{ "schema": "5lc-selection-review/1", "sublayer": "power-cooling", "asOf": "2026-10-21", "status": "Evidence and calculations reviewed; final editorial integration pending", "scope": { "activity": "Equipment that distributes power within the data center, removes heat from IT equipment or rejects that heat. Upstream electricity generation and grid transmission are separate sublayers.", "geography": "Global", "period": "Latest actual FY/H1/quarterly disclosures available throughOctober21,2026; original periods retained", "boundary": "Supplier-level operating activity, not investment returns, future power shortages or market capitalization." }, "eligibility": { "rule": "Current commercially available relevant products or actual delivered customer work. Prototype-only products and development pipelines cannot establish current scale. Broad existing businesses can qualify through actual current products without proving every new launch is commissioned.", "missing": "Unknown amounts remain null. Public and private suppliers use the same role test. No disclosure-count bonus or penalty.", "parent": "One controlled economic group per sublayer; current acquisitions consolidated without adding buyer and target revenue twice." }, "predefinedFunctions": [ { "id": "power", "description": "UPS, electrical distribution and power systems", "minimumRepresentatives": 1, "parameterType": "Editorial functional coverage choice, not scientific coefficient" }, { "id": "liquid", "description": "liquid cooling and coolant distribution", "minimumRepresentatives": 1, "parameterType": "Editorial functional coverage choice, not scientific coefficient" }, { "id": "facility", "description": "air cooling and facility heat rejection", "minimumRepresentatives": 1, "parameterType": "Editorial functional coverage choice, not scientific coefficient" }, { "id": "components", "description": "server thermal components and integration", "minimumRepresentatives": 1, "parameterType": "Editorial functional coverage choice, not scientific coefficient" } ], "universe": { "establishedAt": "2026-10-21T05:03:04.579497+00:00", "initialFile": "infrastructure/selection/candidate-universe-preselection.json", "initialCandidateCount": 38, "amendmentDate": "2026-10-21", "amendment": "Reconcile controlled CoolIT with Ecolab, Boyd with Eaton, LiquidStack with Trane, Wiwynn with Wistron and Foxconn with Hon Hai. Original discovery register preserved.", "ownershipReconciliation": [ { "discoveryName": "CoolIT Systems", "economicParent": "ecolab", "boundary": "Acquisition closedJuly2,2026; one consolidated slot.", "sourceIds": [ "ecolab:ec-coolit-close" ] }, { "discoveryName": "Boyd", "economicParent": "eaton", "boundary": "Boyd Thermal consolidated in Q22026; not a second independent supplier.", "sourceIds": [ "eaton:etn-q226-issuer" ] }, { "discoveryName": "LiquidStack", "economicParent": "trane", "boundary": "Controlled following March3,2026 acquisition; no separate slot.", "sourceIds": [ "trane:t-liquidstack-close" ] }, { "discoveryName": "Wiwynn", "economicParent": "wistron", "boundary": "Controlled subsidiary; consolidated parent represented once.", "sourceIds": [ "wistron:wi-wy-h1" ] }, { "discoveryName": "Foxconn", "economicParent": "hon-hai", "boundary": "Trading/group alias; FII controlled activities consolidated.", "sourceIds": [ "hon-hai:hh-q2-2026" ] } ], "reconciledCandidates": [ { "entityId": "vertiv", "name": "Vertiv Holdings Co", "economicParent": "vertiv", "eligible": true, "functions": [ "power", "liquid", "facility", "components" ], "sourceIds": [ "vertiv:v-ar", "vertiv:v-dsx", "vertiv:v-lc", "vertiv:v-nps", "vertiv:v-q2", "vertiv:v-stl" ], "roleEvidence": "Critical power and thermal infrastructure, current liquid-cooling integration and operating customer deployment. Rounded data-center mix includes services; no AI-only sales claim.", "reviewFile": "infrastructure/reviews/vertiv.json", "packetSha256": "ce232cb3240f96b1160d862ebfd936185a522b6c74d768a632e342c2c88e804a", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Large disclosed data-center activity and integrated power/thermal products; data-center revenue is estimated from a rounded mix, not an invented AI share.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Power distribution, cooling and service infrastructure for data centers", "description": "Vertiv supplies the electrical and thermal systems that connect data-center facilities to their computing equipment. Its portfolio includes backup power, busway, racks, coolant distribution, chillers, prefabricated infrastructure and lifecycle services. Data centers represented approximately 85% of 2025 sales, rounded by the company to the nearest five percentage points.", "whyItMatters": "Dense AI racks increase the electrical and thermal load that physical infrastructure must manage. Vertiv supplies several stages of that system and its installed-base services. The relevant measure is data-center activity; total corporate revenue also includes communications networks and commercial and industrial customers. Reference designs and future acquisitions establish potential capabilities, not delivered capacity.", "evidence": "inference", "sourceIds": [ "vertiv:v-ar", "vertiv:v-dsx", "vertiv:v-q2" ], "locator": "Annual report at-a-glance and Business; March DSX release; Q2 results" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Current AI-specific revenue and separate liquid-cooling revenue are not disclosed. Data-center revenue is estimated from the rounded end-market mix.", "The annual report names examples of companies in its end markets, not necessarily customers. Largest customers and individual concentration remain undisclosed.", "Single-source supply exposure is disclosed, but the relevant suppliers are unnamed.", "The latest backlog inspected is $15 billion at December 31, 2025; no June 2026 backlog was identified in the quarterly release.", "A complete post-annual-meeting board roster and current beneficial-ownership table were not independently reconciled. Historical proxy disclosures retain their original basis.", "New executive biographies have no headshots assigned because several source-image labels were inconsistent. Existing official headshots retain their earlier provenance.", "UIG and King Environmental closing status remains pending in the reviewed disclosures. Prices for ThermoKey, Strategic Thermal Labs and King Environmental are undisclosed." ] }, { "entityId": "schneider-electric", "name": "Schneider Electric SE", "economicParent": "schneider-electric", "eligible": true, "functions": [ "power", "liquid", "facility" ], "sourceIds": [ "schneider-electric:se-h1-2026-release", "schneider-electric:se-q3", "schneider-electric:se-q3-transcript", "schneider-electric:se-urd-2025", "schneider-electric:se-wcdu" ], "roleEvidence": "APC/Galaxy power distribution and UPS, Motivair cooling and integrated facilities. Q3 exposure percentages are in an ORDER context and cannot allocate sales.", "reviewFile": "infrastructure/reviews/schneider-electric.json", "packetSha256": "4ce7bb6cf4e2afb480a282e1018ab1083d4917f174a22e68b16b311f1f173a5c", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Current global power-distribution and UPS franchise with Motivair thermal integration. Missing narrowly comparable sales does not erase the established role.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Power distribution, backup power and cooling for data centers", "description": "Schneider Electric supplies switchgear, UPS systems, prefabricated power modules, liquid cooling and monitoring software. Its Energy Management business serves data centers alongside buildings, industry and grids. The company reported €11.460 billion of total revenue in Q3 2026; the approximately 30% Data Center & Networks exposure disclosed for 2025 is an order mix, not a separately reported revenue segment.", "whyItMatters": "Schneider connects several stages of a data center’s electrical and thermal systems, from the utility connection to the rack. Its installed products, customer references and control of Motivair establish current commercial relevance. Reference designs and announced factory expansion describe additional capability, but do not measure delivered capacity or AI-specific revenue.", "evidence": "inference", "sourceIds": [ "schneider-electric:se-urd-2025", "schneider-electric:se-q3", "schneider-electric:se-q3-transcript", "schneider-electric:se-wcdu" ], "locator": "URD end markets and Motivair note; Q3 financial tables and transcript p12; WCDU availability" }, "currentParentDisclosure": null, "currentScopeGaps": [ "No comparable data-center euro revenue or shipment measure is disclosed in the reviewed reporting. The 30% end-market mix is explicitly based on 2025 orders; the CFO’s approximately four-point lower pure-data-center exposure uses that context and is not safely a revenue allocation.", "The absolute backlog and customer-group revenue concentration are not disclosed. Market-share claims and order growth do not supply a defensible global denominator.", "The October 20 capital-raise index confirms the company’s announcement of success. The offering document leads to a location-selection gate; no jurisdiction declaration was entered. Issue price, settlement and post-issue beneficial ownership were not verified.", "Current named suppliers were not established. Raw-material risk is documented by category.", "Cognite and AiDASH closing has not been established; PTC and Shelly explicitly remain prospective in October disclosures.", "New WCDU delivery quantities and the timing of the wider 800 VDC portfolio remain unreported. Product ratings and reference-design MW are not operating capacity.", "Current executive roles are corroborated by the committee roster and individual PDFs. The committee page does not establish a complete reporting-line hierarchy, so individual reportsTo fields remain null. Some board biographies are historical annual-report accounts; current membership uses the July roster.", "Historical fund holdings, photo-rights notes and old source access dates remain distinct from newly inspected evidence." ] }, { "entityId": "eaton", "name": "Eaton Corporation plc", "economicParent": "eaton", "eligible": true, "functions": [ "power", "liquid", "components" ], "sourceIds": [ "eaton:etn-10k", "eaton:etn-q226-issuer", "eaton:etn-siemens-collaboration", "eaton:nvidia-800v" ], "roleEvidence": "Electrical distribution, UPS and modular power; consolidated Boyd Thermal adds liquid thermal components. Electrical segment sales include many non-data-center applications.", "reviewFile": "energy/reviews/eaton.json", "packetSha256": "1b9a4334a1b84bba4735694ce57954ef58549cdcb6c7e6987826363932cfb94d", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Commercial power distribution, UPS and modular systems, now with consolidated Boyd Thermal. Does not receive a second slot for Boyd.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-equipment", "currentSummaryEvidence": { "tagline": "Power distribution, backup systems and liquid cooling", "description": "Eaton supplies switchgear, circuit protection, UPS systems and power-distribution equipment to utilities, buildings, factories and data centers. Electrical Americas and Electrical Global generated USD 20.091 billion in 2025, approximately 73.2% of group sales. Those segments extend beyond the AI supply chain. The 2026 Boyd Thermal acquisition adds liquid cooling, and Eaton’s Q2 results confirm its first full quarter of consolidation.", "whyItMatters": "Its products connect the utility supply to the equipment inside a data center and maintain power during disturbances. Modular assemblies reduce on-site installation work. The collaboration with Siemens Energy combines these products with a proposed on-site generation design; NVIDIA’s 800 VDC collaboration concerns a future architecture and is not counted as current shipments.", "evidence": "filing", "sourceIds": [ "eaton:etn-10k", "eaton:etn-q226-issuer", "eaton:etn-siemens-collaboration", "eaton:nvidia-800v" ], "locator": "Business and revenue notes; Q2 segment results; joint release; NVIDIA technical article" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Electrical segment revenue includes utility, industrial, building and other activity. Grid-only and data-center-only revenue are not established.", "Current CEO is corroborated by Q2 results. Other executive and director details retain the dates of their original filings; a fresh full governance roster was not obtained.", "No named material equipment supplier was established from the annual filing; six major electrical customers remain unnamed.", "The current holder register and a comparable post-Boyd financial series were not reconstructed.", "The September COL Group announcement and October Austrian expansion were found as research leads but full bodies were not newly accessed after local transport failure. They are not treated as verified current dossier claims.", "The exact March Boyd closing date and consideration retain the earlier filing source; current control is independently supported by Q2 consolidation." ] }, { "entityId": "legrand", "name": "Legrand SA", "economicParent": "legrand", "eligible": true, "functions": [ "power", "facility" ], "sourceIds": [ "legrand:l-cmd", "legrand:l-h1", "legrand:l-urd" ], "roleEvidence": "Rack power distribution, busway, UPS, monitoring and rack thermal infrastructure. Data-center category includes physical compute infrastructure and testing, not only power/cooling.", "reviewFile": "infrastructure/reviews/legrand.json", "packetSha256": "6398964df510791e7a33476826609cc0408d313acc94d760f0d6059e48393ac1", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Substantial disclosed data-center activity in rack power, busway and supporting infrastructure; one company covers its controlled brands.