Vertiv Holdings Co(VRT)在2026年摩根大通工业会议上发表演讲会议记录
$Vertiv Holdings Co(VRT)$ $英伟达(NVDA)$ $摩丁制造(MOD)$
维谛控股公司（VRT）
摩根大通工业行业会议 2026
2026年3月18日，美国东部时间上午8:05
Company Participants
Company Participants
Giordano Albertazzi - CEO & Director
Craig Chamberlin - Executive VP & CFO
乔尔达诺·阿尔贝塔齐——首席执行官兼董事
克雷格·钱伯林——执行副总裁兼首席财务官
Conference Call Participants
Conference Call Participants
C. Stephen Tusa - JPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨——摩根大通公司研究部
Presentation
Presentation
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
All right. We'll kick off day 3 here at the JPMorgan Industrials Conference. We're very happy to have Craig Chamberlin as well as Gio Albertazzi from Vertiv. I think Gio is fresh off a flight back from GTC.
好的，我们将在摩根大通工业行业大会第三天正式开始。非常荣幸邀请到Vertiv公司的克雷格·钱伯林（Craig Chamberlin）以及乔·阿尔贝塔齐（Gio Albertazzi）。我想乔刚从GTC大会乘飞机返回。
Question-and-Answer Session
Question-and-Answer Session
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
So before getting into that, maybe just starting every fireside this conference with a bit of an overview on just maybe your -- the Middle Eastern situation and how we should look at that in the context of Vertiv.
那么，在进入该议题之前，或许我们可以在本次大会的每一场炉边谈话开始时，先简要概述一下当前中东局势，以及我们应如何结合维谛（Vertiv）的背景来审视这一局势。
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
Well, of course, the situation will unfold in the next few days or weeks for us. Certainly, an area in which we operate in terms of markets we serve with some manufacturing capacity there. We feel pretty good in terms of the supply chain resilience that we have built over the years. In terms of the market is a subpart of our EMEA market. So it would be probably premature to think about what the actual impact is, but we see good resilience across the spectrum. But time will tell. It's a little bit premature still.
当然，未来几天或几周内，这一局势将逐步明朗。我们确实在该地区开展业务，服务相关市场，并在当地具备一定的制造能力。多年来，我们已构建起较强的供应链韧性，对此我们感到比较有信心。该市场属于我们欧洲、中东和非洲（EMEA）市场的一部分，因此目前判断其实际影响仍为时过早。不过，我们观察到整体表现出良好的韧性。但最终情况如何，仍有待时间验证——目前下结论还略显过早。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
Yes. But you haven't heard any of any of the -- I know there was some activity that was ramping there that's probably a bit deferred, but you haven't really heard any news about any of those projects that are not really moving through.
是的。但您尚未听到任何相关消息——我知道当地此前曾有一些活动正在加速推进，不过目前可能略有推迟；但您确实尚未听到有关这些项目进展停滞的任何新闻。
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
No news, no news at this stage.
目前没有消息，现阶段没有消息。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
And GTC, I mean, I've been at this conference, didn't have a chance to listen into what the CEO of NVIDIA had to say in depth. But maybe what are your couple of takeaways from GTC and how that would -- maybe has evolved for Vertiv?
还有GTC大会，我是说，我参加了这次会议，但没来得及深入聆听英伟达首席执行官的发言。不过，您能否分享一下您从GTC大会上获得的几点主要收获？这些收获——或许——对维谛技术（Vertiv）的发展方向产生了哪些影响？
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
Well, certainly, in our confirmation of the huge amount of demand that NVIDIA see and that's the demand that, of course, we also see. So our view of the market -- the views of the market align quite a lot. Two other things that are important is the continuous evolution of the silicon, but not just the silicon as a system because I'd say NVIDIA is past the silicon in and of itself, of course, the silicon GPUs are central, but it's the entire IT system -- the entire, let's say, part that have been developed.
嗯，确实如此。我们在确认英伟达所看到的巨大需求的同时，也观察到了同样的需求。因此，我们对市场的看法与市场整体的看法高度一致。另外还有两点非常重要：一是芯片技术的持续演进；但这种演进并不仅仅局限于芯片本身，而是作为整体系统的一部分来推进。我认为，英伟达早已超越了单个芯片层面——诚然，GPU芯片居于核心地位，但真正关键的是整个IT系统，即整套已开发完成的相关组成部分。
So continuous evolution more and more productive silicon and systems, which means that you drive more tokens per megawatt, which makes the whole AI more -- every token more cost efficient. And with that cost efficiency, of course, comes even more adoption of AI. So that was encouraging. And we were part and we also announced our partnership being part of the DSX, Omniverse type of infrastructure, again, aimed at optimizing the design of data centers or dare I say, should I say, AI factories, but also enabling a fast deployment and an optimization during the life cycle of the infrastructure at the IT factory. So we are participating in that effort. We are an important player in that effort with products like our Vertiv OneCore. So everything going in the direction of an acceleration in the industry and acceleration towards faster deployment and better utilization.
