Bernstein Highlights Beneficiaries of Data Center Modularization as Value Shifts to Power and Cooling

Bernstein research shows that data center modularization is driving value capture toward power delivery, thermal management, and pre-energized infrastructure, benefiting suppliers capable of industrializing the AI buildout while increasing the scarcity premium on connected sites.
The structural transition highlights key beneficiaries across multiple infrastructure verticals:
• Grid Equipment: $GEV, $FPS, $HUBB
• Busway & Liquid Cooling: $VRT, $ETN
• Battery Energy Storage: $EOSE, $TSLA, $FLNC
• Thermal Management & CDUs: $VRT, $TT, $MOD, $JCI, $NVT
• Energized Site Operators: $IREN, $CIFR, $CORZ, $APLD, $WULF
As hyperscalers migrate from bespoke site construction to standardized, modular deployments, vertically integrated equipment manufacturers and power-secured operators are positioned to capture an expanding share of total data center capital expenditure.

Bernstein Highlights Beneficiaries of Data Center Modularization as Value Shifts to Power and Cooling