Power and cooling firm Vertiv is now worth more than $100 billion.

The company's share price has risen more than 25 percent since it reported robust earnings results on 11 February, and are up nearly 50 percent YTD.

The surge in valuation came ahead of Nvidia's earnings results after the market closed, with those results expected to serve as a bellwether for the AI industry. Vertiv's data center solutions can be used to power and cool Nvidia equipment, and the company is an Nvidia partner.

In its last earnings report, Vertiv reported net sales of $2.88 billion, up 19 percent on the previous year.

With investors increasingly cautious about the long term viability of AI investments, Vertiv reported an order backlog of $15bn, up 109 percent.

"Our fourth quarter performance demonstrates Vertiv's leadership position in an increasingly complex and demanding data center market," Giordano Albertazzi, Vertiv's CEO, said at the time.

"Significant growth in orders, sales, margins, and cash reflects our ability to scale while maintaining a sharp focus on operational execution... As we look to 2026, we expect this momentum to continue. Our record backlog provides clear visibility into what we expect to be another year of significant growth."