Ben McMillan

“AWS is just 18.0% of total revenue — the other 82% is retail, third-party seller services, advertising, and Prime subscriptions, which are tied to consumer spending, not enterprise capex cycles”

“This data-center REIT has more than 90% occupancy for its Americas data centers, and its existing leases are long-dated, which protects near-term cash flows, according to McMillan”

“If hyperscaler orders crater, ETN loses the upside in Electrical Americas (where data-center orders were up ~240% YoY)”

“If hyperscaler orders crater, ETN loses the upside in Electrical Americas (where data-center orders were up ~240% YoY), but utility grid modernization, aerospace, and reshoring spend keep ~70%+ of th…”