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On Wednesday, 14 May 2025, Vertiv Holdings Co (NYSE:VRT) participated in the Bank of America Industrials, Transportation, & Airlines Key Leaders Conference 2025. The discussion, led by CEO Gio Arbitazi, focused on Vertiv’s strategic positioning in the data center infrastructure market, highlighting both opportunities and challenges. Key topics included advancements in liquid cooling and integrated solutions, as well as supply chain resilience amid tariff impacts.
Key Takeaways
- Vertiv aims to leverage its early entry into the liquid cooling market to exceed historical market share.
- The partnership with NVIDIA is seen as a strategic advantage, allowing both companies to stay ahead in technology development.
- Vertiv’s cooling capacity expanded by 45 times in 2024, with plans for continued growth.
- Vertiv’s order pipeline grew in Q1 2025, indicating strong market demand despite existing bookings.
- The company is focusing on regional manufacturing to mitigate supply chain risks.
Operational Updates
During the conference, Arbitazi emphasized Vertiv’s competitive strengths, including innovation, technology, and superior service capabilities. The company is capitalizing on its ability to scale production, particularly in the liquid cooling market, which is expected to undergo consolidation. Vertiv’s collaboration with NVIDIA is pivotal, as it positions the company to work on future-generation silicon technologies.
Vertiv is also expanding its chiller technology portfolio, with significant growth noted in North America. Prefabricated components, though currently a small revenue portion, are experiencing high growth driven by liquid cooling demands.
Integrated Solutions and Capacity
Arbitazi highlighted the importance of integrated solutions in response to IT densification. Vertiv’s infrastructure solutions business is accelerating, offering system-level optimization that eases customer design and delivery processes. The company plans to expand its geographical reach to serve all regions effectively.
Service Offerings
Vertiv’s service offerings have evolved from being UPS-centric to encompassing the entire portfolio. The company is enhancing its project services to support complex data center deployments, ensuring global consistency for customers. The shift towards site-based and telemetry-based services is part of Vertiv’s strategy to strengthen its service model.
Orders and Pipeline
Vertiv’s order booking practices require legally binding agreements with down payments, ensuring a robust and realistic pipeline. Despite strong bookings, the pipeline grew in Q1 2025, reflecting ongoing demand for Vertiv’s solutions. Arbitazi dismissed concerns about technology rollout delays, affirming the market’s appetite for GPUs and infrastructure adaptability.
Supply Chain and Market Dynamics
Arbitazi addressed supply chain resilience, noting Vertiv’s efforts to diversify its supplier base and adjust its manufacturing footprint in response to tariffs. The company is adopting a region-for-region approach to manufacturing, aiming to enhance supply chain stability. In the competitive Chinese market, Vertiv is navigating a unique landscape compared to the rest of Asia.
Vertiv remains confident in its strategic direction, focusing on innovation, integration, and customer service to drive growth in the data center infrastructure market. The company is poised to adapt to changing industry demands, maintaining its leadership position.
For a detailed understanding, readers are encouraged to refer to the full transcript below.
Full transcript - Bank of America Industrials, Transportation, & Airlines Key Leaders Conference 2025:
Unidentified speaker, Bank of America representative, Bank of America: Welcome to Day two of Bank of America’s Industrials and Transportation event. As I said, we are this is year two in the larger format. It’s great to see you. I think today is the day of the greatest hits. So we’re going to kick it off with the Vertiv CEO, Gio Arbitazi.
And we also have Lynn Maxeyner, VP of Global Treasury Investor Relations in the audience. Thank you for being here. Thanks for having me. You know, we weren’t joking. You know, you can always be busy covering Vertiv, which is a blessing for us, keeps us in business.
And we really, really value the relationship with the company. Thank you for coming to our event. And we’re going to jump into Q and A right now. So much, Gio.
Gio Arbitazi, CEO, Vertiv: Perfect.