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Electrical distribution and physical infrastructure inside data centers", "description": "Legrand supplies rack power distribution, busway, cabinets, cabling, cooling, backup power and testing equipment. Data centers accounted for 26% of its 2025 revenue and 32% in the first half of 2026. Its wider business also serves residential and commercial buildings, so total corporate sales overstate its data-center activity.", "whyItMatters": "Legrand connects facility power to equipment rows and individual racks, and provides physical support, monitoring and commissioning systems. The portfolio spans several complementary functions. Its data-center sales mix provides a more relevant comparison than group revenue, while new direct-current products and acquisitions indicate changes in that portfolio rather than additional current market share.", "evidence": "inference", "sourceIds": [ "legrand:l-urd", "legrand:l-h1", "legrand:l-cmd" ], "locator": "URD printed p62; H1 pp3–5; CMD pp1–2" }, "currentParentDisclosure": null, "currentScopeGaps": [ "AI-specific sales are not separately disclosed. Data-center revenue is derived from published integer mix percentages; rounding intervals are analytical assumptions, not company confidence intervals.", "Data-center customer names, individual supplier relationships and customer concentration were not established from the inspected materials.", "Current institutional holdings beyond historical threshold notifications remain unconfirmed.", "Acquisition prices and Accelsius ownership percentage were not disclosed in the reviewed passages. Target annual revenue is not consolidated current revenue.", "New leader headshots are unassigned; the board webpage contains inconsistent image labels, so names were checked from biographies rather than inferred from image filenames.", "Some individual acquisition releases were not separately inspected; product additions use the H1 consolidated acquisition summary and the Girtz announcement." ] }, { "entityId": "delta-electronics", "name": "Delta Electronics, Inc.", "economicParent": "delta-electronics", "eligible": true, "functions": [ "power", "liquid", "components" ], "sourceIds": [ "delta-electronics:d-2q26", "delta-electronics:d-annual", "delta-electronics:d-chair", "delta-electronics:d-ocp", "delta-electronics:d-twse-monthly", "delta-electronics:d-vr" ], "roleEvidence": "Server power, battery backup, cold plates and CDUs form current power/thermal supply roles. Broad Infrastructure and Power Electronics segments cannot be relabeled data-center sales.", "reviewFile": "infrastructure/reviews/delta-electronics.json", "packetSha256": "1ce5080fff0ff92d78cdc4152468f21cf4526f8030a6706a949d17983ee7641d", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Power electronics, backup and liquid cooling at the server/rack boundary; captures Asian supply-chain activity without using mixed segment revenue as AI sales.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Power conversion and thermal systems from the facility supply to the AI rack.", "description": "Delta Electronics supplies server power, cooling, industrial automation, mobility equipment and infrastructure systems. FY2025 revenue was NT$554.885 billion; January–September 2026 monthly filings total NT$539.668 billion. AI power and cooling spans both Power Electronics and Infrastructure. Neither segment is a pure measure of data-center revenue.", "whyItMatters": "Delta connects facility power with the electrical and thermal requirements of dense AI racks. Its October NVIDIA collaboration documents 800 VDC rack systems and liquid cooling. Product ratings establish technical capability, while segment totals and demonstration systems do not establish delivered AI-market volume.", "evidence": "company_stated", "sourceIds": [ "delta-electronics:d-annual", "delta-electronics:d-twse-monthly", "delta-electronics:d-ocp", "delta-electronics:d-2q26" ], "locator": "Financial statements; September cumulative revenue; October 15 product announcement" }, "currentParentDisclosure": null, "currentScopeGaps": [ "No comparable data-center-only revenue was found. Infrastructure includes non-data-center businesses; Power Electronics includes both server and other applications. Adding them would overstate relevant activity.", "The annual report and exchange records resolve CFO, director and named-holder gaps. They do not establish an exhaustive current ultimate-beneficial-ownership map.", "NVIDIA collaboration is confirmed, but project-specific revenue, unit shipments and customer allocation are not disclosed.", "SST trial production is planned for year-end 2026. Demonstrated CDU and power-rack ratings and vendor efficiency comparisons are not operating-market shares.", "September monthly figures are unaudited operating-revenue disclosures; they are not a substitute for a published third-quarter income statement.", "Some current press pages expose only titles and captions in text retrieval. The October technical claims use the issuer’s complete independently distributed PR Newswire releases." ] }, { "entityId": "asia-vital-components", "name": "Asia Vital Components Co., Ltd.", "economicParent": "asia-vital-components", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "asia-vital-components:a-call-q2", "asia-vital-components:a-fy25", "asia-vital-components:a-q2", "asia-vital-components:a-twse-income", "asia-vital-components:a-twse-monthly" ], "roleEvidence": "Server thermal and mechanical integration, including cold plates, manifolds and air-cooling components. Server/network sales include mechanical products and are an upper boundary, not pure cooling revenue.", "reviewFile": "infrastructure/reviews/asia-vital-components.json", "packetSha256": "473e6256d024648c4726b8612b6c10a4836a5e6ad2ff75ae951d47587b5fdb3c", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Commercial server thermal/mechanical integration adds a distinct manufacturing viewpoint. Server/network sales are broader than cooling and remain labeled.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Cold plates, manifolds and mechanical assemblies for AI servers.", "description": "Asia Vital Components supplies thermal and mechanical components, including liquid-cooling cold plates, manifolds, fans and server chassis. The listed Taiwanese company reported NT$98.159 billion of first-half 2026 revenue; monthly filings total NT$157.248 billion through September. Management attributes NT$64.9 billion of first-half revenue to servers and networking, a category that includes both cooling and mechanical products.", "whyItMatters": "Its hardware transfers heat from processors into the coolant loop and integrates that loop with the server enclosure. The August management call names NVIDIA as a customer. Server revenue establishes exposure to the market but is broader than AI liquid-cooling revenue, which remains undisclosed.", "evidence": "company_stated", "sourceIds": [ "asia-vital-components:a-twse-income", "asia-vital-components:a-twse-monthly", "asia-vital-components:a-call-q2" ], "locator": "Company3017 exchange rows; August 12 management remarks and NVIDIA customer answer" }, "currentParentDisclosure": null, "currentScopeGaps": [ "AI liquid-cooling revenue is not separately disclosed. The server/network category includes chassis and other mechanical products; thermal-product mix overlaps this application category and must not be added to it.", "The document server reset or timed out on the FY2025 and Q2 presentations. Earlier dated presentation facts remain historical evidence; current finance, identity and holdings instead use separate official exchange datasets.", "One Furukawa board representative’s name contains an encoding error in the official dataset. That seat is documented in the audit but no guessed name is published. Fuller biographies and committee responsibilities remain unavailable.", "The reproduced August transcript contains apparent numeric transcription errors, including an inconsistent capital-expenditure number and prior-year EPS. Those disputed values are excluded; monetary results are checked against official exchange records.", "NVIDIA is identified by management, but specific Google or AWS programme allocations are not established merely because an analyst asks about them. Supplier names and other customer revenues remain unavailable.", "Furukawa’s minority stake and board representation are confirmed; control is not inferred. Related-person shares and repeated corporate seats are not added to direct holdings.", "The next issuer-confirmed results date and a complete ultimate-beneficial-ownership analysis remain outstanding." ] }, { "entityId": "nvent", "name": "nVent Electric plc", "economicParent": "nvent", "eligible": true, "functions": [ "power", "liquid", "facility" ], "sourceIds": [ "nvent:n-10k", "nvent:n-ds", "nvent:n-lc", "nvent:n-mav-close", "nvent:n-proxy" ], "roleEvidence": "Rack liquid cooling, electrical protection/enclosures and current Maverick power integration; approximately $1bn FY2025 data-center activity and cumulative >2GW liquid-cooling deployment are different measures.", "reviewFile": "infrastructure/reviews/nvent.json", "packetSha256": "491419dff08346471773af02bec56fda5b5dec88e71d739e736572faea2ca67d", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Approximately $1bn actual FY2025 data-center activity, liquid-cooling deployments and current electrical integration. Forecast growth does not add score.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Electrical protection, rack cooling and facility power distribution", "description": "nVent manufactures enclosures, liquid and air cooling, electrical connections, switchgear and control buildings. Its 2025 data-center sales were approximately $1 billion, compared with $3.893 billion of total continuing-operations revenue. It completed the Maverick Power acquisition on October 1, 2026, extending its facility power-distribution business.", "whyItMatters": "nVent supports both the electrical path into data centers and the removal of heat from computing equipment. Its reported liquid-cooling deployments demonstrate an installed base, while acquisitions add adjacent products. Data-center activity is only part of its business: the broader infrastructure vertical also includes utilities and other applications, and cannot be used as an exact AI-revenue measure.", "evidence": "inference", "sourceIds": [ "nvent:n-10k", "nvent:n-proxy", "nvent:n-lc", "nvent:n-mav-close" ], "locator": "10-K Business and revenue notes; proxy shareholder letter; July 31 and October 1 releases" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Current-period data-center sales and liquid-cooling revenue are not separately reported. The 2025 shareholder-letter figure is approximately $1 billion; the greater-than $2 billion 2026 figure is a management forecast.", "Named data-center customers, individual suppliers and customer concentration were not established. AMD and NVIDIA design collaborations are not recorded as customer contracts.", "The latest website executive directory returned HTTP403; further requests to www.nvent.com stopped. Filings and dated appointment releases establish the available roster, but some continuing roles only have annual-filing confirmation.", "Current beneficial ownership remains unreconciled. The proxy and historical provider holdings have different dates and definitions.", "Maverick’s estimated$700million2026 revenue is a target business forecast, not revenue consolidated for a full year by nVent. Segment allocation and post-close balance-sheet effects require later reporting.", "Cumulative deployed coolingGW, factory floor area, backlog and revenue measure different things; no additive score is constructed from them." ] }, { "entityId": "modine", "name": "Modine Manufacturing Company", "economicParent": "modine", "eligible": true, "functions": [ "liquid", "facility" ], "sourceIds": [ "modine:m-10k", "modine:m-ar", "modine:m-q1", "modine:m-spin", "modine:m-turbochill" ], "roleEvidence": "Airedale/Modexus facility cooling, chillers and liquid-cooling integration; actual quarterly Data Centers segment provides a relevant commercial measure.", "reviewFile": "infrastructure/reviews/modine.json", "packetSha256": "96e8862a981f1ddde2be4d0fe2987503a26fe0168033332fc6e0a6163935ce2a", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Actual dedicated Data Centers segment sales and facility heat-rejection products supply a strong commercial cooling anchor.