Published On: September 16th, 2026Categories: Trade Ideas
The AI build-out is not only about chips. Every new generation of servers also requires more power, cooling and supporting infrastructure. This is where Vertiv sits. A $15bn backlog, expanding margins, strong cash generation and very low leverage support the credit case, although concentration in data-center investment and execution of the 2H26 ramp remain important risks. With doubts around AI investment and higher long-dated government yields weighing on valuations, recent volatility may be creating a more attractive entry point in Vertiv’s longer-dated bonds. Our latest investment case explains why we remain constructive and prefer the 4.85% 2036 senior unsecured notes.
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