2026-07-21

SPY $742.09 (-0.16%). QQQ $696.06 (+0.10%). Our 524-stock universe: 183 up, 338 down, 3 flat, averaging -0.26% — underperformed the broad market. Best segment: Servers, racks & networking +0.87%. Worst: Grid connection -0.92%. Top mover: AGPU +26.8%. Biggest decliner: PENG (Penguin Solutions, Inc.) -11.9%.

STLD (Steel Dynamics, Inc.) reported second-quarter EPS of $3.69, beating the $3.64 estimate by $0.05. Steel is a critical input for data center construction — steel framing, rebar, and structural components — and STLD’s performance offers a read on non-residential construction demand. The beat, though narrow, comes as hyperscale projects continue to consume structural steel in key markets like Virginia, Texas, and the Midwest.

NVIDIA published independent benchmarks showing that Accelsius’ two-phase direct-to-chip cooling delivers 9°C lower junction temperatures on the NVDA (NVIDIA Corporation) B200 GPU compared to single-phase cooling in warm-water conditions. As GPU power densities increase, the cooling ecosystem is a gating factor for data center deployment. Companies in the power & cooling systems segment — including VRT (Vertiv Holdings Co), NNBR (NN, Inc.), and AAON (AAON, Inc.) — could see accelerated adoption as hyperscalers and colocation operators seek higher-efficiency thermal management.

Microsoft will deploy next-generation AMD Instinct GPUs and AMD EPYC CPUs as part of an expanded strategic partnership announced by AMD (Advanced Micro Devices, Inc.). This is a direct entrant into the NVIDIA-dominated AI accelerator market, with Microsoft — the second-largest hyperscaler by cloud capex — committing to AMD’s compute roadmap. The win strengthens AMD’s position in the AI infrastructure supply chain and puts pressure on networking and server providers such as ANET (Arista Networks, Inc.) and CLS (Celestica Inc.) to ensure compatibility with AMD’s ROCm ecosystem and scale-out architectures.

American Electric Power announced plans to transform its Rockport plant into a full-fledged energy hub to meet customer needs, including data center load. AEP (American Electric Power Company, Inc.) is a documented supplier of power to hyperscalers including Amazon (AMZN) and Google (GOOGL), and its Rockport redevelopment signals the utility’s pivot toward large-scale load growth. This is the latest in a series of utility-initiated brownfield conversions — repurposing retired coal or gas sites with existing transmission capacity — to serve AI-driven electricity demand. Power generation companies such as GEV (GE Vernova) and NEE (NextEra Energy) are direct beneficiaries of the turbine and renewable buildout that will backstop these hubs.

Bitdeer Technologies Group released its June 2026 production and operations update. BTDR (Bitdeer Technologies Group) continues to pivot from bitcoin mining toward AI compute services, maintaining its 570 MW power contract with AEP at Clarington, Ohio. The update provides visibility into the company’s hash rate and energized capacity, which are proxies for its ability to convert existing infrastructure to high-performance computing workloads. Competitors in the compute operations space — including IREN (IREN Limited) and CORZ (Core Scientific, Inc.) — face similar transition dynamics.

Parsons Corporation announced it is accelerating industrial base modernization and advanced manufacturing to deliver mission readiness at speed and scale. PSN (Parsons Corporation) competes with ACM (AECOM) and J (Jacobs Solutions) on large-scale infrastructure projects, including data center campuses and related power delivery. The announcement aligns with broader federal and hyperscale investment in AI-enabling physical infrastructure, particularly in the US Southeast and Mountain West.

Tomorrow is the most data-dense day of the week for the universe. GEV (GE Vernova Inc.) reports with an EPS estimate of $3.17 — a critical readout for power generation equipment demand as utilities, hyperscalers, and data center operators order gas turbines and grid-scale equipment. GOOGL (Alphabet Inc.) reports with an estimate of $2.87; capital expenditure commentary will be the key metric for the AI infrastructure thesis, given Google’s aggressive data center buildout. NEE (NextEra Energy, Inc.) (estimate $1.08) provides the utilities-side view of renewable and gas-fired capacity additions. Also reporting tomorrow: TEL (TE Connectivity plc) (estimate $2.85), whose connectors are embedded in every rack and networking array; and TXN (Texas Instruments Incorporated) (estimate $1.91), a proxy for analog semiconductor demand tied to power management and signal chain in data centers.

Thursday, July 23, brings a second wave of high-importance reports. FIX (Comfort Systems USA, Inc.) (estimate $10.45) is a direct play on data center mechanical and electrical construction. NOK (Nokia Oyj) (estimate $0.07) reports alongside MXL (MaxLinear, Inc.) and STM (STMicroelectronics N.V.) — all relevant to optical networking and silicon for data center interconnect. PCG (PG&E Corporation) (estimate $0.37) covers utility infrastructure in California, a key region for AI load. DLR (Digital Realty Trust, Inc.) (estimate $0.4745) is the largest publicly traded data center REIT; its leasing spreads and backlog will signal enterprise and hyperscale demand. BX (Blackstone Inc.) (estimate $1.31) provides visibility into alternative capital flowing into AI data centers and power assets. CLF (Cleveland-Cliffs Inc.) (estimate -$0.18) is a steel producer whose pricing commentary feeds into data center construction cost trends. INTC (Intel Corporation) (estimate $0.21, importance 95) also reports Thursday — its data center segment remains under scrutiny as AI workloads shift to accelerators.

On the macro calendar: Initial Jobless Claims on Thursday, S&P Global Manufacturing PMI on Friday.