Legrand — AI supply-chain exposure

Legrand makes the unglamorous electrical plumbing that turns raw grid power into something a server rack can actually use. Its Starline busways run power overhead along data-center aisles, while its Server Technology and Raritan rack power-distribution units meter and deliver current to individual machines. In THE ENTITY's map it sits in the power-delivery layer as a producer — the last few metres between the utility feed and the accelerator, and the high-density racks those accelerators increasingly demand.

Its structural hook is rack density. As AI training clusters push far more power through each rack than a traditional server hall ever did, the distribution gear inside the white space has to be rebuilt around that heat and current — and every watt reaching a GPU passes through kit Legrand sells. That makes it a diversified picks-and-shovels supplier to the build-out rather than a bet on any one chip. The model's mid-chain weight reflects real, recurring exposure without the scarcity pricing of the upstream links.