Vertiv

Vertiv, an 80-year-old AC maker, saw its market cap explode almost 10x from under $11 billion to $109 billion after going public in early 2021. Its annualized return of 50.5% ranks third in the S&P 500. David Cote helped orchestrate this success by positioning Vertiv as a provider of liquid cooling systems critical for accelerating the rise of AI data centers.

Vertiv's second-quarter sales of $3.27 billion fell below analyst expectations despite adjusted earnings exceeding estimates, leading to a stock price decline. The company raised its outlook even as sales performance disappointed.

Six previously underperforming companies, including GE Vernova, Seagate Technology, and Vertiv, have surged to over $100 billion market caps due to the AI-driven demand for data center infrastructure and related technologies. Their valuations skyrocketed as AI expansion boosted sales of storage, cooling, and power solutions, with GE Vernova reaching $288 billion by July 21.

Vertiv, a data center infrastructure company, will invest $150 million to expand its Reynosa facility in Tamaulipas, Mexico, creating over 1,000 jobs and boosting the region as a hub for advanced manufacturing. The expansion focuses on manufacturing critical infrastructure for data centers and AI, driven by global demand, with support from local government and coordination with relevant agencies.