, which supports no material capability gap for a small-share supplier. (The page shows no publication date.)"}]}}}}},"rittal":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"rittal","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"rittal","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 1.3% of the part, Rittal's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Rittal holds about 1.3% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.8% of the part, Rittal's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"flaktgroup":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"flaktgroup","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"flaktgroup","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 2.6% of the part, FläktGroup's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; FläktGroup holds about 2.6% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"ecolab":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"ecolab","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."},{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"ecolab","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 3.0% of the part, Ecolab (CoolIT)'s volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}},"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; Ecolab (CoolIT) holds about 1.6% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to Ecolab (CoolIT)'s product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing Ecolab (CoolIT)'s volume (about 1.6% of the part) faces no capability shortfall (inference)."}]}}}}},"chicony-power":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"chicony-power","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"chicony-power","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 2.5% of the part, Chicony Power's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Chicony Power holds about 2.5% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}}}}},"envicool":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"envicool","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1). Indirect: a new entrant reached Nvidia's list within its first product generation; no public requalification timing found."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"envicool","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 1.8% of the part, Envicool's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Envicool holds about 1.8% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}},"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.4% of the part, Envicool's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"samsung-sdi":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"samsung-sdi","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.moneyweekly.com.tw/_Article?AID=236344","date":"2026-07-09","support":"MoneyWeekly names Dynapack, AES-KY, Celxpert and STL among Taiwan's AI-server BBU suppliers for GB200, GB300 and Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.moneyweekly.com.tw/_Article?AID=236344","date":"2026-07-09","support":"MoneyWeekly names Dynapack, AES-KY, Celxpert and STL among Taiwan's AI-server BBU suppliers for GB200, GB300 and Rubin."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"samsung-sdi","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://uanalyze.com.tw/articles/5522111336","date":"2025-03-10","support":"Names AES-KY (a Simplo-group battery-module maker) as a main NVIDIA BBU supplier with Amazon, Google and Microsoft positions, and Samsung SDI and Murata as cell suppliers. Few BBU module makers are named, so evidence is thin."},{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.0% of the part, Samsung SDI's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Samsung SDI holds about 1.0% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}}}}},"aaon":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"aaon","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"aaon","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 2.2% of the part, AAON's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; AAON holds about 2.2% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"nidec":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"nidec","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells eight standard AI-server fan models through DigiKey and Mouser and says the line is already widely adopted."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells eight standard AI-server fan models through DigiKey and Mouser and says the line is already widely adopted. No public fan requalification timing found; standard parts suggest months, not years (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"nidec","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells 8 standard AI-server fan models, 38-120 mm, through DigiKey and Mouser, so server fans are a standard, off-the-shelf part. Nidec holds about 2.1% of the part and the inputs file measures several other makers of fans and thermal parts (Delta, Sunon, ebm-papst, AVC), so alternatives are many (inference)."}]},"switchingTime":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Catalogue fans are sold in small lots for prototypes and development centres, so switching a fan supplier takes weeks to a few months (inference from catalogue availability); Nidec's volume is about 2.1% of the part."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"The fan is a standard part with off-the-shelf alternatives, so the best alternative shows no capability gap (inference; thin evidence for heat sinks and heat pipes)."}]}}}}},"cooler-master":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"cooler-master","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."