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Data-center cooling equipment and heat-transfer components.", "description": "Modine supplies chillers, air handlers and liquid-cooling equipment through Airedale, alongside commercial HVAC and heat-transfer components. It reported $348.6 million of Data Centers segment sales in the June 2026 quarter. Performance Technologies was spun off and combined with Gentherm on October 1. The remaining listed company plans to adopt the Modexus Solutions name, subject to shareholder approval.", "whyItMatters": "Its cooling equipment removes heat from AI facilities, while its coils also enter equipment sold by other HVAC manufacturers. The same value chain therefore appears in both direct equipment sales and upstream component sales; those revenues are not added to estimate a final-market total.", "evidence": "filing", "sourceIds": [ "modine:m-10k", "modine:m-q1", "modine:m-spin" ], "locator": "Business description; June-quarter segment results; October1 completed transaction" }, "currentParentDisclosure": null, "currentScopeGaps": [ "The FY2026 data-center amount is derived from an integer-rounded product share. Assuming rounding to the nearest percentage point gives approximately $1.097–1.129 billion; the assumption is editorial, not a company confidence interval.", "The trailing data-center estimate inherits the same rounding uncertainty. The group has not supplied a fully comparable post-separation historical revenue series in the reviewed materials.", "The current legal name remains Modine until the proposed name change is approved. Brand ownership transferred to Gentherm; the historical website name alone does not identify the current listed-company perimeter.", "The executive webpage still contains a divested-business leader and omits the July Commercial HVAC appointment. Dated transaction and appointment evidence takes precedence; the permanent Data Centers successor remains unknown.", "Customer names under confidentiality agreements and supplier identities remain undisclosed. Historical customer concentration refers to the pre-separation group.", "Historic institutional positions are not an October cap table. The next earnings date was not confirmed by an issuer announcement.", "The investor-relations host refused later retrieval. Annual reports, the July results and earlier complete October transaction and biography reads remain available." ] }, { "entityId": "carrier", "name": "Carrier Global Corporation", "economicParent": "carrier", "eligible": true, "functions": [ "liquid", "facility" ], "sourceIds": [ "carrier:c-cdu", "carrier:c-dc", "carrier:c-proxy", "carrier:c-tr-q2" ], "roleEvidence": "Operating data-center chiller/cooling business with approximately $1bn FY2025 and $500m H1 2026 sales. Future sales guidance and rated CDU capacity are excluded from current activity.", "reviewFile": "infrastructure/reviews/carrier.json", "packetSha256": "4867575d07420d3cf22840135c98c7163e30bf2b6385f4a3fbccc7102f9928ec", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Chillers, liquid cooling and controls for data-center thermal systems.", "description": "Carrier supplies heating, cooling and refrigeration equipment through four regional and end-market segments. Its QuantumLeap offering combines chillers, air handlers, coolant distribution units and infrastructure-management software. The company reported approximately $1 billion of data-center sales in 2025 and approximately $500 million in the first half of 2026. Its July forecast of $2 billion for full-year 2026 remains a target.", "whyItMatters": "Carrier supplies the central cooling equipment that transfers heat out of AI facilities, supported by installation, maintenance and controls. Its reported data-center sales establish commercial scale. The much larger residential, commercial-building and transport businesses are outside the relevant-market revenue measure.", "evidence": "company_stated", "sourceIds": [ "carrier:c-proxy", "carrier:c-tr-q2", "carrier:c-dc" ], "locator": "Proxy performance review; Q2 call first-half data-center sales; product portfolio" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Data-center sales are rounded management disclosures, not a separately audited reportable segment. A comparable trailing-twelve-month value cannot be reconstructed without the first-half 2025 amount.", "No named hyperscale or colocation customer, customer concentration or contract value was established.", "The backlog allocation in the July call uses approximate nested percentages. No precise data-center backlog is calculated from it.", "Larger CDU shipment commencement and a completed FY2026 data-center sales result remain unconfirmed.", "The current website omits the legal officer listed in February; no departure date is inferred. Reporting lines remain unpopulated unless explicitly documented.", "Historical ownership and provider positions have different dates and perimeters. ZutaCore’s investment amount and ownership percentage remain undisclosed.", "Carrier’s investor-relations host refused a later direct download; prior successful full-text reads and downloaded reports are preserved." ] }, { "entityId": "johnson-controls", "name": "Johnson Controls International plc", "economicParent": "johnson-controls", "eligible": true, "functions": [ "liquid", "facility", "components" ], "sourceIds": [ "johnson-controls:j-10k", "johnson-controls:j-accelsius", "johnson-controls:j-alloy-close", "johnson-controls:j-deck-q3", "johnson-controls:j-tr-q2" ], "roleEvidence": "YORK chillers, Silent-Aire air handling/CDUs and acquired Alloy components. Current commercial role is established without assuming a data-center revenue amount.", "reviewFile": "infrastructure/reviews/johnson-controls.json", "packetSha256": "3ad4cd917db9b028558c87e60a36f7878932c5117e7b9295980b5dd97e46be32", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Chillers, air handling and liquid-cooling systems for data-center thermal management.", "description": "Johnson Controls supplies, installs and services building equipment, including YORK chillers, Silent-Aire air handlers, coolant distribution units, controls, fire protection and security systems. After selling residential and light-commercial HVAC to Bosch in July 2025, it reports through three regional segments. Revenue was $23.596 billion in FY2025 and $6.614 billion in the June 2026 quarter. Data-center revenue is not separately disclosed.", "whyItMatters": "Its equipment connects the cooling plant to the liquid and air loops that remove heat from AI facilities. The product range and service network establish its role in the supply chain; group revenue, company-wide backlog and thermal reference-design ratings do not measure its share of the data-center market.", "evidence": "filing", "sourceIds": [ "johnson-controls:j-10k", "johnson-controls:j-deck-q3", "johnson-controls:j-tr-q2", "johnson-controls:j-accelsius" ], "locator": "Annual business description; Q3 financial statements; Q2 cooling discussion" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Data-center revenue, absolute data-center orders and data-center backlog are not separately disclosed in the reviewed sources. Company totals are excluded from relevant-market revenue comparisons.", "No named data-center customer concentration or individual supplier dependence was established. Empty customer and supplier lists indicate a disclosure gap, not absence of business.", "The full current roster is recorded, but a complete documented reporting-line hierarchy is unavailable. Julie Brandt appears in the January proxy and is absent from the current roster; a departure date was not established.", "Alloy’s completion is confirmed; its acquisition price remains undisclosed. Accelsius ownership and control are not established by the investment announcement.", "YDAM shipment commencement and realized CDU FY2026 revenue remain unconfirmed. Performance percentages in reference designs are company estimates.", "Historical institutional positions retain their original dates and provider basis. No current beneficial-ownership filing was independently refreshed." ] }, { "entityId": "trane", "name": "Trane Technologies plc", "economicParent": "trane", "eligible": true, "functions": [ "liquid", "facility" ], "sourceIds": [ "trane:t-10k", "trane:t-liquidstack-close", "trane:t-liquidstack-current", "trane:t-q2", "trane:t-tr-q2" ], "roleEvidence": "Chillers, modular plants and controlled LiquidStack. Stellar sales forecasts and CDU product ratings do not establish actual cooling deployment.", "reviewFile": "infrastructure/reviews/trane.json", "packetSha256": "6b70812d112aaf81ea6aa41670557fba848cbacaf28c7676669739aa04265d5c", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Chillers, modular cooling plants and LiquidStack systems for AI facilities.", "description": "Trane Technologies supplies HVAC equipment and services through Trane and transport refrigeration through Thermo King. Its data-center portfolio combines central chillers, Stellar modular cooling plants and LiquidStack coolant distribution and immersion systems. FY2025 group revenue was $21.322 billion; June-quarter 2026 revenue was $6.354 billion. The company does not disclose a separate data-center revenue total.", "whyItMatters": "Trane serves several stages of the thermal chain, from heat rejection to chip-level coolant distribution. Its installed equipment and service organization support inclusion in the cooling comparison universe. Total HVAC revenue, orders across unrelated industries and planned reference designs do not establish its AI market share.", "evidence": "filing", "sourceIds": [ "trane:t-10k", "trane:t-q2", "trane:t-tr-q2", "trane:t-liquidstack-close" ], "locator": "Annual portfolio; Q2 financial tables and cooling discussion; March3 close" }, "currentParentDisclosure": null, "currentScopeGaps": [ "The reviewed reports do not disclose comparable data-center revenue, bookings or backlog. Group revenue is excluded from data-center revenue comparisons. Stellar’s approximately $500 million estimate is a full-year forecast for one business, not realized group DC revenue.", "No material named data-center customer concentration was established; the annual filing states no customer exceeded 10% of revenue during 2023–2025.", "LiquidStack and Stellar completion is supported; their acquisition prices were not established in the sources reviewed.", "A complete reporting hierarchy is unavailable. Holly Paeper’s biography is now sourced, but her exact role start date is not stated. Gary Guo’s role is recorded as historical filing evidence because the current roster omits him.", "September reference-design and 800 VDC demonstration claims retain their original source dates. A proof of concept and a product rating do not establish commercial shipment or installed capacity.", "Historical provider holdings and undated employee biographies cannot establish a current cap table or current headcount." ] }, { "entityId": "ecolab", "name": "Ecolab Inc.", "economicParent": "ecolab", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "ecolab:ec-annual", "ecolab:ec-coolit-close", "ecolab:ec-q2" ], "roleEvidence": "CoolIT has been controlled since July2,2026 and provides cold plates, manifolds and CDUs integrated with major computing platforms. Ecolab water treatment complements the role. High-Tech annualized revenue and acquisition price are not CoolIT actual sales.", "reviewFile": "infrastructure/reviews/ecolab.json", "packetSha256": "d02aa782498895fb07d08f2e20569dc805cbeec3d2c13f3f0d8b966604442011", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "CoolIT cold-plate/manifold/CDU activity and platform relationships provide specialist direct-to-chip coverage under the current parent. Current standalone sales are unknown; acquisition consideration and growth expectations are not selection measures.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Water treatment and direct liquid cooling for data centers and semiconductor production", "description": "Ecolab supplies water-treatment chemistry, monitoring equipment and field service across industrial and institutional markets. Its acquisition of CoolIT, completed on July 2, 2026, adds cold plates and coolant distribution units used in high-density computing. Ovivo Electronics extends the group into ultrapure water for semiconductor manufacturing. These activities sit within a diversified company; its consolidated sales are not a measure of AI-cooling revenue.", "whyItMatters": "Cooling performance depends on both heat-transfer hardware and the condition of the fluid moving through it. CoolIT gives Ecolab a direct role at the chip and rack, alongside its established water chemistry and monitoring business. The acquisition creates one controlled company for selection purposes. Ecolab and CoolIT should not occupy separate slots.", "evidence": "company_stated", "sourceIds": [ "ecolab:ec-annual", "ecolab:ec-coolit-close" ], "locator": "Annual Business and Note 18; July 2 release, transaction and product paragraphs" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Actual CoolIT and data-center-only revenue, installed cooling capacity and customer concentration are undisclosed in the inspected sources. No group-sales proxy is substituted.", "Named material customers and suppliers of the cooling business were not established. NVIDIA is classified as a technical partner, not an inferred customer.", "Leadership includes the CEO, CFO, co-COOs, Water leader and reported board; it is not an exhaustive operating-management directory. Detailed CoolIT unit management and reporting lines require further evidence.", "Board information is preserved at the annual/proxy reporting date; post-meeting changes were not independently established. Older beneficial-ownership inputs in the March proxy are disclosed explicitly.", "The latest complete statements inspected are FY2025. Q2 business and operating-income disclosures were read; the full Q2 cash-flow statement was not captured. Third-quarter results are scheduled for October 27.", "The www.investor.ecolab.com host returned HTTP 403 on a later normal download attempt and was stopped. Earlier successful managed-source reads remain retained; no bypass or retry was used." ] }, { "entityId": "munters", "name": "Munters Group AB (publ)", "economicParent": "munters", "eligible": true, "functions": [ "liquid", "facility" ], "sourceIds": [ "munters:al-odata-cooling", "munters:mun-annual", "munters:mun-daleville", "munters:mun-h1" ], "roleEvidence": "Dedicated Data Center Technologies segment, air/heat-rejection equipment and DeltaFlow manufacturing for Aligned/ODATA. Current operating sales are separate from backlog and commissioning projects.", "reviewFile": "infrastructure/reviews/munters.json", "packetSha256": "13a559dd99268738227996c2751dcf4c22948e6fb5b582ed0662d06059a2b7a6", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "power-cooling", "currentSummaryEvidence": { "tagline": "Air and liquid cooling systems for data centers", "description": "Munters supplies climate-control equipment through AirTech, Data Center Technologies and FoodTech. Its dedicated Data Center Technologies business generated SEK 5.906 billion of sales in 2025 and SEK 2.759 billion in the first half of 2026. The portfolio includes air handlers, chillers, coolant distribution units and heat-rejection systems. This is realized data-center equipment and service activity, although the company does not isolate AI-only sales.", "whyItMatters": "Processors require heat to move from the server into a facility cooling system and ultimately outside the building. Munters supplies equipment across that path and manufactures customized systems for customers including Aligned/ODATA. Its separately reported data-center business provides a clearer operating measure than consolidated HVAC sales. Orders and production expansion remain distinct from delivered equipment.", "evidence": "filing", "sourceIds": [ "munters:mun-annual", "munters:mun-h1", "munters:al-odata-cooling" ], "locator": "Annual pp. 35–39; H1 p. 8; Aligned September 17 release" }, "currentParentDisclosure": null, "currentScopeGaps": [ "DCT revenue includes AI and other data-center uses. AI-only sales, aggregate installed cooling MW and product-specific sales are not disclosed in the inspected reports.", "No comparable financial statement for named rival cooling businesses was established inside the Munters source set; competitors are left unpopulated rather than invented.", "Supplier names and supplier concentration are not disclosed in the inspected reports. Most large customers and the April SEK 2 billion order recipient remain unnamed.", "The latest complete statements inspected are the June half-year report. September operating and leadership announcements do not constitute a new financial period.", "Employee-representative board roles retain their annual-report basis; subsequent changes were not independently refreshed. No management reporting lines are inferred.", "AirTech has data-center component sales outside DCT; their unknown size is not treated as zero and is not added using an invented allocation." ] }, { "entityId": "huawei", "name": "Huawei Investment & Holding Co., Ltd.", "economicParent": "huawei", "eligible": true, "functions": [ "power", "liquid", "facility" ], "sourceIds": [ "huawei:hw-annual-pdf", "screen:huawei-dcf" ], "roleEvidence": "Digital Power includes current data-center UPS, cooling and modular infrastructure; most Digital Power group revenue is outside this sublayer.", "reviewFile": "infrastructure/reviews/huawei.json", "packetSha256": "4f4cd362d0ab3cf1854370cfc8529aedc7f0e95bb30119e67fbf7b717d3099bb", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": true, "rank": null, "decision": "Documented delivered-project and installed-rack footprint plus power/cooling platform breadth provides material global coverage beyond Western OEMs. Cumulative company claims carry explicit scope uncertainty.