Stock price when the opinion was issued
Liquid cooling systems. Capitalizing on data centre buildout. Sells the picks and shovels into the long-term secular trend (he's a huge fan of this type of strategy). Inning 4-5 of the infrastructure buildout, with capex numbers moving up.
Massive opportunity. Trades at lower multiples because margins are a bit smaller and growth is less than NVDA's. Exposure to revenue from data centre systems is higher than peers. Best pure play in manufacturing components within the data centre space.
We don't know how much they source from China, so we don't know the impact of tariffs. They can pass on prices to customers. Growth is above the market, but sustainable.