},{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"cooler-master","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":2,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"NVIDIA named AVC one of four preferred cold-plate suppliers for Vera Rubin; AVC holds an estimated 40-50% of GB200/GB300 cold plates (article does not name the other three)."},{"url":"https://t.media/3177049","date":"2026-04-13","support":"Says NVIDIA also named Delta as one of the four preferred cold-plate suppliers for Vera Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"KGI expects Auras' GB300 cold-plate and manifold sales to Supermicro, Meta and AWS and says its cold-plate capacity is expanding to 300k units a month, a further source."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Vendor status for NVIDIA liquid cooling is per platform (RVL/AVL lists). No source gives a qualification time; Cooler Master holds about 1.4% of the part, so its volume could be moved to other listed makers within 3-12 months (inference; evidence specific to Cooler Master's product is thin)."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/auras-technology_3324-tt_20260330e.pdf","date":"2026-03-30","support":"Auras' first-two-month 2026 sales rose 95% on GB300 liquid-cooling shipments after a Thailand cold-plate and manifold expansion, suggesting qualified suppliers can ramp within a year (inference)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://t.media/3179423","date":"2026-04-16","support":"The best alternative, AVC, is the larger and better-established cold-plate maker, so replacing Cooler Master's volume (about 1.4% of the part) faces no capability shortfall (inference)."}]}}}}},"socomec":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"socomec","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research profiles 15 data-centre switchgear makers, including Schneider, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, LS ELECTRIC and Fuji Electric. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms. About a year sits at the top of level 2; small volumes can also go to second-tier panel builders (judgement)."},{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"socomec","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). Socomec holds about 1.1% of the part, a small volume; standard lead times of about 44-52 weeks put a replacement at the upper end of the 3-12 month band (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed Socomec's range, and Socomec holds about 1.1% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"nortek-air-solutions":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"nortek-air-solutions","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"nortek-air-solutions","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 1.8% of the part, Nortek Air Solutions's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Nortek Air Solutions holds about 1.8% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"sunon":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"sunon","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells eight standard AI-server fan models through DigiKey and Mouser and says the line is already widely adopted."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells eight standard AI-server fan models through DigiKey and Mouser and says the line is already widely adopted. No public fan requalification timing found; standard parts suggest months, not years (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"sunon","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells 8 standard AI-server fan models, 38-120 mm, through DigiKey and Mouser, so server fans are a standard, off-the-shelf part. Sunon holds about 2.1% of the part and the inputs file measures several other makers of fans and thermal parts (Delta, Sunon, ebm-papst, AVC), so alternatives are many (inference)."}]},"switchingTime":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Catalogue fans are sold in small lots for prototypes and development centres, so switching a fan supplier takes weeks to a few months (inference from catalogue availability); Sunon's volume is about 2.1% of the part."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"The fan is a standard part with off-the-shelf alternatives, so the best alternative shows no capability gap (inference; thin evidence for heat sinks and heat pipes)."}]}}}}},"ls-electric":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"ls-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research profiles 15 data-centre switchgear makers, including Schneider, Eaton, Siemens, ABB, Vertiv, Legrand, Mitsubishi Electric, LS ELECTRIC and Fuji Electric. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.datacenterknowledge.com/build-design/ai-data-center-boom-rewires-us-power-supply-chain","date":"2026-05-04","support":"Wood Mackenzie's Ben Boucher says switchgear lead times have held close to one year, still elevated against historical norms. About a year sits at the top of level 2; small volumes can also go to second-tier panel builders (judgement)."},{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.meticulousresearch.com/product/data-center-switchgear-market-6980","date":"2026-10","support":"Meticulous Research: four global electrical groups hold more than half of data-centre switchgear revenue; a fragmented second tier includes Asian makers and regional panel builders. Month-only date."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"ls-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switchgear":{"alternatives":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Calls the market 'Moderately Fragmented' with about ten established makers: Schneider, Eaton, Siemens, ABB, Hitachi Energy, Vertiv, Powell, Mitsubishi Electric, Guangzhou Baiyun and GE Vernova. (Date: month only, as the page gives.