The veteran Fortune 500 CEO who turned an 80-year-old AC company into an AI darling

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  "detected_at": "2026-08-22T08:00:00+00:00",
  "company": {
    "name": "Vertiv",
    "domain": "vertiv.com"
  },
  "data": {
    "url": "https://fortune.com/article/dave-cote-vertiv-stock-performance-ai-boom/",
    "title": "The veteran Fortune 500 CEO who turned an 80-year-old AC company into an AI darling",
    "author": "Shawn Tully",
    "excerpt": "If asked to name the top-performing stocks powered by the AI boom, most investors would probably guess Nvidia (correct), maybe Meta (wrong) and a bunch of other hyperscalers (also wrong). You’d be hard pressed to find anyone who would answer Vertiv , an 80-year-old AC maker. But since Vertiv went public in early 2021, its market cap has exploded almost 10x from under $11 billion to $109 billion. Over that six-and-a-half year span, its annualized return of 50.5% stands third in the S&P 500, exceeded only by Comfort Systems (55.2%) and Nvidia (54.9%). And the story gets better from there. The man responsible for this unlikely turn of events is a retired industrialist who almost didn’t take the job. Back in 2019 David Cote was looking for a new project. He had just retired from an illustrious career running Honeywell , where he engineered a spectacular revival after a failed acquisition by GE left the industrial giant rudderless. But he felt like he had another chapter left in him. So he brokered an unusual arrangement with Goldman Sachs: they’d present Cote with lots of acquisition candidates, and raise the funding once he found a choice that the investment bank also favored. Cote’s an ace at spotting overlooked comers; he’d bought over 100 companies at Honeywell, deals that substantially quickened its expansion and enhanced its profitability. In fact, Cote was looking for...",
    "product": "direct-to-chip liquid cooling system",
    "summary": "Vertiv has introduced a direct-to-chip liquid cooling system for data centers to cool high-powered equipment like Nvidia GPUs.",
    "planning": false,
    "image_url": "https://fortune.com/img-assets/wp-content/uploads/2026/08/GettyImages-539925046-e1787325522986.jpg?resize=1200,600",
    "confidence": 0.9,
    "product_data": {
      "name": "direct-to-chip liquid cooling system",
      "full_text": "direct-to-chip liquid",
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    },
    "product_tags": [
      "general_technology"
    ],
    "published_at": "2026-08-22T08:00:00Z",
    "article_sentence": "It’s Vertiv’s system using newly-introduced direct-to-chip liquid rather than traditional air cooling, more than any other solution on the market, that’s making it happen."
  }
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