Data Centers Are Running Out of Transformers. Here's the Industrial Stock With a 3-Year Backlog.

Power transformers have become a critical bottleneck in the AI race, with major manufacturers like Eaton experiencing unprecedented demand and multi-year backlogs. Eaton reported record Q2 sales of $8.5 billion (up 21% YoY) with data center revenue growing 65%. The company is separating its Mobility division and combining it with Dana Incorporated to focus on higher-growth electrical and aerospace businesses.