Electrical infrastructure stocks like Powell Industries and IES Holdings have been on a tear, leading Forbes’ ranking of mid-sized companies. Right behind are names like Abercrombie & Fitch, Dutch Bros, Sweetgreen and Shake Shack.
he growing appreciation of artificial intelligence and anything related to it has been one of the main themes of 2024 for investors, highlighted by Nvidia rising to over $3 trillion in market capitalization, to become the world’s second most valuable company, but the semiconductor designer is far from the only company benefitting from the AI boom. Powell Industries, provides large-scale electrical infrastructure like power control rooms to service job sites. The majority of its $1 billion in annual revenue comes from oil and gas and petrochemical customers, but it has rapidly grown in its “commercial and other industrial markets” segment, which includes data centers, nearly tripling in a two-year span from $57 million in its 2022 fiscal year to $150 million in sales in its 2024 fiscal year ending in September. Companies building AI applications typically require complex and extensive computer systems housed in data centers. “Sales to data center customers have generally been smaller in scale and focused on individual products—however, as data centers grow in both physical size and computing power, the electrical energy demanded by these facilities will only grow in scale,” chairman and CEO Brett Cope said on its second-quarter earnings call. Powell’s stock is up 185% this year and more than 600% since the start of 2023, mirroring Nvidia’s rise, and its peers have been similar beneficiaries. IES Holdings, which generates close to half of its $2.9 billion in annual sales from electrical installations for residential housing, is also a growing player in powering data centers and slots in at No. 2 on our lis
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
La source: Investingcom - 🏆 450. / 53 Lire la suite »
La source: NBCDFW - 🏆 288. / 63 Lire la suite »
La source: NBCPhiladelphia - 🏆 569. / 51 Lire la suite »
La source: Investingcom - 🏆 450. / 53 Lire la suite »
La source: FXStreetNews - 🏆 14. / 72 Lire la suite »
La source: Investingcom - 🏆 450. / 53 Lire la suite »