Saw a breakdown on Vertiv (VRT) recently. Stock is trading around $160 with a forward P/E of 30. The bull case is that 80% of their revenue comes from data centers and they have deep ties with NVIDIA. Backlog is nearing $9.5 billion, which gives good revenue visibility into 2026. They're also focusing on higher-margin stuff like liquid cooling with the PurgeRite acquisition. The main caution is the high valuation. Returns from here really depend on execution and AI demand lasting past 2026.