Some of the backlogs apart from the "top level" one are not being viewed that positively from what I have heard. One of my football friends works at Vertiv's In

Some of the backlogs apart from the "top level" one are not being viewed that positively from what I have heard. One of my football friends works at Vertiv's India office, soon transferring to Thane, they basically sell cooling infra for these hyperscalers. They have an insane amount of backlogs but because they are a "spoke" component, the backlog is super volatile. Like some power generation related delay or permit issue will randomly de-scale or cancel projects. And its really difficult to calculate risk of all that and maintain the book.