Barclays highlights leaders in data center cooling, outlining strategic moves, investments, and earnings signals from multiple manufacturers and technology providers as the sector positions for growth.

Dover Corporation reported Q4 2025 results of $2.1 billion in revenue and $2.51 in adjusted EPS, reinforcing its role in the cooling ecosystem through thermal management components.

Hewlett Packard Enterprise is pushing 100% fanless direct liquid cooling architectures and modular data centers with integrated heat recovery, while launching the HPE AI Grid solution with NVIDIA for distributed AI inference; Evercore ISI notes stronger server demand in response.

Vertiv is expanding its Ohio manufacturing capacity with a $50 million investment to meet rising demand for thermal management, amid mixed ratings from HSBC (Buy) and Jefferies (Hold).

Johnson Controls agreed to acquire Alloy Enterprises to broaden its thermal management technology portfolio for data centers.

Super Micro Computer faces an independent investigation tied to an export-control indictment and a related shareholder class action, highlighting governance considerations amid data center growth.

Carrier Global introduced the QuantumLeap platform, blending air cooling with liquid-to-chip cooling in hybrid systems to advance integrated cooling solutions.

Eaton is expanding its data center cooling footprint with a new Nebraska manufacturing facility and highlighting Exertherm thermal monitoring technologies.

Barclays cites a broad universe of over 400 public and private players across 19 infrastructure subcategories, with AI infrastructure spending potentially exceeding $1 trillion annually by 2028, significantly ahead of current consensus.

Dell Technologies benefits from rising AI infrastructure and server demand, with multiple firms lifting price targets on improving AI workloads and data center deployments.

Trane Technologies completed acquisitions of LiquidStack and Stellar Energy to bolster liquid cooling capabilities and modular data center cooling offerings.

Parker-Hannifin delivered strong fiscal Q2 results with revenue of $5.17 billion and EPS of $7.65, projecting an optimistic full-year EPS outlook.