ABB Posts Record Orders on Data Center, Automation Demand (2)

ABB Ltd. rallied after the company reported record order intake and profit margins that surpassed views, spurred by rising demand for automation tools and data center-driven investments in electrical grids.

The Zurich-based industrial supplier is gaining market share, Chief Executive Officer Morten Wierod said in a Bloomberg TV interview after reporting second-quarter results. He said the electrification unit, which supplies power companies, saw double-digit growth.

Electric utilities “need to invest because the power consumption is increasing in the data center,” Wierod said. “The AI wave, that trend is going to continue for a long time.” ...