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://eu.36kr.com/en/p/3951951551691905","date":"2026-08-24","support":"Says medium-voltage switchgear lead time 'has extended from 4-5 months to 44-80 weeks' (the article's own figure, no named source). LS Electric holds about 2.1% of the part, a small volume; standard lead times of about 44-52 weeks put a replacement at the upper end of the 3-12 month band (inference)."},{"url":"https://www.gigaenergy.com/blog/lead-time-delays-for-data-centers","date":"2026-08-13","support":"Vendor blog cites a Wood Mackenzie survey (44 weeks average for switchgear) and contractor reports of about 52 weeks for standard switchboards and 2-3 years for medium-voltage gear built to data-centre specs (early 2026); secondary figures."},{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Entry needs type-tested designs, short-circuit and arc-fault test facilities and factory capacity that take years to build, so new makers cannot be added quickly. (Date: month only, as the page gives.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.psmarketresearch.com/market-analysis/data-center-switchgear-market-report","date":"2026-09","support":"Larger makers on the list (Schneider, Eaton, Siemens, ABB, Hitachi Energy, GE Vernova) match or exceed LS Electric's range, and LS Electric holds about 2.1% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"kstar":{},"toshiba":{},"shenling":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"shenling","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"shenling","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 1.3% of the part, Shenling Environmental's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Shenling Environmental holds about 1.3% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"honor-electronic":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"honor-electronic","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"honor-electronic","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.2% of the part, Shenzhen Honor Electronic's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Shenzhen Honor Electronic holds about 1.2% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}}}}},"megmeet":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"megmeet","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.giiresearch.com/report/qyr1809982-ai-server-power-supply-global-market-share-ranking.html","date":"2025-09-11","support":"QYResearch listing: Delta, LITEON, AcBel, Chicony and Advanced Energy lead AI server power supplies (top five 77.66% of 2024 revenue); Megmeet, FSP and Great Wall also named."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI expects Megmeet to win a foothold in China, Voltronic to enter AI server PSUs and Vertiv to emerge with HVDC power racks (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI puts Delta's AI server PSU share at 'current 60-65%' and says Flex and Lite-On keep tier-2 supplier status (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"megmeet","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vertiv says its PowerDirect 3000 33 kW 50 VDC power systems for GB300 NVL72 are 'listed on NVIDIA's recommended vendor list' (company claim). (The page shows no date.)"},{"url":"https://www.opencompute.org/marketplace/facilities-physical-infrastructure/acbel-19-33kw-power-shelf/","date":"undated","support":"Acbel lists a 1RU 33 kW power shelf with six hot-swappable 5.5 kW PSU modules for AI infrastructure on the OCP marketplace (company listing; no NVIDIA qualification stated). (The listing shows no date.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.2% of the part, Megmeet's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Megmeet holds about 1.2% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}}}}},"ebm-papst":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"ebm-papst","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells eight standard AI-server fan models through DigiKey and Mouser and says the line is already widely adopted."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells eight standard AI-server fan models through DigiKey and Mouser and says the line is already widely adopted. No public fan requalification timing found; standard parts suggest months, not years (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Delta has long held a substantial share of the DC-DC power module, power choke and thermal fan markets (p.1)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"ebm-papst","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells 8 standard AI-server fan models, 38-120 mm, through DigiKey and Mouser, so server fans are a standard, off-the-shelf part. ebm-papst holds about 1.4% of the part and the inputs file measures several other makers of fans and thermal parts (Delta, Sunon, ebm-papst, AVC), so alternatives are many (inference)."}]},"switchingTime":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Catalogue fans are sold in small lots for prototypes and development centres, so switching a fan supplier takes weeks to a few months (inference from catalogue availability); ebm-papst's volume is about 1.4% of the part."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"The fan is a standard part with off-the-shelf alternatives, so the best alternative shows no capability gap (inference; thin evidence for heat sinks and heat pipes)."}]}}}}},"spx-technologies":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"spx-technologies","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"spx-technologies","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 1.3% of the part, SPX Technologies's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; SPX Technologies holds about 1.3% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"furukawa-electric":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"furukawa-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce names Cooler Master, AVC, BOYD and Auras as cold-plate suppliers; three of them expanded liquid-cooling capacity in Southeast Asia."