Unidentified speaker, Bank of America representative, Bank of America: You know, we’ll just jump into, you know, I think the idea is just maybe we’re to jump into liquid cooling right away. There have been a few entrants in liquid cooling like CoolIT, N. V. Boyd, Nidec, Stahls Delta Light On. It’s a very, very long list, chilled out and cool centric.
And we didn’t even mention Trane or Schneider, which both MotiveAir. So the question for you, how Convertiv, which has 20%, twenty five % market share in air cooling, keep a similar share in liquid cooling?
Gio Arbitazi, CEO, Vertiv: Well, first of all, we’re not, of course, surprised by the fact that a relatively new space like liquid cooling, but remember that the big acceleration in liquid cooling started to happen last year, attracting a lot of new entrants. The situation from a competitive standpoint is probably less different, if that makes sense, than it appears relative to the rest of the data center space. So you mentioned the acquisition that Schneider and announced six months ago or so. And in the list of the companies that you mentioned, some are very small, some are very new, some do not have the scale, some have the scale, some will be acquired and there will be consolidation. In the end, some of the players in that list were a player and are player in the rest of the thermal management for data centers.
So what we see is in the mid and long term, a consolidation and a competitive landscape. This is not dramatically different from what we have experienced historically in the data center space. Another aspect is that we win on our competitive advantages. And I want to mention innovation and technology, being ahead of many in terms of knowing and working closely with the silicon manufacturers, a service capability that is superior to the majority of the players, if not all the players that you have mentioned and the ability to scale. So all reasons why we believe that not only we will be able to achieve a similar market share than historically in the thermal space, on the cooling space, but we have an ambition to be above that because of the ability to be one of first entrants and a large player in the liquid cooling space.
So optimistic about them.
Unidentified speaker, Bank of America representative, Bank of America: And I’ll have a follow-up to this after in my NVIDIA question. So but as an NVIDIA partner, you’re going to the market with reference designs for Blackwell today. You’re partnering for solutions for Rubin tomorrow. You are clearly embedded in that ecosystem, not the only vendor, but one of three, four. And it seems like people always say, oh, NVIDIA.
And it just seems they just pick the top two, top three players and that’s how you become a company, which makes sense. But how much of a competitive barrier is the NVIDIA partnership both broadly and again more specifically on liquid cooling?
Gio Arbitazi, CEO, Vertiv: Yeah, I wouldn’t like to call it a barrier.
Unidentified speaker, Bank of America representative, Bank of America: Okay.
Gio Arbitazi, CEO, Vertiv: Simply because it has a defensive type of a connotation to it, whereas we are much more aggressive in terms of going out and making sure that our strength is clear to everyone in the industry and it’s the strength of our technology, our ability to scale. So their relationship with NVIDIA is one of mutual benefit
Unidentified speaker, Bank of America representative, Bank of America: terms
Gio Arbitazi, CEO, Vertiv: of the leader in their case, but us as a leader in digital critical infrastructure. So there are advantages in going to market in a joint manner, and we have seen some announcement, for example, iGenius recently of large projects that we have won together. But again, I’d like to think and to talk in terms of our mutual benefit and the fact that working on the future generation silicon that you mentioned creates really an opportunity to be ahead of competition, being ahead of the other players and serve our customers with the technology that they will need in the future. So again, not defense, but if you will.
Unidentified speaker, Bank of America representative, Bank of America: And we will continue this conversation. It’s probably a much broader topic. But I remember late last year, had a meeting with NVIDIA executive, one of the industry events. And he was basically positing that as power consumption and rack density goes up, That what NVIDIA wants to see, they do want to see an integrated power and cooling solution, right, because one, you know, was Rubin once you got 400 kW or, you know, people are talking about one megawatt. You know, you really want to have an integrated subsystem.
