Amit Mittal

Amit Mittal questioned Vertiv's competitive environment, specifically addressing recent innovations like Microfluidics and 800-volt DC power, and how these impact Vertiv's content per megawatt and overall market position.

Answer

CEO Giordano Albertazzi welcomed innovation, stating that Vertiv drives it and it enables favorable pricing. He clarified that Microfluidics is a form of direct-to-chip liquid cooling that keeps Vertiv's thermal chain intact, and 800-volt DC leverages Vertiv's extensive DC power experience, positioning them at the forefront. He noted that Vertiv's TAM per megawatt is narrowing to the upper end ($3M-$3.5M), driven by technology, and the competitive landscape is becoming more consolidated.

Amit Mittal asked about Vertiv's competitive environment, addressing concerns from recent innovations like Microsoft microfluidics and 800V DC potentially eliminating PSUs. He sought clarification on how Vertiv's content evolves against the $3M/MW figure and the company's message to counter thesis-questioning innovations.

Answer

Giordano Albertazzi, CEO of Vertiv, welcomed innovation, stating Vertiv drives it and it enables favorable pricing. He clarified that microfluidics is a form of direct-to-chip liquid cooling, preserving Vertiv's thermal chain, and 800V DC leverages Vertiv's decades of DC power experience, positioning them at the forefront. He noted the TAM per megawatt is narrowing to the upper end ($3M-$3.5M), driven by technology, and sees a better-delineated, more consolidated competitive landscape, reinforcing Vertiv's competitive advantages: service, innovation, and ability to scale.