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "chip-design", "currentSummaryEvidence": { "tagline": "Designs Ascend AI processors and the systems and software that make them usable.", "description": "Huawei combines telecom equipment, computing, consumer devices, cloud services and digital power. In AI infrastructure, it designs Ascend accelerators and Kunpeng processors, supplies Atlas systems and develops the CANN software stack. Its 2025 report describes commercial deployments of 384-NPU SuperPoDs. Huawei reported CNY 880.941 billion of group revenue, including CNY 375.014 billion from the broad ICT Infrastructure segment; neither figure measures Ascend revenue.", "whyItMatters": "Ascend provides another accelerator architecture, supported by Huawei’s systems, interconnects and developer software. Its role is therefore assessed through demonstrated deployment and product capability. Group size, developer registrations and planned cluster specifications do not establish AI chip market share.", "evidence": "company_stated", "sourceIds": [ "huawei:hw-annual-pdf" ], "locator": "Business segments; computing review pp. 47–48; business highlights" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Ascend and Kunpeng revenue, accelerator shipments, AI-only margins and operational fleet capacity are not separately available in the reviewed disclosures.", "Current manufacturing and HBM supply relationships were not established with primary evidence in this review.", "Cloud unit and parent are related records: selection calculations must consolidate their economic group within a category and avoid adding overlapping revenue.", "Customer and partner examples in this dossier relate to Huawei Cloud unless explicitly stated; they do not prove purchases of standalone Ascend chips.", "The roster covers all 17 current directors and their disclosed executive roles. Huawei also has a separate 15-member Supervisory Board; no single rotating chair is inferred to be the active chair on the review date.", "Private ownership figures are dated to December 31, 2025; subsequent exact stakes were not confirmed." ] }, { "entityId": "rittal", "name": "Rittal", "economicParent": "rittal", "eligible": true, "functions": [ "power", "liquid", "facility" ], "sourceIds": [ "screen:rittal" ], "roleEvidence": "GSI production-use cooperation for >1MW rack CDU and existing water-cooled rear-door infrastructure; supplier says it serves hyperscalers and server OEMs. Not a quantified company-wide activity measure.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "uncertainty": "Unavailable supplier-wide relevant activity remains unknown, never zero. Commercial role is evidence; relative scale is unresolved.", "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "stulz", "name": "STULZ", "economicParent": "stulz", "eligible": true, "functions": [ "liquid", "facility" ], "sourceIds": [ "screen:stulz" ], "roleEvidence": "Completed cooling replacement in an operating Telehouse-hosted facility; current liquid-cooling product and Göttingen HPC references also screened. Private ownership or undisclosed revenue is not an exclusion criterion.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "uncertainty": "Unavailable supplier-wide relevant activity remains unknown, never zero. Commercial role is evidence; relative scale is unresolved.", "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "socomec", "name": "Socomec", "economicParent": "socomec", "eligible": true, "functions": [ "power" ], "sourceIds": [ "screen:socomec" ], "roleEvidence": "Current DELPHYS UPS and power-availability offering. Product-specific ratings do not measure company shipment volume.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "uncertainty": "Unavailable supplier-wide relevant activity remains unknown, never zero. Commercial role is evidence; relative scale is unresolved.", "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "daikin", "name": "Daikin", "economicParent": "daikin", "eligible": true, "functions": [ "facility" ], "sourceIds": [ "screen:daikin" ], "roleEvidence": "Established chiller/HVAC capability; named NTT DATA control-system project is a July2026–March2027 proof of concept with commercialization targeted FY2027. It is not proof of commercial AI-control deployment.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "mitsubishi-electric", "name": "Mitsubishi Electric", "economicParent": "mitsubishi-electric", "eligible": true, "functions": [ "power", "liquid", "facility" ], "sourceIds": [ "screen:mitsubishi-electric" ], "roleEvidence": "Current IT-cooling portfolio plus expansion plans; chart discloses FY26 IT-cooling ¥32bn but targets and proposed partnerships are not realized future sales. Retain as a strong regional challenger.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "accelsius", "name": "Accelsius", "economicParent": "accelsius", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "screen:accelsius" ], "roleEvidence": "Commercially available two-phase cooling with earlier selected MR250 deployments and current innovation-lab references. General availability establishes eligibility; no company-wide delivered volume or revenue inferred.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "uncertainty": "Unavailable supplier-wide relevant activity remains unknown, never zero. Commercial role is evidence; relative scale is unresolved.", "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "zutacore", "name": "ZutaCore", "economicParent": "zutacore", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "screen:zutacore" ], "roleEvidence": "Named operating Oregon State retrofit supports two-phase direct-to-chip eligibility. Neither Series C funding nor modeled future Munters reference-design savings measure present market activity.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "uncertainty": "Unavailable supplier-wide relevant activity remains unknown, never zero. Commercial role is evidence; relative scale is unresolved.", "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "submer", "name": "Submer", "economicParent": "submer", "eligible": true, "functions": [ "liquid" ], "sourceIds": [ "screen:submer" ], "roleEvidence": "Immersion cooling is an established offering; cooling, cloud and land/power pipeline activities must remain separate. The older Hypertec distribution agreement is not a current shipment figure.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "uncertainty": "Unavailable supplier-wide relevant activity remains unknown, never zero. Commercial role is evidence; relative scale is unresolved.", "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "nidec", "name": "Nidec", "economicParent": "nidec", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "screen:nidec" ], "roleEvidence": "Fans, heatsinks, cold plates and multiple CDU configurations establish relevant products. June2026 STC1.0/300kW prototypes and Q12027 mass-production target are explicitly future products, not operating capacity.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "sunon", "name": "Sunon", "economicParent": "sunon", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "screen:sunon" ], "roleEvidence": "Current server cooling portfolio, custom cold plates and CDUs; new 3D-printed cold-plate development and exhibition ratings do not establish delivered MW.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "auras", "name": "Auras Technology", "economicParent": "auras", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "screen:auras" ], "roleEvidence": "Issuer reports customer adoption of quick-disconnect components since Q3 and cold plates/manifolds. Full search-displayed body read; direct open yielded no text. No new revenue/volume conclusion.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "lite-on", "name": "LITEON", "economicParent": "lite-on", "eligible": null, "functions": [ "power", "liquid" ], "sourceIds": [ "screen:lite-on" ], "roleEvidence": "Next-generation power shelves and partner DCX CDU displayed at OCP. Issuer body appeared in search but open timed out; no new current deployment or revenue claim.", "screenStatus": "Current product lead; direct source unavailable, host stopped", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "furukawa-electric", "name": "Furukawa Electric", "economicParent": "furukawa-electric", "eligible": true, "functions": [ "components" ], "sourceIds": [ "screen:furukawa-electric" ], "roleEvidence": "Existing data-center air-cooling heat-sink sales; liquid-cooling plant mass production planned September2026 remains an unconfirmed target in this dated source. Minority AVC stake does not establish control.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "aalberts", "name": "Aalberts", "economicParent": "aalberts", "eligible": true, "functions": [ "liquid", "facility" ], "sourceIds": [ "screen:aalberts" ], "roleEvidence": "Delivered tailored valves, copper tubes and retainers to an unnamed hyperscale customer. This is actual relevant component activity, not evidence of company-wide cooling sales.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "spx-technologies", "name": "SPX Technologies", "economicParent": "spx-technologies", "eligible": true, "functions": [ "facility" ], "sourceIds": [ "screen:spx-technologies" ], "roleEvidence": "Marley heat-rejection offering; report says quoting Olympus Max orders began2025. Quotation/ratings do not establish delivered capacity for that model.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "alfa-laval", "name": "Alfa Laval", "economicParent": "alfa-laval", "eligible": true, "functions": [ "liquid", "facility", "components" ], "sourceIds": [ "screen:alfa-laval" ], "roleEvidence": "Operating plate heat exchangers at China Mobile Jinan and retrofit after five years establish commercial heat-transfer role. New FreeWaterLoop launch is not installed fleet capacity.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "danfoss", "name": "Danfoss", "economicParent": "danfoss", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "screen:danfoss" ], "roleEvidence": "Heat exchangers, valves, drives and sensors for CDUs. Product portfolio supports eligibility; no invented data-center revenue or customer list.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "uncertainty": "Unavailable supplier-wide relevant activity remains unknown, never zero. Commercial role is evidence; relative scale is unresolved.", "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "ebm-papst", "name": "ebm-papst", "economicParent": "ebm-papst", "eligible": true, "functions": [ "facility", "components" ], "sourceIds": [ "screen:ebm-papst" ], "roleEvidence": "Family-owned fan/motor supplier identifies data centers as an actual growth driver; no data-center sales amount. AI optimization savings are product claims, not market importance.", "screenStatus": "Commercial product or operating reference screened; full dossier not produced", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "uncertainty": "Unavailable supplier-wide relevant activity remains unknown, never zero. Commercial role is evidence; relative scale is unresolved.", "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "asetek", "name": "Asetek", "economicParent": "asetek", "eligible": null, "functions": [ "liquid", "components" ], "sourceIds": [ "screen:asetek" ], "roleEvidence": "Historical data-center products and current AI/data-center company description exist, but this screen does not establish material current commercial data-center deliveries. No assumption of a sale to CTS or of present inactivity.", "screenStatus": "Historical/current marketing lead; current delivery eligibility unresolved", "activityMeasureUnknown": true, "reviewFile": null, "packetSha256": null, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs." }, { "entityId": "wistron", "name": "Wistron Corporation", "economicParent": "wistron", "eligible": true, "functions": [ "components" ], "sourceIds": [ "wistron:twse-h1", "wistron:wi-nvidia-filing", "wistron:wi-nvidia-texas", "wistron:wi-wy-h1" ], "roleEvidence": "Wiwynn is consolidated through Wistron. Cooling within complete server/rack systems is a cross-role integration activity; no separate thermal sales measure.", "reviewFile": "infrastructure/reviews/wistron.json", "packetSha256": "95aeef99799c77b46775ea054883597a57d24487e9f195fe6922ae43c1044e36", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "servers-systems", "currentSummaryEvidence": { "tagline": "Builds computing boards, servers and racks for chip designers and cloud operators.", "description": "Wistron