AI Infrastructure Dollars Shift Beyond Chips: Power and Cooling Put Vertiv and Bloom Energy in the Spotlight

Analysts increasingly say semiconductors make up only about 25% of total AI infrastructure spend. The remaining 75% is flowing to power management, cooling, and the physical buildout of data centers. Two companies positioned squarely in that larger slice—Vertiv Holdings and Bloom Energy—posted quarterly results that underscore why investors are focusing on the "picks and shovels" of AI. Vertiv, which supplies power and thermal management systems for data centers, reported Q1 2026 revenue of $2.65 billion, up 30% year over year. Organic growth was 23%, while adjusted earnings per share jumped 83%. Backlog has climbed above $15 billion, and management lifted full-year sales guidance to about $13.75 billion. Bloom Energy delivered an even sharper acceleration. Quarterly revenue surged 130% from a year earlier to $751 million, and the company returned to profitability with net income of roughly $71 million. Bloom also broadened its relationship with Oracle to include up to 2.8 GW of capacity and secured a financing arrangement with Brookfield for as much as $25 billion. A related shift is playing out among former Bitcoin miners. With access to high-power sites and established ties to energy providers, many are moving into AI data center hosting. IREN, which has roots in crypto mining, landed a $3.4 billion agreement with Nvidia for GPU cloud computing and announced a 5 GW infrastructure partnership. For investors tracking the theme, attention is moving away from chip unit sales and toward power capacity—measured in gigawatts—and backlog growth at suppliers such as Vertiv and Bloom. Vertiv's $15 billion-plus backlog points to demand visibility extending into 2027 and beyond. Bloom's expansion with Oracle to 2.8 GW signals that even the largest enterprise buyers are committing to alternative power solutions for AI buildouts.