And, you know, I think it’s more of a statement. It’s an statement slash open ended question. To me, Schneider by MotivAir sort of tells you that what and he said what we expect of our partners is to sort of down the line to be able to provide more and more integrated solution. And as I look at the business models, you versus other players, you are the only player that has scaled up capabilities across cooling, you know, inside the cage, outside the cage, you know, white space, gray space. Maybe can you comment, is that the right way of thinking about it that the way forward is integrated subsystem, cooling and power?
Just what’s the vision for the industry three, five years from now? Sure.
Gio Arbitazi, CEO, Vertiv: Clearly, the big driver is IT densification. And IT densification creates opportunities, creates challenges technically, but opportunity for the likes of us, of course, who have the portfolio, as you were saying, and the capabilities. We believe that integration will be an increasingly large part of the market and of the value proposition. I mean that density cannot be easily addressed and solved just one component at a time. So while the market for individual UPS, Chile, you name them, will continue to exist and to be good and strong, we see that integration and our ability to do integration and densification will be a clear winner out there.
So we see it also in terms of the acceleration of our integration business, what we call infrastructure solutions. And again, the market will choose different ways of building, but certainly the increased complexity of the solution from an IT standpoint will drive solutions that are thought through as a system and sometimes even delivered as an integrated system. So we believe that having an entire portfolio, power, thermal and now more and more also inside the wide space is creating an opportunity in general because system level, you can optimize the solution for the customer relative to one product at a time, one point product at a time, but also the actual integration before delivery. So doing things in a factory, alleviated the load in on and making our customers’ life easier from a design and delivery standpoint is going to be a winner long term.
Unidentified speaker, Bank of America representative, Bank of America: Excellent. Just talking about your cooling capacity, you literally grew by 45x in 2024. What’s the capacity growth plan in 2025?
Gio Arbitazi, CEO, Vertiv: Well, we’ll continue to grow. 45% actual is pretty much let’s call it linear throughout the year, not exactly, but clearly the, let’s say, capacity we had exiting 2024 was very substantial. We’ll continue to expand. There is a geographical aspect to that, so to make sure that we have every region served regionally, continue that dipole trajectory and add capacity. We want to be and we’re being deliberate and vocal about the fact that we want to have wiggle room to and capacity to serve the industry in its wildest growth dynamics.
Unidentified speaker, Bank of America representative, Bank of America: But is it fair to say, you know, we sort of track your gross asset additions, you know, is it fair to say that liquid cooling is going to grow in line with overall and maybe a little bit faster?
Gio Arbitazi, CEO, Vertiv: Let’s if we go back November or when a few other occasions which we talked about it, we believe that if we that given the total cooling market for data center, medium, long term liquid cooling will represent about a third of that total, the rest being heat rejection, being air, etcetera. So clearly, going from zero to a third of the market, the growth rate is totally different than the rest and we have seen that growth rate in our numbers.
Unidentified speaker, Bank of America representative, Bank of America: Thank you. So another thing that I think gets less attention and I really sort of when I visited your facilities last summer, I just did not appreciate it, to be frank. But maybe can you give us an update on your chiller technology rollout in The U. S. And globally?
How do your capabilities compare in air cooled and water cooled chillers by geography? Because frankly, did not appreciate the strength
Gio Arbitazi, CEO, Vertiv: absolutely. Strong air cooled portfolio. We are developing and expanding our let’s say, water cool portfolio after organically and an acquisition that we made at the end of last year, the small technology acquisition that we made at the end of the last year. Decades of chiller presence in the market in EMEA and in Asia. We decided about two years ago, a little bit more than two years ago, to go ahead and launch our chiller portfolio in North America for North America and satisfied about the growth trajectory.
I mean, that was North America’s 0 market share for So it’s all incremental and we like the trajectory. We are with air cooled chillers in North America and we are launching we are working on launching the water cooled portfolio as well.
Unidentified speaker, Bank of America representative, Bank of America: So is it going to start moving? Is it going to start moving the needle in 2526?
Gio Arbitazi, CEO, Vertiv: Well, you know, it’s moving the needle as we speak, but the acceleration is happening.
