Europe Capital Goods Industry — Industrial Logic: More than one way to win in DC

Chart of the week: Legrand's projections for DC & cooling technology adoption. Legrand's CMD showed how its data center product approach differs from ABB's, and why both could benefit. ABB is putting power conversion and protection at the center of its strategy, with solid-state transformers, solid-state circuit breakers and medium-voltage UPS. Legrand is taking a more indirect and gradual route, with power sidecars, AI load stabilizers, transformer rectifier units (TRUs) and LVDC racks, alongside liquid cooling and liquid-cooled load banks. Legrand expects full low-voltage DC (LVDC) to account for less than 5% of new IT-load capacity in 2030, with hybrid AC/DC below 35%, leaving plenty of room for different architectures to coexist. It also expects rear-door heat exchangers and direct-to-chip cooling to serve c.85% of AI cooling demand, up from c.50% in 2025. Meanwhile, Schneider Electric looks set for another strong quarter with FY26 organic growth guidance likely raised to 12-15% fr