Why Vertiv and Eaton Are the Ultimate Infrastructure Plays for the AI Boom

The AI boom is increasingly a hardware story, and infrastructure providers Vertiv and Eaton are positioned to benefit from data-center power and cooling needs. Vertiv, based in Westerville, Ohio, makes power and thermal solutions, including direct-to-chip liquid cooling, with recurring revenue from its global services network. Eaton, headquartered in Ireland, supplies heavy-duty electrical infrastructure such as transformers, switchgear, UPS systems, and liquid-cooling technologies. Vertiv reported Q1 revenue of $2.65 billion, up 30% year over year, with EPS of $0.99, up 136%; it expects full-year revenue of $13.5–$14 billion and EPS of $6.30–$6.40. Eaton’s Q1 revenue hit a record $7.5 billion, up 17%, while adjusted EPS rose 3% to $2.81. Vertiv’s project backlog exceeded $15 billion by end-2025, while Eaton’s backlog reached $14.5 billion through Q1.