Unidentified speaker, Bank of America representative, Bank of America: Excellent. Thanks so much. So I think we actually did talk about prefabricated components, but you clearly have a thesis around prefabricated components. You have you sort of touched on it as part of the broader long term thesis, faster deployment, lower delivery. What percentage of revenue is tied to these integrated offerings today?
And can you see that they’re growing at above company sort of average?
Gio Arbitazi, CEO, Vertiv: Yes. When you will see our numbers and mix, you will see prefabrication as a relatively small portion of the But what we report is the pure kind of a prefabrication value addition. We do not count into prefabrication all the technology that all the vertic technology that goes in and there is a tremendous pull through,
Unidentified speaker, Bank of America representative, Bank of America: obviously.
Gio Arbitazi, CEO, Vertiv: So if we have UPS as in a prefabrication or liquid cooling in prefabrication, that all goes in the relevant thermal management, power management for obvious reasons. Otherwise, even market share pictures get distorted and everything else. So growth is certainly among the highest in the portfolio. I would say liquid cooling and prefab are certainly driving growth acceleration.
Unidentified speaker, Bank of America representative, Bank of America: Excellent. So should we continue just sort of shifting to services. Should we continue to expect further acceleration in service revenues? And historically, services have been tied to UPS, three phase UPS, but you’re now offering service contracts on your coolant distribution units. I think there’s official launch of Vertiv liquid cooling services.
So how much does well, why don’t we focus on where we are with UPS, launch of Vertiv liquid cooling services and then we can just sort of talk about total TAMPHA services over time. Sure.
Gio Arbitazi, CEO, Vertiv: So historically, you are correct, especially true in The Americas predominantly historically, but we have started to change that years and years ago. It was UPS centric. But already kind of a decade plus ago, we started to offer a much broader range of services across the entire portfolio of our technology, across the entire installed base. This is true globally. So don’t think about kind of a one product line as the service driver.
It is the entire portfolio. Certainly, Certainly, liquid cooling has huge service potential. But it’s not just maintenance services. I mean, we know that liquid cooling is extraordinarily critical for the performance of extremely expensive racks of GPUs, but also in terms of the ability to deploy and the ability to operate. So both project services, as we call it, everything that is all the way to commissioning and
Unidentified speaker, Bank of America representative, Bank of America: getting
Gio Arbitazi, CEO, Vertiv: the equipment running and everything that we call life cycle services, so the moment after commissioning throughout the life cycle. So we see liquid cooling as a very important service driver. But again, we see it because we know that service is an incredibly important asset for our customers. The critical nature and the complexity of a cooling system, primary, secondary circuits are such that require certainly a lot of capacity and capabilities and hence kind of being very public about our liquid cooling services.
Unidentified speaker, Bank of America representative, Bank of America: So maybe a couple of things. So guess on project services, right? So I think a couple of things have happened. A, data centers as Rockdown City goes up, just architecture of data centers has become a lot more complex. You know, the ratio between white space and gray space in the data center I think is changing dramatically.
Gio Arbitazi, CEO, Vertiv: Yep.
Unidentified speaker, Bank of America representative, Bank of America: You know, some of the companies on the HVAC side actually have figured out that, you know, these project services is a real competitive advantage vis a vis competition that only sort of sells the product. How meaningful is this project services opportunity for Vertiv? And like who would the typical customer be? Would it be a large colo? Would it be an enterprise customer?
Do hyperscalers use these services?
Gio Arbitazi, CEO, Vertiv: Sure. Basically, everything that is medium to large projects for us is sold with project services. So we absolutely support our customers throughout the installation, commissioning process across the entire spectrum of our technologies. So that has been, let’s say, part of our offering forever. And it’s a part of the offering that we have strengthened in terms of capacity and in terms of complexity of rendered services because the complexity of site has increased
Unidentified speaker, Bank of America representative, Bank of America: a That’s what I’m saying, yes.
