The institutional signal is that AI demand has moved far enough downstream for a ventilation and filtration company to trade as infrastructure exposure. Madison Air's offering raised $2.23 billion at $27 a share through a $13.2 billion valuation, while the retail objection focused on whether profit compression can sit beside an AI premium [1]. The deal gives public investors a new shorthand: cooling capacity is now part of the AI trade, and companies without model risk can still inherit model-market expectations.