How do you evaluate infrastructure stocks beyond surface level AI hype?

I’ve been researching companies tied to AI infrastructure and electrification, names like NVDA, AVGO, MSFT, ETN, VRT, CEG, and FSLR, along with broader exposure via VTI/VOO and SMH. The thesis I’m exploring is that second order beneficiaries (power, cooling, grid modernization, industrial automation) may be more durable than pure AI software narratives. My question is: When evaluating companies like ETN or VRT, what metrics matter most? * Revenue growth vs backlog? * Capex intensity? * Free cash flow conversion? * Exposure to hyperscalers? I’ve read financial statements at a basic level, but I’m trying to understand what differentiates a structurally strong infrastructure company from one riding cyclical hype. How do experienced investors approach this?