Eaton (ETN) is a comprehensive AI datacenter power infrastructure play trading at 30x forward earnings, a 40-55% discount to peers Vertiv and GE Vernova despite superior margins and a $13.2B backlog. The upcoming Mobility spinoff (Q1 2027) and Boyd Thermal acquisition will transform ETN into a pure-play datacenter business and catalyze significant re-rating, yet the market has underappreciated these catalysts with only 26% YTD gains versus Vertiv's 198%.