Gio Arbitazi, CEO, Vertiv: Absolutely. So for us, it’s not something new, but something that we’ve been investing in probably for the last two or three years.
Unidentified speaker, Bank of America representative, Bank of America: Got you. Yes.
Gio Arbitazi, CEO, Vertiv: And we’re very mature. We’re very mature in terms of capabilities.
Unidentified speaker, Bank of America representative, Bank of America: And then just sort of going to
Gio Arbitazi, CEO, Vertiv: One more thing, It’s not just having the ability to serve the customer and the point project, but a lot of our customers are global in nature. So the same experience in Singapore, in Virginia or in Ireland, That’s what they expect and what we deliver.
Unidentified speaker, Bank of America representative, Bank of America: Got you. And then should we think where could attachment rates on I’ll just call it HVAC, but on the cooling chillers, are the attachment rates comparable to UPS attachment rates? Could they even be higher? Are they lower? Just can you talk about will the service component on their cooling side look like?
Gio Arbitazi, CEO, Vertiv: I think two dimensions. The rule of thumb is that attachment rate is a function of, first of all, how good you are at selling and how credible you are in terms of the services that you render. But the first kind of an independent variable is how critical is the product, the technology. So UPS is very critical. Liquid cooling is very critical.
Chillers are very critical. Some types of air cooling are very typical. Certainly, some elemental power distribution are very critical. So that’s typically the rule of thumb. So we see more and more critical technology in the data center as, again, everything we discuss in terms of densification of IT is happening.
So that is a favorable environment for our services. But also, what we see is that more and more the size of our data center, our customers’ data centers is such that it’s no more kind of a man in a van and you kind of you have a track role and service it. It’s more and more site based services, more and more telemetry based. So the nature and the intensity of services changes and so is the relationship. So if you have with the customer an entire system, then you will have the entire system services to follow and you probably have your Vertiv crew on-site, the relationship changes dramatically, favorably for us.
Unidentified speaker, Bank of America representative, Bank of America: And just to sort of finish with services, know, I mean, we’ve been reading, I think industry indicates that the rack architecture for Rubin Ultra implies rack density like I think 600 kW. Yes. So like how do you service a rack that’s like 600 kW, like without computing yourself and killing yourself?
Gio Arbitazi, CEO, Vertiv: Well, we handle a lot of power, power distribution. So our engineers are extremely well trained and professional, obviously, have been doing that for forever in the great space, if you will. But certainly, a question mark exists as the white space moves over time from kind of a low voltage, regular low voltage, sometimes low voltage DC to high voltage DC further up. Could that offer a new opportunity for service, a service opportunity for Vertiv? Of course, we are looking into it very, very with a very, very keen eye.
But I think it would be a little bit early to elaborate on that.
Unidentified speaker, Bank of America representative, Bank of America: Right. Because the question I have, how do you send an IT professional inside the cage, right, it just completely changes the paradigm, right, because it’s you need completely different kind of training. I that’s sort of the
Gio Arbitazi, CEO, Vertiv: I do
Unidentified speaker, Bank of America representative, Bank of America: absolutely agree, Ben. Okay. Fine. So, okay, let’s talk orders within the confines of what you’re going to say. So if a customer came to you with an order and down payment for delivery sometime in ’27, Would that be booked as an order in the quarter?
In
Gio Arbitazi, CEO, Vertiv: general, what we not in general, every time an order for us is something that has it’s binding legally that more often than not has down payments and corresponds to a real deployment plan. So the deployment may have started, the deployment may not have started. But again, it’s the binding nature of the agreement so that there is no doubt about our right to some sort of compensation if the order is canceled. So we do not call orders something that is hypothetical in the future. We have capacity agreements, etcetera.
We do not call those orders. Order is something that is firm in the book and comes a certain date. It becomes material being ordered, it becomes manufacturing being kicked off.