因此，硅材料与系统的持续演进正变得越来越高效——这意味着每兆瓦电力可驱动更多 token，从而使整个 AI 系统的每个 token 成本更低、更具经济效益。而这种成本效益的提升，自然会进一步推动 AI 的广泛应用。这一点令人鼓舞。
同时，我们也是 DSX（Data Center Systems eXchange）及 Omniverse 类型基础设施生态的重要参与者，并已正式宣布相关合作。该基础设施旨在优化数据中心的设计；更准确地说，或许应称之为“AI 工厂”的设计。此外，它还支持在 IT 工厂基础设施的全生命周期内实现快速部署与持续优化。我们深度参与这一工作，凭借 Vertiv OneCore 等核心产品，在其中扮演着关键角色。
总体而言，整个行业正朝着加速发展的方向迈进：部署速度更快，资源利用率更高。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
And the more efficient these chips get, the more tokens, I guess, come out, the price comes down of those tokens, but the net -- it's still net very positive for your customer from an ROI.
而且，这些芯片的效率越高，我估计产出的代币就越多，这些代币的价格也会随之下降；但总体而言——对您的客户来说，投资回报率（ROI）仍是显著为正的。
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
Very much so. Very much so. Yes, very much so. And we like this evolution of the technology because that technology becomes more dense, more demanding from an infrastructure standpoint. So that's exactly what creates value for us in terms of the market that we serve, but also leverages our unique capabilities. So very encouraged also by the incredible buzz around everything, GTC, also Vertiv in that perspective, very excited.
确实如此，非常确实如此。是的，确实如此！我们十分看好这项技术的发展趋势，因为该技术正变得越来越密集化，对基础设施的要求也越来越高。而这恰恰为我们所服务的市场创造了价值，同时也充分发挥了我们独特的技术能力。此外，围绕GTC大会以及Vertiv公司所掀起的巨大热潮，也让我们备受鼓舞，倍感振奋！
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
Right. I think there was more buzz here, though, at the JPMorgan Industrials Conference. That was the second most important event of the week for sure. From a content per megawatt perspective, you guys kind of bumped it up to 3, 3.5 -- as we move into more prefab and complex systems, where do you see that going over time? What's the influence there?
没错。不过，我认为在摩根大通工业行业会议（JPMorgan Industrials Conference）上，现场氛围更为热烈——这无疑是本周第二重要的活动。从单位兆瓦（MW）所承载的内容量来看，贵公司已将这一指标提升至约3至3.5。随着我们逐步转向更多预制化及更复杂的系统，您认为这一指标未来将如何演变？其中有哪些影响因素？
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
Well, yes, I think we will have an opportunity when in a couple of months plus at our Investor Day to further elaborate or elaborate in more details on this aspect of our business. But in general, we see fabrication, and we like to talk about this integrated and converged infrastructure. It's not just the integration, but it's a system that is designed as a converged infrastructure. But we see that, that helps us add more value and capture more value. So it's something that drives towards an increase in megawatt -- sorry, dollars per megawatt.
嗯，是的，我认为我们将在几个月后举行的投资者日上，有机会进一步详细阐述公司业务的这一方面。总体而言，我们认为制造环节至关重要，我们倾向于将这种基础设施称为“集成化、融合式基础设施”。这不仅仅是简单的集成，而是一种从设计之初就以融合式架构为理念打造的系统。我们认为，这种融合式基础设施有助于我们创造更多价值并获取更多价值，从而推动每兆瓦所对应的美元收入（即“美元/兆瓦”）提升——抱歉，刚才口误说成了“兆瓦/兆瓦”。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
And when you think about those kind of prefabs, a lot of that -- how much of that -- of those prefabs is your equipment versus kind of a third-party content?
当你想到这类预制件时，其中有多少比例——或者说这些预制件中有多少——是你们自己开发的设备，又有多少是第三方提供的内容？
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
It is a lot of Vertiv equipment. That's a lot of Vertiv equipment. If you think about our portfolio as stretching all the entire range of power and thermal. So the majority is our equipment.
这是一大批维谛设备。这确实是一大批维谛设备。如果从整个产品组合来看，它覆盖了电力与热管理的全部领域，其中大部分设备都出自维谛。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
Yes. Okay. Unlike some others who may be packaging a lot of stuff that don't have...
是的，好的。与其他一些人不同，他们可能将大量并无……的东西打包在一起。
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
One thing is being an integrator -- and there is value in integration. But another thing is to deliver a system that is thought of as one system that is tailored example on, say, Vera Rubin. And it's kind of -- how can I say, crazily optimized around that application. And that has a lot of value for our partners and for our customers.