is a Taiwan-based electronics design and manufacturing group. Its AI infrastructure work includes NVIDIA computing boards and, through its controlled subsidiary Wiwynn, hyperscale servers and rack integration. First-half 2026 group revenue was TWD 1.742 trillion. That consolidated total includes Wiwynn and other products, so it is not an AI-server revenue measure and cannot be added to Wiwynn’s revenue.", "whyItMatters": "Manufacturing turns accelerator designs into tested equipment that customers can deploy. NVIDIA identifies Wistron as a contract manufacturer and confirms production of GB300 boards at its new Texas facility. Wiwynn adds server and rack design for large cloud customers. Their related-company transactions and consolidated reporting require one economic-group selection.", "evidence": "filing", "sourceIds": [ "wistron:twse-h1", "wistron:wi-nvidia-filing", "wistron:wi-nvidia-texas", "wistron:wi-wy-h1" ], "locator": "Exchange cumulative financial statements; NVIDIA manufacturing disclosure and Texas opening; Wiwynn related parties" }, "currentParentDisclosure": null, "currentScopeGaps": [ "AI-server revenue and actual board/rack shipment quantities were not disclosed on a comparable current basis. Consolidated revenue includes Wiwynn and other products.", "Wistron’s annual-report download returned 403; affected requests were stopped. Current exchange financials and earlier successfully inspected management biographies remain usable. Detailed current consolidated cash-flow and customer-concentration notes were not retrieved.", "Seven non-executive directors beyond the chair/CEO have confirmed exchange roles but incomplete current career biographies. The old Robert Huang vice-chair and provider-derived Robert C. L. Lin role are not retained as current leadership.", "Wiwynn’s annual-report and financial-statement customer groupings differ; the discrepancy remains unresolved and is not propagated as a group concentration estimate.", "A September GDR offering was reported by financial news; its complete primary offering terms and final proceeds were not re-established. No dilution percentage or received-cash amount is inferred.", "The FY2025 Lenovo shareholding was an investment disclosure, not evidence of a current operating partnership; it is not used to infer customer sales." ] }, { "entityId": "inventec", "name": "Inventec Corporation", "economicParent": "inventec", "eligible": true, "functions": [ "liquid", "components" ], "sourceIds": [ "inventec:inv-cornelis", "inventec:inv-products", "inventec:nv-rubin-ramp", "inventec:twse-h1" ], "roleEvidence": "Servers, rack solutions and liquid-cooling integration; whole ODM revenue cannot be compared with standalone power/cooling equipment.", "reviewFile": "infrastructure/reviews/inventec.json", "packetSha256": "16c8a07c0d78598912e31e2f7695b003a875024e0084e6799d6464b05bcd11d9", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "servers-systems", "currentSummaryEvidence": { "tagline": "Designs and manufactures servers, rack systems and electronics for other technology companies.", "description": "Inventec is a Taiwan-based electronics manufacturer with enterprise-computing and personal-systems businesses. Its data-center work covers servers, storage, networking, rack integration and thermal design. The group reported TWD 470.168 billion revenue in the first half of 2026. The accounts combine notebooks, servers and other products; they do not establish a separate current AI-server revenue figure.", "whyItMatters": "Its engineering and manufacturing activities connect chip platforms to complete systems. A joint technical paper with Cornelis documents a tested AMD-based server configuration, while NVIDIA names Inventec in its system-builder ecosystem. Those sources establish its role; consolidated electronics sales or a patent ranking cannot establish its AI-market share.", "evidence": "company_stated", "sourceIds": [ "inventec:twse-h1", "inventec:inv-products", "inventec:inv-cornelis", "inventec:nv-rubin-ramp" ], "locator": "Current financials, enterprise business page and platform evidence" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Server-only and AI-only revenue and shipment quantities were not disclosed. The 99.07% Computer Product category includes notebooks and cannot be used as an AI allocation.", "Annual FY2025 revenue is TWD 691190.326m, while the current monthly-revenue webpage totals TWD 691169.488m: a TWD 20.838m discrepancy. Annual accounts take precedence; its cause was not explained in the reviewed sources.", "The English annual report is a summary translation; Chinese governs. Its cash-flow table heading says outflow, while the positive arithmetic and narrative identify a TWD 13993.283m operating inflow. No negative amount is inferred from the heading.", "Customer a/b and supplier A/B names remain undisclosed. Named component suppliers cannot be matched to anonymous concentration amounts without evidence.", "The official manager PDF lists Wei-Fan Ting, but the September exchange register does not show him. His May-dated roster entry is retained with an explicit current-role qualification; departure is not inferred.", "Other manager biographies are concise official roster summaries, not independently verified life histories. Reporting lines were not established.", "An enterprise-site product PDF timed out and affected retrieval stopped; the accessible joint Cornelis paper provides the relevant configuration.", "No completed Inventec-specific Vera Rubin delivery volume was established; the NVIDIA ecosystem production statement separately schedules autumn shipments." ] }, { "entityId": "hon-hai", "name": "Hon Hai Precision Industry Co., Ltd.", "economicParent": "hon-hai", "eligible": true, "functions": [ "power", "liquid", "components" ], "sourceIds": [ "hon-hai:arista-10k-2025", "hon-hai:broadcom-10k-fy25", "hon-hai:fii-annual-2025", "hon-hai:hh-fs-h1", "hon-hai:hh-gtc-2026", "hon-hai:hh-q2-2026", "hon-hai:nvidia-10k-fy26" ], "roleEvidence": "Foxconn/FII manufactures rack power and thermal components within integrated AI systems; consolidated server revenue cannot be allocated to cooling without a disclosed split.", "reviewFile": "infrastructure/reviews/hon-hai.json", "packetSha256": "944fc8b1021b96e02ba74787cb0f98cfe52371bbc1ce23d8b8de3ca1194019df", "screenStatus": "Full dossier reviewed; selection-specific evidence also inspected", "activityMeasureUnknown": true, "selected": false, "rank": null, "decision": "Eligible alternative or research lead retained outside the ten-slot display; no numerical lower-importance claim. See screen status and scenario tradeoffs.", "sourceReviewHashMatched": true, "currentPacketHomeSublayer": "servers-systems", "currentSummaryEvidence": { "tagline": "Manufactures the servers, racks and components that turn chip designs into working systems.", "description": "Hon Hai, known as Foxconn, is a diversified electronics manufacturer with substantial AI-server and networking operations. Its listed Fii subsidiary alone reported CNY 602.679 billion of cloud-hardware revenue in 2025, including general-purpose equipment. Hon Hai’s consolidated revenue was TWD 4.645 trillion in the first half of 2026. That group total also includes consumer electronics and other businesses, and is not a measure of AI manufacturing.", "whyItMatters": "The group supplies industrial-scale assembly, system integration, testing and component production between chip designers and data-center operators. NVIDIA, Arista and Broadcom identify Foxconn entities in their manufacturing disclosures. Selection therefore rests on demonstrated supply-chain activity, with Fii consolidated into the same group and announced production plans kept separate from completed output.", "evidence": "filing", "sourceIds": [ "hon-hai:hh-fs-h1", "hon-hai:fii-annual-2025", "hon-hai:nvidia-10k-fy26", "hon-hai:arista-10k-2025", "hon-hai:broadcom-10k-fy25" ], "locator": "Hon Hai H1 statements and segment note; Fii annual p. 18; customer manufacturing disclosures" }, "currentParentDisclosure": null, "currentScopeGaps": [ "Comparable AI-only revenue, absolute rack shipments and independently measured global AI-server share were not established. Group revenue and subsidiary totals are not substitutes.", "The management product-category mix and financial-statement legal-subgroup segments have different boundaries. No undisclosed product revenue split is estimated.", "Current end-customer spending by named cloud operators and the precise entity receiving each group manufacturing contract remain undisclosed.", "The board page says three-year terms but displays May 29, 2024 to May 28, 2028, an internal inconsistency. Current members and individually stated election dates are retained; the term is not silently corrected.", "The public roster confirms all seven directors. Some operating executives have only dated announcement biographies; their complete career histories and named reporting lines were not established.", "Shareholder counts are directly reported September positions, not a complete current beneficial-ownership register.", "Visionbay’s 5 MW and utilization are company statements without a separately specified gross-power versus IT-load boundary.", "The October automotive transaction is signed but not closed. Subsequent completion of the Q3 rack/CPO production outlook and other announced partnerships remains unconfirmed." ] } ], "completeness": "Discovery register is broad, not exhaustive. Screen-only candidates have narrower diligence than full dossiers. LITEON and Asetek remain unresolved current-activity leads, not zero-sized or disproven businesses." }, "parameters": { "maxEntities": 10, "marketCoverageTarget": null, "activityWeights": null, "normalization": "No cross-role currency, revenue/capacity or disclosure-count score. Raw measures preserve units and periods.", "ordering": "Unordered representative set; display order conveys no ordinal superiority.", "choice": "Feasible sets cover all four roles. Relevant actual activity informs choices; global footprint and supply-chain position resolve editorial tradeoffs. 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Original units and comparisons remain explicit; no value is replaced by broader parent activity." }, { "id": "schneider-electric:obs21", "entityId": "schneider-electric", "label": "Comparable data-center revenue", "value": null, "unit": "not disclosed in reviewed evidence", "period": "Current review", "asOf": "2026-10-21", "evidence": "unknown", "sourceIds": [ "schneider-electric:se-q3-transcript" ], "locator": "Relevant segment/management discussion", "use": "Order exposure is not a sales allocation.", "packetSha256": "4ce7bb6cf4e2afb480a282e1018ab1083d4917f174a22e68b16b311f1f173a5c", "sourceReviewFile": "infrastructure/reviews/schneider-electric.json", "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. 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Visually checked p. 8 table.", "inspectionMode": "local-primary-PDF", "originalAccess": null, "url": "https://attachment.news.eu.nasdaq.com/ab7ce6b66c6acfed285dd35ac6c025c53", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": "2026-07-17" } }, { "id": "munters:al-odata-cooling", "url": "https://aligneddc.com/press-release/odata-brings-next-generation-cooling-to-latin-america-with-deltaflow-liquid-cooling-technology/", "title": "ODATA brings DeltaFlow liquid cooling to Latin America", "publisher": "Aligned Data Centers / ODATA", "publishedDate": "2026-09-17", "accessedDate": "2026-10-21", "type": "company", "inspection": { "sourceId": "al-odata-cooling", "reviewedDate": "2026-10-21", "economicPeriod": "September 17, 2026", "locator": "Full substantive release paragraphs", "support": "Read customer-side confirmation of co-development, manufacture and installation/testing status; distinguished capex from supplier value.", "inspectionMode": "managed-web", "originalAccess": null, "url": "https://aligneddc.com/press-release/odata-brings-next-generation-cooling-to-latin-america-with-deltaflow-liquid-cooling-technology/", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": "2026-09-17" } }, { "id": "munters:mun-daleville", "url": "https://www.prnewswire.com/news-releases/munters-completes-expansion-of-data-center-cooling-campus-in-daleville-virginia-302876246.html", "title": "Expansion of Daleville data-center cooling campus completed", "publisher": "Munters", "publishedDate": "2026-09-11", "accessedDate": "2026-10-21", "type": "company", "inspection": { "sourceId": "mun-daleville", "reviewedDate": "2026-10-21", "economicPeriod": "September 11, 2026", "locator": "Full issuer release distributed by PR Newswire", "support": "Read actual opening, footprint, employees and product manufacture; no throughput inferred.", "inspectionMode": "managed-web", "originalAccess": null, "url": "https://www.prnewswire.com/news-releases/munters-completes-expansion-of-data-center-cooling-campus-in-daleville-virginia-302876246.html", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": "2026-09-11" } }, { "id": "huawei:hw-annual-pdf", "url": "https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf", "title": "2025 Annual Report — complete financial statements and governance", "publisher": "Huawei", "publishedDate": null, "accessedDate": "2026-10-21", "type": "filing", "inspection": { "sourceId": "hw-annual-pdf", "reviewedDate": "2026-10-21", "economicPeriod": "FY2025", "locator": "Revenue by business segment; computing/cloud reviews; corporate governance p. 144", "support": "Read complete local PDF text; segment and cross-segment revenue, 1,800 AICS customers, Ascend deployment, employee ownership and Ren shareholding.", "inspectionMode": "local-primary-pdf", "originalAccess": null, "url": "https://www-file.huawei.com/admin/asset/v1/pro/view/dec782afd1544f558c32fc76e3141334.pdf", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": null } }, { "id": "screen:huawei-dcf", "url": "https://digitalpower.huawei.com/en/data-center-facility", "title": "Data Center Facility and Critical Power", "publisher": "Huawei Digital Power", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "locator": "Why Huawei and product categories", "capture": "infrastructure/evidence/pc-screen4.txt", "support": "Issuer