US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Data Center..."

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US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Data Center..."

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US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - Data Center Pipeline,

ZBRA Field Trip Takeaways, Macro Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Data Center pipeline continues to grow - Our Global Data Center Monitor from UBS +1-201-352 1410

Evidence Lab indicates that data centers in the planning stage increased by 14% (or 20

Neal Burk

gigawatts) in 1Q'26 compared to 4Q'25. To put this into perspective, the 20 gigawatt

increase that we saw in three months implies an additional $1 trillion of capex (assuming neal.burk@ubs.com

$50 billion per GW), compared to $400 billion of hyperscaler capex in all of 2025. In our +1-212-713 4066

view, the large and growing pipeline suggests that strong growth in the data center

Pratap Singh

vertical should continue (> Access Dataset). This should be supportive for continued

strong growth trends for AI-levered companies in our coverage (VRT, ETN, NVT, MOD, pratap-za.singh@ubs.com

GEV, JCI, TT and SPXC). While this is slightly backward looking data, we have noted in +1-212-821 3112

our preview note that these growth trends have continued into 2Q (Link).

Zachary Walljasper

Associate Analyst

Additional details from the tracker: zachary.walljasper@ubs.com

+1-212-713 9829

The combined capacity of under construction and planned data centers has

reached 200 gigawatts, doubling within an year. This represents 7x the capacity

installed during 2025 and 60% higher than total operational capacity.

From a regional perspective, data centers growth was driven by the US, which

accoutred for 70% of the increase over the three month period. However, every