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Key points:
- AI is becoming a broader capital-spending cycle. Data centres require heavy equipment, electricity generation, grid infrastructure, cooling, real estate and significant external financing.
- The evidence is increasingly visible in company results. GE Vernova disclosed more than $5 billion of data-centre orders in the first half, Eaton reported data-centre revenue growth of around 65%, while Digital Realty and Trane showed strong growth in leasing and commercial HVAC demand.
- Broader sector exposure does not necessarily mean broader…
