Why it’s on the map
Highest-quality 'picks and shovels' name: electrical distribution/data-center power. Q2 record $8.5B (+14% organic), Electrical Americas data-center +65%, US backlog 307 GW.
Government money & contracts
DoD/GSA supplier.
Customers & commercial
Hyperscalers, industrials, utilities.
Catalysts
FY EPS raised to $13.40–13.60.
Risk
Much of the rally is AI capex in a reshoring costume.
Tariff durability
Fundamentals-driven.