Analysts now estimate that chips account for roughly 25% of total AI infrastructure spending. The other 75% goes toward power management, cooling systems, and the actual buildout of data centers. Two companies sitting squarely in that 75% zone, Vertiv Holdings and Bloom Energy, just posted quarterly results that explain why Wall Street is paying attention.
The numbers behind the pivot
Vertiv, which makes power and thermal management systems for data centers, reported Q1 2026 revenue of $2.65 billion. That’s a 30% jump year-over-year, with organic growth clocking in at 23%.
Adjusted earnings per share surged 83%. Vertiv’s backlog now exceeds $15 billion, and management raised its full-year sales guidance to approximately $13.75 billion.
Bloom Energy’s quarter was even more dramatic. Revenue soared 130% year-over-year to $751 million, and the company crossed into profitability territory with net income of roughly $71 million.