},{"url":"https://news.tvbs.com.tw/english/3188903","date":"2026-04-27","support":"TVBS reports Nvidia named four approved Vera Rubin cold-plate suppliers at GTC 2026: Jentech, AVC, Cooler Master and Delta."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS: AVC plans to raise cold-plate output fivefold, from 200,000 units at end-2025 to one million by end-2026."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://news.tvbs.com.tw/english/3179423","date":"2026-04-16","support":"TVBS estimates AVC holds 40-50% of cold plates for Nvidia GB200/GB300 platforms; its chairman says capacity still cannot meet demand."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"furukawa-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-thermal":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Nidec sells 8 standard AI-server fan models, 38-120 mm, through DigiKey and Mouser, so server fans are a standard, off-the-shelf part. Furukawa Electric holds about 1.4% of the part and the inputs file measures several other makers of fans and thermal parts (Delta, Sunon, ebm-papst, AVC), so alternatives are many (inference)."}]},"switchingTime":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"Catalogue fans are sold in small lots for prototypes and development centres, so switching a fan supplier takes weeks to a few months (inference from catalogue availability); Furukawa Electric's volume is about 1.4% of the part."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.nidec.com/en/product/news/2025/news1215-01/","date":"2025-12-15","support":"The fan is a standard part with off-the-shelf alternatives, so the best alternative shows no capability gap (inference; thin evidence for heat sinks and heat pipes)."}]}}}}},"baltimore-aircoil":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"baltimore-aircoil","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"baltimore-aircoil","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 1.1% of the part, Baltimore Aircoil Company's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; Baltimore Aircoil Company holds about 1.1% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"dynapack":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"dynapack","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":1,"evidence":[{"url":"https://www.moneyweekly.com.tw/_Article?AID=236344","date":"2026-07-09","support":"MoneyWeekly names Dynapack, AES-KY, Celxpert and STL among Taiwan's AI-server BBU suppliers for GB200, GB300 and Rubin."},{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-sector_20250926e.pdf","date":"2025-09-26","support":"KGI: Lite-On won orders from a new US hyperscaler, with first PSU and BBU shipments scheduled for 4Q25 (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.moneyweekly.com.tw/_Article?AID=236344","date":"2026-07-09","support":"MoneyWeekly names Dynapack, AES-KY, Celxpert and STL among Taiwan's AI-server BBU suppliers for GB200, GB300 and Rubin."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"dynapack","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"server-power":{"alternatives":{"level":2,"evidence":[{"url":"https://uanalyze.com.tw/articles/5522111336","date":"2025-03-10","support":"Names AES-KY (a Simplo-group battery-module maker) as a main NVIDIA BBU supplier with Amazon, Google and Microsoft positions, and Samsung SDI and Murata as cell suppliers. Few BBU module makers are named, so evidence is thin."},{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"Power-system component partners named for 800 VDC are Delta, Flex Power, Lead Wealth, LiteOn and Megmeet; Eaton, Schneider and Vertiv are named for data-centre power systems."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://developer.nvidia.com/blog/nvidia-800-v-hvdc-architecture-will-power-the-next-Generation-of-ai-factories","date":"2025-05-20","support":"800 VDC power starts in 2027 with NVIDIA's Kyber racks, a new architecture every supplier must re-qualify for."},{"url":"https://www.vertiv.com/en-cn/products-catalog/critical-power/dc-power-systems/Vertiv-PowerDirect-3000-33kW-50-VDC-Power-Systems/","date":"undated","support":"Vendor-list status is per platform (the Vertiv shelf is listed for GB300 NVL72). At about 1.0% of the part, Dynapack's volume can be moved to other listed makers within 3-12 months (inference; no source quantifies it). (The page shows no date.)"}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/delta-electronics_2308-tt_20042026.pdf","date":"2026-04-20","support":"The best alternative is Delta, which KGI describes as ahead of 'major competitors'; Dynapack holds about 1.0% of the part, so Delta and other listed makers can cover its volume without a capability shortfall (inference)."}]}}}}},"evapco":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"evapco","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Vertiv's 10-K (Item 1, Competition) names large global rivals Schneider, Eaton, Legrand and Huawei, and offering-specific rivals Delta, Stulz, Johnson Controls and Socomec. Year-only date."},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-market-forecast-to-reach-120-billion-by-2030/","date":"2026-08-19","support":"Dell'Oro says thermal management is the fastest-growing infrastructure segment, with liquid cooling its fastest-growing technology, and delivery is the constraint."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: average equipment delivery is about 28 weeks; UPS, cooling towers and batteries come in below that average."