claims 1,000+ delivered large projects and 15GW+ installed rack capacity, with UPS/power and smart-cooling products. Cumulative, unspecified installed-base date; not annual shipments or uniquely AI capacity." } }, { "id": "screen:rittal", "url": "https://www.rittal.com/de-de/Unternehmen/Presse/Pressemeldungen/PI_GSI_DLC", "title": "Rittal and GSI direct liquid cooling", "publisher": "Rittal", "publishedDate": "2025-11-17", "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "GSI production-use cooperation for >1MW rack CDU and existing water-cooled rear-door infrastructure; supplier says it serves hyperscalers and server OEMs. Not a quantified company-wide activity measure.", "capture": "infrastructure/evidence/pc-screen8.txt" } }, { "id": "screen:stulz", "url": "https://www.stulz.com/projects/star-london/", "title": "STAR London live cooling upgrade", "publisher": "STULZ", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Completed cooling replacement in an operating Telehouse-hosted facility; current liquid-cooling product and Göttingen HPC references also screened. Private ownership or undisclosed revenue is not an exclusion criterion.", "capture": "infrastructure/evidence/pc-screen11.txt" } }, { "id": "screen:socomec", "url": "https://emea.socomec.com/en/solutions/business/data-centres/data-centre-redundancy", "title": "Data-centre redundancy", "publisher": "Socomec", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Current DELPHYS UPS and power-availability offering. Product-specific ratings do not measure company shipment volume.", "capture": "infrastructure/evidence/pc-screen4.txt" } }, { "id": "screen:daikin", "url": "https://www.daikin.com/press/2026/20260706", "title": "Daikin and NTT DATA cooling optimization proof of concept", "publisher": "Daikin", "publishedDate": "2026-07-06", "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Established chiller/HVAC capability; named NTT DATA control-system project is a July2026–March2027 proof of concept with commercialization targeted FY2027. It is not proof of commercial AI-control deployment.", "capture": "infrastructure/evidence/pc-screen5.txt" } }, { "id": "screen:mitsubishi-electric", "url": "https://www.mitsubishielectric.com/en/pr/2026/pdf/0529_co4.pdf", "title": "Life Business Area strategy 2026", "publisher": "Mitsubishi Electric", "publishedDate": "2026-05-29", "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Current IT-cooling portfolio plus expansion plans; chart discloses FY26 IT-cooling ¥32bn but targets and proposed partnerships are not realized future sales. Retain as a strong regional challenger.", "capture": "infrastructure/evidence/pc-screen5.txt" } }, { "id": "screen:accelsius", "url": "https://accelsius.com/accelsius-announces-neucool-ir150-hyperstart-program/", "title": "NeuCool IR150 general availability", "publisher": "Accelsius", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Commercially available two-phase cooling with earlier selected MR250 deployments and current innovation-lab references. General availability establishes eligibility; no company-wide delivered volume or revenue inferred.", "capture": "infrastructure/evidence/pc-screen9.txt" } }, { "id": "screen:zutacore", "url": "https://blog.zutacore.com/zutacore-blog/two-hoses-how-oregon-state-retrofitted-waterless-liquid-cooling-into-a-live-data-center-without-replacing-a-server", "title": "Oregon State live two-phase cooling retrofit", "publisher": "ZutaCore", "publishedDate": "2026-08-10", "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Named operating Oregon State retrofit supports two-phase direct-to-chip eligibility. Neither Series C funding nor modeled future Munters reference-design savings measure present market activity.", "capture": "infrastructure/evidence/pc-screen6.txt" } }, { "id": "screen:submer", "url": "https://submer.com/", "title": "Submer current product and company information", "publisher": "Submer", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Immersion cooling is an established offering; cooling, cloud and land/power pipeline activities must remain separate. The older Hypertec distribution agreement is not a current shipment figure.", "capture": "infrastructure/evidence/pc-screen11.txt" } }, { "id": "screen:nidec", "url": "https://www.nidec.com/en/products/small-precision-motors/solution/solution/liquid-cooling/", "title": "Liquid-cooling product portfolio", "publisher": "Nidec", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Fans, heatsinks, cold plates and multiple CDU configurations establish relevant products. June2026 STC1.0/300kW prototypes and Q12027 mass-production target are explicitly future products, not operating capacity.", "capture": "infrastructure/evidence/pc-screen9.txt" } }, { "id": "screen:sunon", "url": "https://www.sunon.com/eU/expo.aspx?oid=60B810F5BDFBAF0E", "title": "OCP 2026 thermal products", "publisher": "Sunon", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Current server cooling portfolio, custom cold plates and CDUs; new 3D-printed cold-plate development and exhibition ratings do not establish delivered MW.", "capture": "infrastructure/evidence/pc-screen9.txt" } }, { "id": "screen:auras", "url": "https://www.auras.com.tw/News/NewsContent/14-10/en", "title": "OCP 2025 commercial cooling components", "publisher": "Auras Technology", "publishedDate": "2025-10-15", "accessedDate": "2026-10-21", "inspection": { "mode": "Full search-displayed issuer body; direct open empty, limited currentness", "support": "Issuer reports customer adoption of quick-disconnect components since Q3 and cold plates/manifolds. Full search-displayed body read; direct open yielded no text. No new revenue/volume conclusion.", "capture": "infrastructure/evidence/pc-remaining0.txt" } }, { "id": "screen:lite-on", "url": "https://www.liteon.com/en/news/press-center/content/liteon-ocp-2026", "title": "OCP 2026 power and cooling", "publisher": "LITEON", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Search-displayed issuer text only; failed full read, not proof of realized scale", "support": "Next-generation power shelves and partner DCX CDU displayed at OCP. Issuer body appeared in search but open timed out; no new current deployment or revenue claim.", "capture": "infrastructure/evidence/pc-remaining1.txt" } }, { "id": "screen:furukawa-electric", "url": "https://www.furukawa.co.jp/en/ir/library/mid_briefing/pdf/2025/20250521_mid-briefing_text.pdf", "title": "Medium-term-plan briefing transcript", "publisher": "Furukawa Electric", "publishedDate": "2025-05-21", "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Existing data-center air-cooling heat-sink sales; liquid-cooling plant mass production planned September2026 remains an unconfirmed target in this dated source. Minority AVC stake does not establish control.", "capture": "infrastructure/evidence/pc-screen10.txt" } }, { "id": "screen:aalberts", "url": "https://aalberts.com/progress/custom-solutions-for-hyperscale-cooling", "title": "Custom hyperscale cooling components", "publisher": "Aalberts", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Delivered tailored valves, copper tubes and retainers to an unnamed hyperscale customer. This is actual relevant component activity, not evidence of company-wide cooling sales.", "capture": "infrastructure/evidence/pc-screen8.txt" } }, { "id": "screen:spx-technologies", "url": "https://spx.com/wp-content/uploads/2026/02/2024-SPX-Technologies-Sustainability-Report.pdf", "title": "2024 Sustainability Report, published2026", "publisher": "SPX Technologies", "publishedDate": null, "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Marley heat-rejection offering; report says quoting Olympus Max orders began2025. Quotation/ratings do not establish delivered capacity for that model.", "capture": "infrastructure/evidence/pc-screen10.txt" } }, { "id": "screen:alfa-laval", "url": "https://www.alfalaval.com/media/stories/2026/service/plate-heat-exchanger-redesign-data-centre/", "title": "China Mobile Jinan heat-exchanger retrofit", "publisher": "Alfa Laval", "publishedDate": "2026-06-12", "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Operating plate heat exchangers at China Mobile Jinan and retrofit after five years establish commercial heat-transfer role. New FreeWaterLoop launch is not installed fleet capacity.", "capture": "infrastructure/evidence/pc-screen8.txt" } }, { "id": "screen:danfoss", "url": "https://www.danfoss.com/en/about-danfoss/news/dcs/danfoss-strengthens-its-support-for-next-generation-liquid-cooling-in-data-centers/", "title": "Data-center liquid-cooling components", "publisher": "Danfoss", "publishedDate": "2026-04-20", "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Heat exchangers, valves, drives and sensors for CDUs. Product portfolio supports eligibility; no invented data-center revenue or customer list.", "capture": "infrastructure/evidence/pc-screen8.txt" } }, { "id": "screen:ebm-papst", "url": "https://www.ebmpapst.com/gb/en/newsroom/news/2026/annual-press-conference-2026.html", "title": "Annual press conference 2026", "publisher": "ebm-papst", "publishedDate": "2026-06-23", "accessedDate": "2026-10-21", "inspection": { "mode": "Managed source body inspected", "support": "Family-owned fan/motor supplier identifies data centers as an actual growth driver; no data-center sales amount. AI optimization savings are product claims, not market importance.", "capture": "infrastructure/evidence/pc-screen9.txt" } }, { "id": "screen:asetek", "url": "https://www.asetek.com/blogs/from-vapochill-to-sim-racing-25-years-of-aseteks-innovation/", "title": "25 years of Asetek innovation", "publisher": "Asetek", "publishedDate": "2025-02-18", "accessedDate": "2026-10-21", "inspection": { "mode": "Search-displayed issuer historical overview; insufficient current delivery evidence", "support": "Historical data-center products and current AI/data-center company description exist, but this screen does not establish material current commercial data-center deliveries. No assumption of a sale to CTS or of present inactivity.", "capture": "infrastructure/evidence/pc-screen5.txt" } }, { "id": "wistron:wi-wy-h1", "url": "https://www.wiwynn.com/hubfs/Investors/Financial_Report/Wiwynn_2026Q2_Financial.pdf", "title": "Wiwynn Corporation and Subsidiaries — Consolidated Financial Statements, June 30, 2026", "publisher": "Wiwynn Corporation", "publishedDate": null, "accessedDate": "2026-10-21", "type": "filing", "inspection": { "sourceId": "wi-wy-h1", "reviewedDate": "2026-10-21", "economicPeriod": "H1 2026", "locator": "Control and consolidated revenue", "support": "Read 35.27% parent holding and full subsidiary financials.", "inspectionMode": "local-primary-pdf", "originalAccess": null, "url": "https://www.wiwynn.com/hubfs/Investors/Financial_Report/Wiwynn_2026Q2_Financial.pdf", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": null } }, { "id": "wistron:wi-nvidia-texas", "url": "https://blogs.nvidia.com/blog/wistron-manufacturing-texas/", "title": "Wistron opens US manufacturing facility for NVIDIA AI systems", "publisher": "NVIDIA", "publishedDate": "2026-07-21", "accessedDate": "2026-10-21", "type": "company", "inspection": { "sourceId": "wi-nvidia-texas", "reviewedDate": "2026-10-21", "economicPeriod": "July 21, 2026", "locator": "Full article", "support": "Read operating GB300 cell, future Rubin cell, 324000-square-foot facility and target rather than achieved monthly volume.", "inspectionMode": "local-primary-html", "originalAccess": null, "url": "https://blogs.nvidia.com/blog/wistron-manufacturing-texas/", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": "2026-07-21" } }, { "id": "inventec:inv-products", "url": "https://www.inventec.com/en/products?cat=12", "title": "Inventec Products — Enterprise & Cloud Data Center", "publisher": "Inventec Corporation", "publishedDate": null, "accessedDate": "2026-10-21", "type": "company", "inspection": { "sourceId": "inv-products", "reviewedDate": "2026-10-21", "economicPeriod": "Current product page", "locator": "Enterprise business and manufacturing scope", "support": "Read ODM/JDM/CM roles and portfolio.", "inspectionMode": "managed-web", "originalAccess": null, "url": "https://www.inventec.com/en/products?cat=12", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": null } }, { "id": "inventec:inv-cornelis", "url": "https://www.cornelis.com/white-papers/inventec-k905g6-cornelis-cn5000-omni-path-400g-redefining-high-performance-computing", "title": "Inventec K905G6 and Cornelis CN5000 technical white paper", "publisher": "Cornelis / Inventec", "publishedDate": null, "accessedDate": "2026-10-21", "type": "company", "inspection": { "sourceId": "inv-cornelis", "reviewedDate": "2026-10-21", "economicPeriod": "Current technical white paper", "locator": "Joint solution overview and test configuration", "support": "Read tested AMD server/networking configuration; benchmarks remain vendor studies.", "inspectionMode": "managed-web", "originalAccess": null, "url": "https://www.cornelis.com/white-papers/inventec-k905g6-cornelis-cn5000-omni-path-400g-redefining-high-performance-computing", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": null } }, { "id": "hon-hai:hh-q2-2026", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/2095", "title": "Hon Hai Technology Group (Foxconn) Announces Second Quarter 2026 Financial Results", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-08-12", "accessedDate": "2026-10-21", "type": "press_release", "inspection": { "sourceId": "hh-q2-2026", "reviewedDate": "2026-10-21", "economicPeriod": "Dated release or current organization page", "locator": "Results and production outlook", "support": "Read substantive body; distinguish operating evidence, named roles and future plans.", "inspectionMode": "local-primary-html", "originalAccess": null, "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/2095", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": "2026-08-12" } }, { "id": "hon-hai:hh-gtc-2026", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/1975", "title": "Hon Hai Technology Group (Foxconn) Accelerates AI At NVIDIA GTC With Vera Rubin NVL72, Humanoids, Modular Data