Goldman Sachs Multi-Industry: Ten Soundbites from Data Center World
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Key Views
Modular solutions are gaining traction, with Schneider, Mitsubishi Electric, and Eaton collaborating closely with Nvidia. Liquid cooling represents a core structural shift, while fiber optics has emerged as the immediate bottleneck. Solid-state transformers (SST) and 800VDC architecture remain long-term transitions, with standards still undefined and prototypes immature.
CDU products dominated the exhibition floor. Multiple companies are expanding capacity, though grid connection and power generation remain the true constraints. Eaton's new factory is booked for 18 months; Schneider raised rack capacity approximately 20%.
Fiber optic supply tightness is expected to persist at least 2–3 years. Pricing has surged, with single-mode cable rising from $2/km to $9/km in China. Connected cable value runs 5–10 times bare cable.
Outlook
European data center growth depends on regulatory and permitting progress. Liquid cooling adoption follows a hockey-stick trajectory. AC architecture will dominate near-term, with 800VDC viable only for large campuses exceeding 100–200MW.
Companies Mentioned
ABB, Carrier Global, Dormakaba, Eaton, Fujikura, Georg Fischer, Johnson Controls, Mitsubishi Electric, Munters, NKT, nVent Electric, Prysmian, Schneider Electric, Envicool, Siemens Energy, and Zumtobel Group. No ratings or target prices were provided.