SPX Technologies, Inc. — AI supply-chain exposure

SPX Technologies makes cooling towers and engineered heat-rejection equipment — the Marley brand among them — the large systems that dump waste heat from data centers and power plants into the air. Every facility that runs hot needs a way to shed that heat, and SPX supplies the industrial hardware that does it.

Its AI hook is thermal: as accelerators pack more power into each rack, heat rejection becomes a gating constraint on how much compute a site can run, and cooling infrastructure rides the same wave as the build-out. The model keeps it peripheral because it supplies one supporting subsystem, and because the industry's shift toward liquid cooling raises a question over where air-based heat rejection fits. Still, even liquid-cooled sites must ultimately reject heat to the environment, keeping SPX's equipment in the loop.