Center", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-03-17", "accessedDate": "2026-10-21", "type": "press_release", "inspection": { "sourceId": "hh-gtc-2026", "reviewedDate": "2026-10-21", "economicPeriod": "Dated release", "locator": "Main article body", "support": "Website published March 17; event March 16. Displayed systems and future RTX PRO 4500 support do not establish completed sales.", "inspectionMode": "local-primary-html", "originalAccess": null, "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/1975", "sourceAccessedDate": "2026-10-21", "sourcePublishedDate": "2026-03-17" } }, { "id": "vertiv:v-10k", "url": "https://www.sec.gov/Archives/edgar/data/1674101/000167410126000008/vrt-20251231.htm", "title": "Vertiv Form 10-K for fiscal year ended December 31, 2025 (local SEC extract research/sec/vertiv.json)", "publisher": "Vertiv Holdings Co (SEC EDGAR)", "publishedDate": "2026-02-13", "accessedDate": "2026-10-03", "type": "filing" }, { "id": "vertiv:v-proxy", "url": "https://s205.q4cdn.com/554782763/files/doc_financials/2025/ar/Vertiv-2026-Proxy-Statement.pdf", "title": "Vertiv 2026 Proxy Statement", "publisher": "Vertiv Holdings Co", "publishedDate": "2026-04-24", "accessedDate": "2026-10-20", "type": "filing" }, { "id": "vertiv:v-q2", "url": "https://investors.vertiv.com/news/news-details/2026/Vertiv-Reports-Strong-Second-Quarter-2026-with-Diluted-EPS-Growth-of-53-Adjusted-Diluted-EPS-Growth-of-60-Raises-Full-Year-2026-Guidance-Across-All-Key-Metrics/default.aspx", "title": "Vertiv Reports Strong Second Quarter 2026; Raises Full Year 2026 Guidance", "publisher": "Vertiv Holdings Co", "publishedDate": "2026-07-29", "accessedDate": "2026-10-20", "type": "press_release" }, { "id": "vertiv:v-q4", "url": "https://investors.vertiv.com/news/news-details/2026/Vertiv-Reports-Strong-Fourth-Quarter-with-Organic-Orders-Growth-of-252-and-Diluted-EPS-Growth-of-200-Adjusted-Diluted-EPS-37/default.aspx", "title": "Vertiv Reports Strong Fourth Quarter with Organic Orders Growth of 252%", "publisher": "Vertiv Holdings Co", "publishedDate": "2026-02-11", "accessedDate": "2026-10-03", "type": "press_release" }, { "id": "vertiv:v-uig", "url": "https://investors.vertiv.com/news/news-details/2026/Vertiv-Announces-Agreement-to-Acquire-UtilityInnovation-Group-to-Accelerate-Time-to-Power-for-AI-Data-Centers/default.aspx", "title": "Vertiv Announces Agreement to Acquire UtilityInnovation Group", "publisher": "Vertiv Holdings Co", "publishedDate": "2026-09-02", "accessedDate": "2026-10-20", "type": "press_release" }, { "id": "vertiv:v-dsx", "url": "https://investors.vertiv.com/news/news-details/2026/Vertiv-Brings-Converged-Physical-Infrastructure-to-NVIDIA-Vera-Rubin-DSX-AI-Factories/default.aspx", "title": "Vertiv Brings Converged Physical Infrastructure to NVIDIA Vera Rubin DSX AI Factories", "publisher": "Vertiv Holdings Co", "publishedDate": "2026-03-16", "accessedDate": "2026-10-20", "type": "press_release" }, { "id": "vertiv:v-megamod", "url": 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Leadership In AI Factories, Infrastructure At Europe's VivaTech", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-06-17", "accessedDate": "2026-10-02", "type": "press_release" }, { "id": "hon-hai:hh-bull-vr", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/2068", "title": "Bull and Foxconn advance European AI infrastructure with NVIDIA Vera Rubin NVL72 platform built in Europe", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-06-17", "accessedDate": "2026-10-21", "type": "press_release" }, { "id": "hon-hai:hh-schneider", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/2065", "title": "Hon Hai Technology Group (Foxconn) and Schneider Electric In Strategic Collaboration To Accelerate Next-Generation AI Data Centers", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-06-15", "accessedDate": "2026-10-21", "type": "press_release" }, { "id": "hon-hai:hh-sk-group", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/2054", "title": "Foxconn and SK Group Deepen Collaboration on AI Infrastructure Jointly Exploring Opportunities in AI Servers, AI Data Centers, and Energy Solutions", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-06-04", "accessedDate": "2026-10-21", "type": "press_release" }, { "id": "hon-hai:hh-intel", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/2052", "title": "Hon Hai Technology Group Announces Strategic Collaboration with Intel to Advance Next-Generation AI Rack, Edge AI, and Physical AI Platforms", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-06-04", "accessedDate": "2026-10-21", "type": "press_release" }, { "id": "hon-hai:hh-sap", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/1981", "title": "Hon Hai Technology Group (Foxconn) Announces Strategic Partnership with SAP To Accelerate AI-Powered Manufacturing & Supply Chains", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-03-18", "accessedDate": "2026-10-21", "type": "press_release" }, { "id": "hon-hai:hh-mitsubishi-electric", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/1886", "title": "Hon Hai Technology Group (Foxconn) and Mitsubishi Electric In MOU for AI Data Center Solutions", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2025-11-06", "accessedDate": "2026-10-02", "type": "press_release" }, { "id": "hon-hai:hh-wisconsin", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/1920", "title": "Hon Hai Technology Group (Foxconn) and Wisconsin's WEDC Announce Additional 4-Year Investment In Racine County", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2025-11-26", "accessedDate": "2026-10-21", "type": "press_release" }, { "id": "hon-hai:hh-semicon-2026", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/2101", "title": "Hon Hai Technology Group (Foxconn) Shares View On AI Strength And “Made With Taiwan” At Semiconductor Tech Fests", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-09-02", "accessedDate": "2026-10-02", "type": "press_release" }, { "id": "hon-hai:hh-sharp-mou", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news/2073", "title": "Foxconn and SHARP Sign Strategic Memorandum of Understanding Advancing the “3+3+3” Strategy in Japan and Global Markets", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": "2026-06-24", "accessedDate": "2026-10-21", "type": "press_release" }, { "id": "hon-hai:hh-directors", "url": "https://www.honhai.com/en-us/investor-relations/corporate-governance/director?category=directors", "title": "Board of Directors — Directors Biographies", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": null, "accessedDate": "2026-10-21", "type": "company" }, { "id": "hon-hai:hh-organization", "url": "https://www.honhai.com/en-us/investor-relations/corporate-governance/organization", "title": "Organization and Leadership", "publisher": "Hon Hai Technology Group (Foxconn)", "publishedDate": null, "accessedDate": "2026-10-21", "type": "company" }, { "id": "hon-hai:yahoo-2317", "url": "https://finance.yahoo.com/quote/2317.TW/", "title": "Hon Hai Precision Industry Co., Ltd. (2317.TW) quote, profile, officers and holders", "publisher": "Yahoo Finance", "publishedDate": null, "accessedDate": "2026-10-02", "type": "data_provider" }, { "id": "hon-hai:nvidia-10k-fy26", "url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm", "title": "NVIDIA Corporation Form 10-K for the fiscal year ended January 25, 2026", "publisher": "NVIDIA Corporation via SEC EDGAR", "publishedDate": "2026-02-25", "accessedDate": "2026-10-02", "type": "filing" }, { "id": "hon-hai:arista-10k-2025", "url": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm", "title": "Arista Networks, Inc. Form 10-K for the year ended December 31, 2025", "publisher": "Arista Networks, Inc. via SEC EDGAR", "publishedDate": "2026-02-17", "accessedDate": "2026-10-02", "type": "filing" }, { "id": "hon-hai:broadcom-10k-fy25", "url": "https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm", "title": "Broadcom Inc. Form 10-K for the fiscal year ended November 2, 2025", "publisher": "Broadcom Inc. via SEC EDGAR", "publishedDate": "2025-12-18", "accessedDate": "2026-10-02", "type": "filing" }, { "id": "hon-hai:celestica-10k-2025", "url": "https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm", "title": "Celestica Inc. Form 10-K for the year ended December 31, 2025", "publisher": "Celestica Inc. via SEC EDGAR", "publishedDate": "2026-02-27", "accessedDate": "2026-10-02", "type": "filing" }, { "id": "hon-hai:smci-10k-fy26", "url": "https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm", "title": "Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2026", "publisher": "Super Micro Computer, Inc. via SEC EDGAR", "publishedDate": "2026-08-31", "accessedDate": "2026-10-02", "type": "filing" }, { "id": "hon-hai:amphenol-10k-2025", "url": "https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm", "title": "Amphenol Corporation Form 10-K for the year ended December 31, 2025", "publisher": "Amphenol Corporation via SEC EDGAR", "publishedDate": "2026-02-11", "accessedDate": "2026-10-02", "type": "filing" }, { "id": "hon-hai:nextplatform-dell-q2fy27", "url": "https://www.nextplatform.com/compute/2026/09/07/dell-says-ai-will-drive-75-percent-of-datacenter-demand-by-2030/5294882", "title": "Dell Says AI Will Drive 75 Percent Of Datacenter Demand By 2030", "publisher": "The Next Platform", "publishedDate": "2026-09-07", "accessedDate": "2026-10-02", "type": "media" }, { "id": "hon-hai:wiki-terry-gou", "url": "https://en.wikipedia.org/wiki/Terry_Gou", "title": "Terry Gou", "publisher": "Wikipedia", "publishedDate": null, "accessedDate": "2026-10-02", "type": "other" }, { "id": "hon-hai:twse-profile", "url": "https://openapi.twse.com.tw/v1/opendata/t187ap03_L", "title": "Listed-company profile", "publisher": "Taiwan Stock Exchange", "publishedDate": "2026-10-20", "accessedDate": "2026-10-21", "type": "filing" }, { "id": "hon-hai:twse-monthly", "url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L", "title": "September 2026 monthly revenue", "publisher": "Taiwan Stock Exchange", "publishedDate": "2026-10-17", "accessedDate": "2026-10-21", "type": "filing" }, { "id": "hon-hai:twse-h1", "url": "https://openapi.twse.com.tw/v1/opendata/t187ap06_L_ci", "title": "2026 second-quarter cumulative financial statements", "publisher": "Taiwan Stock Exchange", "publishedDate": "2026-10-21", "accessedDate": "2026-10-21", "type": "filing" }, { "id": "hon-hai:twse-insiders", "url": "https://openapi.twse.com.tw/v1/opendata/t187ap11_L", "title": "September 2026 director, manager and major-holder shareholdings", "publisher": "Taiwan Stock Exchange", "publishedDate": "2026-10-20", "accessedDate": "2026-10-21", "type": "filing" }, { "id": "hon-hai:hh-fs-2025", "url": "https://image.honhai.com/upload/202605/financy_by_quarterly/2025Q4_consolidared_report(e)_20260515_5808.pdf", "title": "2025 consolidated financial statements", "publisher": "Hon Hai", "publishedDate": null, "accessedDate": "2026-10-21", "type": "filing" }, { "id": "hon-hai:hh-fs-h1", "url": "https://image.honhai.com/upload/202609/financy_by_quarterly/2026Q2_consolidared_report(e)_20260922_0036.pdf", "title": "2026 second-quarter consolidated financial statements", "publisher": "Hon Hai", "publishedDate": null, "accessedDate": "2026-10-21", "type": "filing" }, { "id": "hon-hai:hh-current-news", "url": "https://www.honhai.com/en-us/press-center/press-releases/latest-news", "title": "Current releases — October 16 Mitsubishi Electric agreement, October 12 leadership and September 2 semiconductor discussion", "publisher": "Hon Hai", "publishedDate": null, "accessedDate": "2026-10-21", "type": "company" }, { "id": "hon-hai:fii-annual-2025", "url": "https://panel.fii-foxconn.com//static/upload/2026/03/12/202603129732.pdf", "title": "Fii 2025 annual report", "publisher": "Foxconn Industrial Internet", "publishedDate": "2026-03-12", "accessedDate": "2026-10-21", "type": "filing" }, { "id": "hon-hai:fii-h1-2026", "url": "https://panel.fii-foxconn.com//static/upload/2026/08/11/202608112645.pdf", "title": "Fii 2026 half-year report", "publisher": "Foxconn Industrial Internet", "publishedDate": "2026-08-11", "accessedDate": "2026-10-21", "type": "filing" }, { "id": "hon-hai:fii-official-leaders", "url": "https://www.fii-foxconn.com/Executives", "title": "Official Fii director and senior-management biographies", "publisher": "Foxconn Industrial Internet", "publishedDate": null, "accessedDate": "2026-10-21", "type": "company" }, { "id": "hon-hai:nv-rubin-ramp", "url": "https://nvidianews.nvidia.com/news/vera-rubin-full-production-agentic-ai-factory", "title": "Vera Rubin production ramp and prospective autumn shipments", "publisher": "NVIDIA", "publishedDate": "2026-05-31", "accessedDate": "2026-10-21", "type": "company" } ], "calculations": [ { "name": "Vertiv DC revenue", "entityId": "vertiv", "formula": "10229.9 × 0.85; interval 10229.9 × [0.825,0.875]", "central": 8695.415, "low": 8439.6675, "high": 8951.1625, "unit": "USD million", "period": "FY2025", "sourceIds": [ "vertiv:v-ar" ], "classification": "derived estimate", "assumption": "Rounding interval, not statistical confidence interval. Nearest percentage-point assumption is editorial unless issuer specifies nearest5pp." }, { "name": "Legrand DC revenue", "entityId": "legrand", "formula": "9480.6 × 0.26; interval 9480.6 × [0.255,0.265]", "central": 2464.956, "low": 2417.553, "high": 2512.359, "unit": "EUR million", "period": "FY2025", "sourceIds": [ "legrand:l-urd" ], "classification": "derived estimate", "assumption": "Rounding interval, not statistical confidence interval. Nearest percentage-point assumption is editorial unless issuer specifies nearest5pp." }, { "name": "Legrand H1 DC revenue", "entityId": "legrand", "formula": "5400.3 × 0.32; interval 5400.3 × [0.315,0.325]", "central": 1728.096, "low": 1701.0945, "high": 1755.0975, "unit": "EUR million", "period": "H12026", "sourceIds": [ "legrand:l-h1" ], "classification": "derived estimate", "assumption": "Rounding interval, not statistical confidence interval. Nearest percentage-point assumption is editorial unless issuer specifies nearest5pp." }, { "name": "AVC server/network revenue", "entityId": "asia-vital-components", "formula": "139639 × 0.52; interval 139639 × [0.515,0.525]", "central": 72612.28, "low": 