Unidentified speaker, Bank of America representative, Bank of America: And so let me just clarify in this case. And so do you need a specific delivery date or could that be, you know, so like within that, if it’s sometime in ’27, would that be booked as an order? It’s up to the lawyers.
Gio Arbitazi, CEO, Vertiv: Well, typically people don’t say sometimes in 2027. Sometimes they give you a date because they know where they will deploy. Then maybe that project will be delayed brought So those days, if they are somewhat out, can move. But let’s go back to what we said at earnings call when we were saying, hey, guys, we do not see a dramatic or any meaningful material shift in the backlog phasing in terms of current year, future relative to historical mix. So we do not see kind of anybody going crazy and ordering just out there just in case.
That’s not something that we see happening. Plus, we want to keep our capacity for available for real deployment, our stuff going on-site.
Unidentified speaker, Bank of America representative, Bank of America: And so just to follow-up on that. So the pipeline in the first quarter grew even with the solid $2,800,000,000 in bookings in the quarter. And that clearly implies there was no pull forward or pre buy. But if that’s the case, what in your view was the reason for the sequential improvement in orders?
Gio Arbitazi, CEO, Vertiv: Well, I think it’s a combination of good market and a strong verdict in terms of portfolio, in terms of what we offer our customers. And again, it should not be surprising. I mean, we said, hey, we’ve been saying for the last multiple quarters, hey, our pipelines are going in the right direction. We see sequential increase of pipeline. We see a good level of stability in win rates.
That translates into a solid trailing 12. And then we said, hey, don’t be surprised, whichever direction the individual quarter orders may go because there is lumpiness in orders. And so I would say that’s nothing different from the narrative that we have adopted probably for the last twenty four months of
Unidentified speaker, Bank of America representative, Bank of America: multiple And
Gio Arbitazi, CEO, Vertiv: we always say, guys, the market is going in the right direction. Don’t be spooked or overexcited by a single quarter performance, but look at the sequence. And I think the sequence is pretty convincing. And can I
Unidentified speaker, Bank of America representative, Bank of America: ask you just looking once again, looking at the industry press, just the timing, there’s a lot of speculation about the timing of rollout of GB 300 versus GB 200? And I think the schedule sort of move around. So what kind of impact does it have on customer conversations? Because part of what I’ve read is that, hey, because GB 200 is being pushed out, so now GB 200 is closer to GB 300, Why not wait until GB 300 and upgrade your design? And as long as you’re waiting, may as well upgrade the design and go with GB 300.
And then another conversation as we are keep moving to the right on Blackwell, Rubin is getting closer. And once again, you would know the answer, I don’t know the answer. But speculation about the timing of the initial Rubin rollout. So when you talk to the customer, right, have you seen real customers move their schedule around because of these moving pieces that clearly have profound implication on what the architecture of the data center looks like?
Gio Arbitazi, CEO, Vertiv: I think three elements to this. One, I think everyone is overanalyzing kind of a 200, three hundred, three hundred and a half, whatever. It’s overanalyzed. I mean, there is hunger for GPUs in the market and it’s true in The U. S.
It’s true globally. The other element is I think this question is better asked to our NVIDIA friends. Yes. What we see in the market is demand for infrastructure. We were talking about pipelines and the growth of pipelines an instant a minute ago.
That stays. The other thing is that we should not think about an infrastructure that dramatically, dramatically changes between 200, three hundred, So if someone is building today a data center tailored on 200, I think they’re crazy because we know that at least, if not because of the dynamics we’re talking about, because of simply obsolescence cycle of their IT, that very data center probably will need to upgrade to 300 or more in the future. And that would be all those things start to be kind of factored in the way it’s designed Anyway, the orders we receive today are for data centers that will go up nine, twelve, eighteen months from now. So we are already in that.