一方面，成为整合者——而整合本身具有价值；另一方面，则是交付一套被视作统一整体的系统，该系统针对特定应用场景（例如薇拉·鲁宾天文台）进行定制化设计，并在该应用层面实现极致优化。这种高度定制与深度优化，为我们的合作伙伴及客户带来了巨大价值。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
Okay. Before getting into the technology, maybe just on the overall cycle, what inning do you think we're in here? It's always hard to tell. We're definitely out of pre-game warmups, but my view is we're still not quite middle innings. I'm not putting words in your mouth, but what do you think inning we're in, in this whole cycle?
好的。在深入探讨技术细节之前，先聊聊整个周期所处的阶段——您觉得我们现在处于第几局？这确实很难准确判断。我们显然已经过了赛前热身阶段，但依我看来，目前还远未进入中局阶段。我无意替您表达观点，但您认为，就整个周期而言，我们现在处于第几局？
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
Look, we are still at the beginning. We're really at the beginning. Now we see tremendous traction in terms of adoption of AI, but it's so the beginning. So we see a long, long trajectory. So I agree 100% with what you saying.
看，我们仍处于起步阶段，真的才刚刚开始。目前，人工智能的采用已展现出巨大的势头，但这仅仅是个开端。因此，我们看到的是一条漫长、漫长的演进轨迹。所以，我百分之百赞同您的观点。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
And when you think about any risks, what are you hearing from your customers as far as bottlenecks? We had a panel on Monday, and they basically talked about some of the power bottlenecks being relieved, but then something else pops up. But they seem much more, I guess, constructive on the ability to fulfill orders. So what do you think maybe bottlenecks and then risks that you watch out?
当您考虑任何风险时，客户向您反馈了哪些瓶颈问题？我们周一举行了一场专题讨论会，与会者基本谈到一些电力供应瓶颈已有所缓解，但随即又出现了其他问题。不过，他们似乎对订单履约能力的看法更为积极、更具建设性。那么，您认为目前可能存在哪些瓶颈？您又重点关注哪些风险？
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
Yes, let's start with bottlenecks. If we go back a couple of years, maybe 1.5 years when everyone say, hey, the world will stop as we run out of power and say, no, power is a pacing item. Power, of course, with an industry that grows at this speed, there's always something that you have to work on and to remove as a bottleneck. That doesn't mean that power is not something that continues to be worked on and optimized. But I say, hey, the demand is there. Demand is real.
是的，我们先从瓶颈问题开始谈起。如果我们回溯一两年，或许是一年半之前，当时很多人都在说：“世界将因电力短缺而停滞。”但我们回应道：“电力只是制约发展的一个关键因素。”当然，在这样一个高速发展的行业中，总会有某些环节成为瓶颈，需要我们持续攻关并予以消除。这并不意味着电力问题就不再被重视或不再需要持续优化。我想强调的是：需求是真实存在的，而且需求确实非常旺盛。
Capital ingenuity are being thrown at the power problem. The power problem will be, I wouldn't say eliminated, but managed for the growth that the industry needs. The same is true for other possible challenges, permitting. But of course, it depends on the country in which you operate. So I'd say, yes, this is an industry that is growing very fast. There will always be something, but there will always be an answer to the challenge at hand.
资本与创新正全力应对电力供应难题。这一电力问题虽不敢说能彻底解决，但足以满足行业发展所需的电力供应管理。其他潜在挑战（如项目审批许可）亦是如此。当然，具体情况还取决于企业所运营的国家。因此，我认为，这确实是一个增长极为迅速的行业。尽管挑战总会存在，但针对当前挑战，总能找到相应的解决方案。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
So when you look at it today and you kind of rank those, what are the top 2 bottlenecks you think the industry is facing?
那么，以当前的视角来看，并对这些问题进行大致排序，您认为行业面临的前两大瓶颈是什么？
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
I would say continue to be power as a pacing item. The other is I go back to what I always say, this is a construction industry in many respects. So construction ability -- sorry, labor and complexity on site is something that is being addressed. And we were talking about prefabrication. It's exactly the way in which this has been alleviated. So there will be other things in the future. There will be other solutions in the future.
我会说，继续将“保持强劲势头”作为一项关键进度指标。另一点，我还是要重申我一贯的观点：从很多方面来看，这本质上是一个建筑行业。因此，现场的施工能力——抱歉，应为现场劳动力供应及施工复杂性问题——正在得到解决。我们之前谈到的模块化预制（预制装配）技术，正是缓解这一问题的有效途径。未来还将有其他举措，也会有更多新的解决方案。
C. Stephen TusaJPMorgan Chase & Co, Research Division
C. 史蒂芬·图萨
摩根大通公司，研究部
And any risks you see out there today that make you nervous that we could have an air pocket or hiccup or anything like that?
目前您是否看到了任何让您担忧的风险？比如，我们是否会遭遇市场骤跌、短期波动，或类似的情况？
Giordano AlbertazziCEO & Director
乔尔达诺·阿尔贝塔齐
首席执行官兼董事
We don't see that. We don't see that. We see strong demand continuing. And yes, no air pockets.
我们并未看到这种情况。我们并未看到这种情况。我们看到的是强劲需求持续存在。是的，不存在任何疲软区间。