},{"url":"https://www.theregister.com/2025/03/19/datacenter_vacancy_record_low/","date":"2025-03-19","support":"JLL data reported by The Register: chillers, transformers, switchgear and generators take considerably longer than the 28-week average delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.daikin.com/-/media/Project/Daikin/daikin_com/investor/data/others/20251127-DC-Strategy/Presentation-3-Time.pdf?rev=5f44c038820c4d43b64184031ccb48a5&hash=0C0166BE956D0FAF1F8992DDB33FAEBA","date":"2025-11-27","support":"Daikin plans to grow North American data-centre cooling from about JPY100bn in FY2025 to over JPY300bn by FY2030 (slide 4). Larger rivals are adding capacity, so a small share can be absorbed (judgement)."},{"url":"https://s205.q4cdn.com/164393362/files/doc_financials/2025/ar/Proxy-Statement-2026.pdf","date":"2026-03-03","support":"Carrier says it doubled data-centre sales to about $1B in 2025 and entered 2026 with over $1B of data-centre backlog (proxy, Financial Highlights; notice dated 3 Mar 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"evapco","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"air-heat-rejection":{"alternatives":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Names Johnson Controls, Trane, Carrier, Daikin and Vertiv as the leading data-centre chiller vendors. (Date: month only, as the page gives.)"},{"url":"https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2025-Annual-Report.pdf","date":"2026","support":"Item 1 'Competition' (p.8) names Stulz, Johnson Controls and Delta as niche rivals and Schneider and Huawei as large-scale rivals across its thermal and power lines, so many makers sell competing cooling and heat rejection. (Date: year only, as the report gives.)"},{"url":"https://www.delloro.com/news/data-center-physical-infrastructure-maintains-strong-growth-trajectory-up-18-percent-y-y-in-2q-2025/","date":"2025-09-10","support":"Names Vertiv and Munters among vendors benefiting from the AI surge, showing both large and specialist suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://s2.q4cdn.com/950394465/files/doc_financials/2026/q2/Trane-Technologies-Q2-2026-Earnings-Transcript.pdf","date":"2026-07-30","support":"Trane reports a record $12.1B backlog with about $6B for 2027 and beyond, hyperscalers holding master purchase agreements or long-term capacity commitments, and applied capacity expanded 4x in three years (Q2 2026 call). At about 1.1% of the part, EVAPCO's volume could be placed with other makers in roughly a year (inference; no source gives a replacement time)."},{"url":"https://biztimes.com/modine-records-highest-sales-in-company-history/","date":"2025-05-21","support":"Modine's CEO says doubling its data-centre capacity is a 12-month cycle and that the surge 'exceeded' existing capacity, showing how long added capacity takes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-chillers-companies.asp","date":"2026-07","support":"Five leading vendors plus specialists (Stulz, Munters, Modine) sell comparable chillers and air handlers; EVAPCO holds about 1.1% of the part, so the best alternative shows no gap (inference). (Date: month only, as the page gives.)"}]}}}}},"narada":{},"lg-electronics":{},"wistron":{},"inventec":{},"alfa-laval":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"alfa-laval","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro counts around 40 companies with CDUs in their portfolios and names Vertiv, CoolIT and Boyd as established vendors. Alfa Laval supplies heat exchangers and free-cooling loops; the CDU vendor count is indirect evidence for this part."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/tw-reports/power-supply-industry_01072025.pdf","date":"2025-07-01","support":"KGI says Lite-On, new to liquid cooling, already has its liquid-to-air sidecar and in-row CDU on Nvidia's reference vendor list (p.1)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250821-12682.html","date":"2025-08-21","support":"TrendForce says sidecar CDUs dominate and are led by Delta, while in-row CDUs come mainly from Vertiv and BOYD."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-power-cooling","entityId":"alfa-laval","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"liquid":{"alternatives":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Dell'Oro has identified 'around 40 companies' with CDUs in their portfolios and expects fewer than 10 vendors to hold most of the market by the end of the decade."},{"url":"https://www.delloro.com/news/data-center-liquid-cooling-market-to-approach-7-billion-by-2029-as-ai-deployments-accelerate/","date":"2026-01-08","support":"Vertiv leads liquid cooling, with CoolIT, nVent and Boyd holding strong shares and Aaon growing quickly."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"An Anue user post (secondary) lists Vertiv, Motivair, LiquidStack, CoolIT, nVent, Boyd, Nidec, Delta, Cooler Master, Beehe and TcT as NVIDIA-linked CDU suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"CDUs are part of a system; a track record in 'multiple gigawatts', scale, short lead times and commissioning teams are often decisive. At about 1.1% of the part, Alfa Laval's volume could be placed with other qualified vendors in 3-12 months (inference)."},{"url":"https://hao.cnyes.com/post/180445","date":"2025-07-03","support":"Most listed suppliers are on NVIDIA's Recommended (RVL) rather than Approved (AVL) list, i.e. vendor status is per platform and has to be earned for each."},{"url":"https://whbl.com/2026/03/17/google-in-talks-with-chinas-envicool-others-to-buy-data-centre-cooling-systems-sources-say/","date":"2026-03-17","support":"Google's procurement team is courting Chinese cooling suppliers such as Envicool, which is expanding factories in Guangdong, Thailand and the US, amid tight supply of cooling parts."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/market-at-the-boiling-point-is-the-cdu-space-becoming-saturated/","date":"2025-09-30","support":"Says there is 'room for multiple vendors to thrive' in the short to medium term, with new entrants expected, so no vendor has an unmatched capability."}]}}}}},"danfoss":{},"midea":{}},"validation":[]}