Vertiv's Product Revenue Accelerates: Can It Outpace APH & SMCI?

Vertiv (VRT) posted Q2 2026 product revenue of $2.65 billion, up 22% year-over-year, fueled by AI data-center infrastructure demand. The company is scaling capacity globally and investing in advanced thermal and power solutions to capture the AI buildout. VRT shares have climbed 47.8% year-to-date but now trade at a price-to-book ratio of 19.37X, well above historical norms. The rally puts VRT in direct competition with Super Micro Computer (SMCI) and Amphenol (APH), both expanding their AI infrastructure offerings. The premium valuation reflects bullish expectations for sustained AI capex, but leaves less room for execution stumbles as rivals broaden their product lines.