Deep dive 10-K analysis on key cooling plays for AI datacenter thesis. Primary targets: Vertiv (VRT) — liquid cooling + power, 5B backlog, market leader. Modine (MOD) — data center segment grew 119% to $644M in FY2025, projecting $2B+ by 2028 via Airedale liquid cooling. Secondary: Stulz, Schneider Electric (SE) if accessible. Focus areas: revenue concentration in AI datacenter, margins on liquid cooling vs air cooling, backlog coverage, capex intensity, competitive moats. Question to answer: is Vertiv already priced in, or does Modine offer better risk/reward?
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