Investors have been piling into stocks of air conditioning companies, as climate change delivers one sweltering heatwave after another and the spread of vast data centres drives demand for industrial cooling systems.
New York-listed Carrier Global, which makes most of its revenues from residential air conditioning, has added a third to its market value since the start of the year, taking it to $60bn.
Madison Air Solutions — which makes custom heating, ventilation and air conditioning (HVAC) systems for homes, hospitals, offices and agricultural and industrial settings and owns brands such as Big Ass Fans — has climbed 41 per cent since its public float was priced in April.
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