71914.085, "high": 73310.475, "unit": "TWD million", "period": "FY2025; thermal and mechanical boundary", "sourceIds": [ "asia-vital-components:a-fy25" ], "classification": "derived estimate", "assumption": "Rounding interval, not statistical confidence interval. Nearest percentage-point assumption is editorial unless issuer specifies nearest5pp." }, { "name": "Modine DC revenue", "entityId": "modine", "formula": "3181.1 × 0.35; interval 3181.1 × [0.345,0.355]", "central": 1113.385, "low": 1097.4795, "high": 1129.2905, "unit": "USD million", "period": "Year ended March31,2026", "sourceIds": [ "modine:m-10k" ], "classification": "derived estimate", "assumption": "Rounding interval, not statistical confidence interval. Nearest percentage-point assumption is editorial unless issuer specifies nearest5pp." }, { "name": "Modine LTM DC revenue", "formula": "3181.1×0.35+348.6−183.7", "central": 1278.285, "low": 1262.3795, "high": 1294.1905, "unit": "USD million", "period": "Twelve months endedJune30,2026", "sourceIds": [ "modine:m-10k", "modine:m-q1" ], "classification": "derived estimate; unchanged rounded annual allocation" }, { "name": "Munters LTM DCT revenue", "formula": "5906−3028+2759", "central": 5637, "unit": "SEK million", "period": "Twelve months endedJune30,2026", "sourceIds": [ "munters:mun-h1" ], "classification": "derived from reported amounts" } ], "baselineComparisons": [ { "method": "Whole-company revenue", "result": "Rejected: diversified HVAC/electrical groups would outrank relevant specialists for unrelated businesses." }, { "method": "Relevant revenue", "result": "Useful within matched boundaries, but incomplete: recognized sales, segment mix, mechanical integration and fiscal periods differ. No defensible global Top10 revenue table exists in this evidence set." }, { "method": "Capacity or market share", "result": "Rejected as a unified ranking: product ratings, cumulative installed rack capacity, delivered cooling GW, factory capacity and order backlog are not equivalent. No complete denominator establishes market coverage." }, { "method": "Weighted composite", "result": "Rejected for this publication: weights cannot repair incompatible denominators, and correlated revenue/share/capacity would double-count scale. Any expert weights would be editorial parameters, not measured science." }, { "method": "Evidence-led representative set with alternatives", "result": "Recommended. Reproducible facts and transparent choices support a useful atlas; the tenth-place boundary remains open rather than falsely precise." } ], "selectedIds": [ "vertiv", "schneider-electric", "eaton", "legrand", "delta-electronics", "asia-vital-components", "modine", "nvent", "huawei", "ecolab" ], "selectedReasons": { "vertiv": "Large disclosed data-center activity and integrated power/thermal products; data-center revenue is estimated from a rounded mix, not an invented AI share.", "schneider-electric": "Current global power-distribution and UPS franchise with Motivair thermal integration. Missing narrowly comparable sales does not erase the established role.", "eaton": "Commercial power distribution, UPS and modular systems, now with consolidated Boyd Thermal. Does not receive a second slot for Boyd.", "legrand": "Substantial disclosed data-center activity in rack power, busway and supporting infrastructure; one company covers its controlled brands.", "delta-electronics": "Power electronics, backup and liquid cooling at the server/rack boundary; captures Asian supply-chain activity without using mixed segment revenue as AI sales.", "asia-vital-components": "Commercial server thermal/mechanical integration adds a distinct manufacturing viewpoint. Server/network sales are broader than cooling and remain labeled.", "modine": "Actual dedicated Data Centers segment sales and facility heat-rejection products supply a strong commercial cooling anchor.", "nvent": "Approximately $1bn actual FY2025 data-center activity, liquid-cooling deployments and current electrical integration. Forecast growth does not add score.", "huawei": "Documented delivered-project and installed-rack footprint plus power/cooling platform breadth provides material global coverage beyond Western OEMs. Cumulative company claims carry explicit scope uncertainty.", "ecolab": "CoolIT cold-plate/manifold/CDU activity and platform relationships provide specialist direct-to-chip coverage under the current parent. Current standalone sales are unknown; acquisition consideration and growth expectations are not selection measures." }, "functionCoverage": { "power": 7, "liquid": 9, "facility": 6, "components": 5 }, "alternativeCutoffSets": [ { "name": "Cooling-specialist emphasis", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "delta-electronics", "asia-vital-components", "modine", "nvent", "ecolab", "munters", "carrier" ], "coverage": { "power": 5, "liquid": 10, "facility": 6, "components": 5 }, "change": "More slots for dedicated cooling activity; removes Legrand and Huawei despite their genuine importance.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Facility-equipment breadth", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "legrand", "delta-electronics", "modine", "carrier", "johnson-controls", "trane", "munters" ], "coverage": { "power": 5, "liquid": 9, "facility": 8, "components": 4 }, "change": "Larger facility cooling representation, reducing chip-level specialists and regional platform coverage.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Private-supplier inclusion", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "delta-electronics", "asia-vital-components", "modine", "huawei", "rittal", "stulz", "zutacore" ], "coverage": { "power": 6, "liquid": 10, "facility": 6, "components": 5 }, "change": "Unknown revenues do not mean zero: include established private suppliers and an operating two-phase specialist.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Component breadth", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "delta-electronics", "asia-vital-components", "ecolab", "nidec", "alfa-laval", "danfoss", "ebm-papst" ], "coverage": { "power": 4, "liquid": 9, "facility": 4, "components": 9 }, "change": "More granular heat exchangers, valves, fans and motors; less facility OEM breadth.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Current revenue disclosed within relevant scopes", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "legrand", "delta-electronics", "asia-vital-components", "modine", "nvent", "carrier", "munters" ], "coverage": { "power": 6, "liquid": 9, "facility": 7, "components": 4 }, "change": "Gives the two discretionary slots to observable cooling revenue. This favors disclosure and is a sensitivity case, not the recommended eligibility rule.", "classification": "Declared editorial stress case; not an optimum or probability" } ], "sensitivity": { "scenarios": [ { "name": "Declared recommendation", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "legrand", "delta-electronics", "asia-vital-components", "modine", "nvent", "huawei", "ecolab" ], "coverage": { "power": 7, "liquid": 9, "facility": 6, "components": 5 }, "change": "Balances established power systems, Asian manufacturing/platform coverage and specialist chip-to-facility cooling. All roles overlap; none mathematically forces a company.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Cooling-specialist emphasis", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "delta-electronics", "asia-vital-components", "modine", "nvent", "ecolab", "munters", "carrier" ], "coverage": { "power": 5, "liquid": 10, "facility": 6, "components": 5 }, "change": "More slots for dedicated cooling activity; removes Legrand and Huawei despite their genuine importance.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Facility-equipment breadth", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "legrand", "delta-electronics", "modine", "carrier", "johnson-controls", "trane", "munters" ], "coverage": { "power": 5, "liquid": 9, "facility": 8, "components": 4 }, "change": "Larger facility cooling representation, reducing chip-level specialists and regional platform coverage.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Private-supplier inclusion", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "delta-electronics", "asia-vital-components", "modine", "huawei", "rittal", "stulz", "zutacore" ], "coverage": { "power": 6, "liquid": 10, "facility": 6, "components": 5 }, "change": "Unknown revenues do not mean zero: include established private suppliers and an operating two-phase specialist.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Component breadth", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "delta-electronics", "asia-vital-components", "ecolab", "nidec", "alfa-laval", "danfoss", "ebm-papst" ], "coverage": { "power": 4, "liquid": 9, "facility": 4, "components": 9 }, "change": "More granular heat exchangers, valves, fans and motors; less facility OEM breadth.", "classification": "Declared editorial stress case; not an optimum or probability" }, { "name": "Current revenue disclosed within relevant scopes", "selectedIds": [ "vertiv", "schneider-electric", "eaton", "legrand", "delta-electronics", "asia-vital-components", "modine", "nvent", "carrier", "munters" ], "coverage": { "power": 6, "liquid": 9, "facility": 7, "components": 4 }, "change": "Gives the two discretionary slots to observable cooling revenue. This favors disclosure and is a sensitivity case, not the recommended eligibility rule.", "classification": "Declared editorial stress case; not an optimum or probability" } ], "commonToIllustrativeScenarios": [ "delta-electronics", "eaton", "schneider-electric", "vertiv" ], "interpretation": "Common membership is a property of these chosen examples, not robustness probability. No candidate is guaranteed globally indispensable.", "exhaustiveRoleFeasibilityTest": { "pool": [ "vertiv", "schneider-electric", "eaton", "legrand", "delta-electronics", "asia-vital-components", "modine", "nvent", "huawei", "ecolab", "carrier", "munters", "johnson-controls", "trane", "rittal", "stulz" ], "setSize": 10, "feasibleSetCount": 8007, "mandatoryMembers": [], "feasibleSetsOmittingEachRecommendedMember": { "vertiv": 3002, "schneider-electric": 3003, "eaton": 3002, "legrand": 3003, "delta-electronics": 3002, "asia-vital-components": 3002, "modine": 3003, "nvent": 3003, "huawei": 3003, "ecolab": 3002 }, "interpretation": "Enumerated every ten-element subset of this16-candidate stress pool, requiring at least one representative of each role. This tests under-identification, not optimality or all38 candidates." }, "numericSensitivity": "Recompute all mix-based activity at lower and upper rounding boundaries; amounts change as shown. No rank flips are asserted because these incomparable values do not drive a numeric total order. Carrier/nVent approximate figures have unspecified precision; no invented confidence interval.", "missingDataSensitivity": "Private-supplier and component scenarios admit unknown-revenue suppliers on commercial evidence. Complete-case revenue scenario changes membership, demonstrating disclosure bias.", "weightSensitivity": "There are no aggregate weights. Sector-priority scenarios change editorial allocation instead; changing that allocation materially changes the cutoff." }, "changesVersusPrior": { "added": [ "eaton", "ecolab", "huawei" ], "removedFromDisplay": [ "carrier", "johnson-controls", "trane" ], "directoryTreatment": "All fully reviewed former members and additions retain dossiers. Removal from the displayed set is not business failure or loss of eligibility." }, "limitations": [ "Carrier, Munters, Johnson Controls and Trane remain strong alternatives. Actual Carrier activity is substantial; omission is not a claim that CoolIT or Huawei has greater comparable sales.", "Rittal and STULZ have credible current commercial references. Their absent sales figures cannot be interpreted as small scale. A detailed private-company expansion could change membership.", "Only actual products and customer references establish current activity; future launches, modeled savings, investment rounds and acquisition prices do not.", "No global share denominator, unique importance score, statistical confidence interval or investment conclusion is claimed.", "Ten slots underrepresent the breadth of electrical, thermal and component supply. The choice should be reconsidered if the taxonomy splits power and cooling." ], "refresh": { "daily": "Monitor all displayed and directory suppliers for filings, material customer deployments, control changes, product availability and corrected disclosures; retain source and economic dates.", "membership": "Reassess after material new operating evidence or ownership/scope changes; compare challengers against the same role boundary. Refresh the candidate register before the decision.", "cutoff": "Keep strong alternatives visible. Do not move a company solely on a small rounded change, headline funding or market capitalization. Recompute and record role tradeoff for every change." }, "packetCalculations": [ { "entityId": "vertiv", "calculation": { "name": "FY2025 data-center revenue estimate", "formula": "10229.9 ×0.85", "result": 8695.414999999999, "unit": "USD millions", "sourceIds": [ "vertiv:v-ar" ], "assumption": "Revenue mix rounded by issuer to nearest5percentage points; not separately reported revenue." }, "sourceReviewFile": "infrastructure/reviews/vertiv.json", "sourceReviewCalculationIndex": 0, "packetSha256": "ce232cb3240f96b1160d862ebfd936185a522b6c74d768a632e342c2c88e804a", "selectionUse": "Fact reconstruction only; not an additional importance weight." }, { "entityId": "vertiv", "calculation": { "name": "Rounding sensitivity", "formula": "10229.9 ×[0.825,0.875]", "result": [ 8439.6675, 8951.1625 ], "unit": "USD millions", "sourceIds": [ "vertiv:v-ar" ], "assumption": "Rounding interval, not statistical confidence interval; no estimate of AI share." }, "sourceReviewFile": "infrastructure/reviews/vertiv.json", "sourceReviewCalculationIndex": 1, "packetSha256": "ce232cb3240f96b1160d862ebfd936185a522b6c74d768a632e342c2c88e804a", "selectionUse": "Fact reconstruction only; 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