Overview

Oppenheimer analysts Colin Rusch and Noah Kaye released a thematic coverage note identifying six publicly‑listed companies that they believe are positioned to benefit from the unprecedented power‑infrastructure demands generated by artificial‑intelligence (AI) data‑center workloads.

Companies and Targets

American Superconductor Corp (AMSC) received an Outperform rating with a $71 price target. The firm’s expertise in voltage and harmonics management, particularly its Comtrafu solutions qualified for North American sales, is expected to drive edge‑of‑data‑center sales as AI workloads require higher‑duty‑cycle power quality.

ELVA was given an Outperform rating and a $14 price target. Its ceramic‑separator technology, which can mitigate voltage volatility and manage heat during charge‑discharge cycles, is slated for rack‑level storage trials before the end of 2026, with anticipated follow‑on orders in 2027 for 30‑minute storage solutions.

Enphase Energy (ENPH) received an Outperform rating and a $57 price target. The company’s ASIC‑design expertise and modular architecture, embodied in its monolithic bidirectional GaN switches, are viewed as suitable for the intense duty‑cycle requirements of AI data‑centers. Enphase also upgraded to Equalweight by Barclays and began shipments of its IQ9S‑3P Commercial Microinverter in the United States.

EnerSys (ENS) was assigned an Outperform rating with a $250 price target. Data‑center sales already represent over 10 % of its revenue, and the analysts highlighted near‑term catalysts such as recent wins for its Li‑ion UPS product and warehouse battery‑energy‑storage‑system (BESS) offerings. EnerSys reported fourth‑quarter fiscal 2026 earnings and revenue that beat consensus estimates and received price‑target increases from BTIG and Oppenheimer, alongside the launch of its DataSafe Noir lithium‑based storage system for data‑center use.

FPS received an Outperform rating with a $60 price target. Its data‑center revenue mix is weighted toward medium‑voltage products, and the company has progressed on offerings aligned with the emerging 800 VDC architecture, including DC‑native switchboards, demonstrating organizational agility to bring new products to market quickly.

Vertiv was given an Outperform rating with a $353 price target. Vertiv outlined a multi‑path evolution toward DC power architecture, including centralized MV UPS‑BESS systems, rack‑level sidecar converters, and both MV DC UPS and solid‑state transformer (SST) offerings. The company completed its acquisition of ThermoKey, a heat‑exchange technology provider, to broaden its thermal‑management portfolio across Europe, the Middle East and Africa, and received coverage initiation from Bernstein with an Outperform rating.

Market Context

The analysts note that AI data‑center training and inference workloads demand large‑scale, continuous duty cycles that the traditional power industry has not previously encountered. As data centers transition to 800 VDC‑based power architectures, modular solutions capable of handling intense switching while maintaining efficiency and reliability are expected to be critical. The six highlighted firms each provide distinct components—ranging from voltage‑harmonics management and ceramic separators to GaN switches, Li‑ion UPS, medium‑voltage switchboards, and DC UPS systems—that collectively address the emerging power‑infrastructure challenges.

Additional Notes

The article was generated with AI assistance and reviewed by an editor. No further regulatory or compliance actions were disclosed.