Unidentified speaker, Bank of America representative, Bank of America: Right, right, right. Okay. No, that actually that’s a great answer. Thank you. So maybe how are you thinking about your supply chain post the tariffs and are you making adjustments to your own manufacturing footprint and have you considered new suppliers?
Gio Arbitazi, CEO, Vertiv: I think I want to go back to the post COVID. I know that feels like kind of a millennia ago, if you will, millennium ago. But the fact that we have been working on the resilience of our supply chain and the way we design products and how many suppliers per each component we define upfront when a new product is launched and during the lifecycle of a product has been kind of a phenomenally helpful capability that we did not have and is serving us very well right now. To your specific questions, the answer is yes, but always. There are moments in which such like kind of a redefinition of the trade flows globally give us an opportunity to adjust further, but it’s an ongoing exercise.
And having more region for region type of manufacturing and supply chain is something that we have kind of shaped been shaping for the last two years. And again, we are adjusting that further for the current and fluid tariff situation. But yes, absolutely. Very, very, very happy about the ability and capabilities and speed of implementation at Vertiv right now.
Unidentified speaker, Bank of America representative, Bank of America: Do you think this will cause more supply chain sort of what’s called North America? Do you think people will adjust, the industry will adjust or do you think?
Gio Arbitazi, CEO, Vertiv: I think the industry has been adjusting for some certainly Vertiv has been adjusting for some time. But yeah, trend.
Unidentified speaker, Bank of America representative, Bank of America: And then I know you have a very different industry, but the budget. Do you guys care about accelerated depreciation? Does that will that impact how much and where you spend, like the provisions of the tax bill?
Gio Arbitazi, CEO, Vertiv: Well, we like things that are pro business in general. We think the industry we’re serving in any way has its dynamics. But we serve a telecom and commercial industrial industry, those smaller portion of our mix. If that is favorable, fantastic. If there is favorability for us, that will corroborate some of the decisions we made in terms of what to manufacture and where to invest.
Unidentified speaker, Bank of America representative, Bank of America: Excellent. Thank you. What are your conversations like with sort of traditional colo companies these days? From the brokerage reports, rents are rising, occupancy levels are high. But what do they want to talk to you about?
Gio Arbitazi, CEO, Vertiv: Well, certainly, they want to talk about capacity. They want to make sure that we are there for them. And very importantly, very importantly, they talk a lot to us about what their infrastructure, what their design should look like two years, three, five years down the line. And that’s the best conversation for us because it’s where our role as an industry thought leader and I’d like to say the connecting tissue in the industry between silicon and owner of data center is really been fully exploited by the industry and something that we like a lot. We like to take the industry where it needs to be three, five years down the line to really accelerate everything, IT infrastructure and AI infrastructure.
Unidentified speaker, Bank of America representative, Bank of America: So pre COVID your top 10 customers generate about 25% of your revenue. Has your customer concentration grown meaningfully with the hyperscalers investment in
Gio Arbitazi, CEO, Vertiv: We continue to have a very, very broad customer base. So we are not disclosing things specifically, but directionally not really materially.
Unidentified speaker, Bank of America representative, Bank of America: Right. And can you just talk about what’s happening in China because you do have strong presence in China. It’s a different is it a different ecosystem? How is ecosystem evolving in China and is it different from the rest of the world?
Gio Arbitazi, CEO, Vertiv: Well, the China, of course, is a very competitive place. Certainly, we see good dynamics as we explained in the last couple of earnings call, the competitive landscape is more different as well. But it’s not uniquely to China. It’s the same competitive landscape that we see in Asia, the rest of Asia. So not that technology is dramatically different.
There are kind of some idiosyncratic type of system designs, but nothing that is not leverageable outside of China in terms of know how, experience, project cost, focus on efficiency, all things that, let’s say, overflow very well for us across the world.
Unidentified speaker, Bank of America representative, Bank of America: We are right on time, Gio. Thank you so much. Thank you for opening day two. Everyone else is great.
Gio Arbitazi, CEO, Vertiv: A lot.
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