CARR
The cool kids of HVAC
Carrier Global is suddenly sounding less like an old-school heating and cooling utility and more like a data center sidekick. The latest note says the company is seeing robust demand from data centers and commercial HVAC, with expanding capacity helping it meet that demand.
And the headline number is pretty spicy: data center orders reportedly jumped 300% year over year in Q2 2026. If that momentum sticks, revenue from the segment is expected to reach about $2 billion in 2026 and top $3 billion in 2027. That’s not pocket change — that’s a growth engine.
The comeback tour
It’s not just the shiny AI-server-adjacent stuff, either. Short-cycle residential and light commercial demand is also rebounding, which matters because those businesses help support margins and profitability when the mix improves. Add in improving European and residential markets, and the setup starts looking less cyclical snooze and more multi-engine lift.
Why investors should care
This is the kind of story Wall Street likes to squint at and then suddenly get enthusiastic about: a mature industrial company with a fresh growth narrative. If Carrier can keep capacity ahead of demand and turn those data center orders into revenue, the stock could have room to rerate.
Big picture: sometimes the best growth story is hiding in the vents.