U.S. Power, AI Data Centers & Industrial Equipment

Buy-side note on the AI-power industrial complex. The mispricings are absolute, not relative: GEV's 110 GW backlog against 24 GW a year of capacity locks in roughly 4.6 years of production, against the 13% revenue CAGR consensus assumes. Ranked longs GEV, HUBB, ETN, EME, AGX and ACM; avoid VRT, FIX and MTZ at 44–51x; cleanest pair long EME / short FIX.

Published Apr 24, 2026. Views and model assumptions reflect the publication date and may have changed.