2026-07-22

SPY $748.28 (+0.83%). QQQ $708.97 (+1.85%). Our 524-stock universe: 396 advanced, 125 declined, 3 flat, averaging +3.17% — outperforming the broad market. Best segment: compute & silicon (+6.10%). Worst: The building (+0.94%). Top mover: AEHR (Aehr Test Systems) +27.9%. Biggest decliner: SLND (Southland Holdings) -22.8%.

VICR (Vicor Corporation) reported EPS of $1.04, beating the $0.652 estimate by $0.39. Revenue details were not disclosed in the print. The stock fell 7.1% on the session, likely on forward guidance or revenue mix concerns.

RRC (Range Resources Corporation) posted Q2 EPS of $0.79 versus $0.674 consensus, a $0.12 beat. The natural gas producer benefits from gas-fired power demand tied to data center load growth.

MLI (Mueller Industries) earned $1.13 per share, $0.04 ahead of estimates. The copper and fabricated products supplier is leveraged to data center plumbing and electrical infrastructure.

VMI (Valmont Industries) beat by $0.34 with EPS of $6.14. The utility pole and infrastructure company is a direct beneficiary of grid upgrades needed to connect data center campuses.

MMM (3M Company) reported $2.40 per share, $0.15 above the Street. 3M's data center exposure runs through its electrical and thermal management product lines.

EQT (EQT Corporation) missed by $0.03, delivering $0.39 versus $0.4214 estimated. The miss was marginal, but natural gas margins remain sensitive to pipeline and storage dynamics.

Astera Labs expands its Taurus retimer family to 3.2T speeds. ALAB (Astera Labs) announced the industry's first OCP-standard footprint compatible 3.2T smart retimers and redrivers, extending its Taurus platform. The product is purpose-built for scale-up networking in AI racks, directly competing with AVGO (Broadcom), CRDO (Credo Technology), and MRVL (Marvell). As GPU cluster sizes grow, the need for high-density, low-latency connectivity at the rack level is accelerating. Astera's expansion positions it to capture more of the interconnect content inside AI server pods.

AMD unveiled a reference architecture built around its MI400 series and 6th-gen EPYC CPUs. AMD (Advanced Micro Devices) partnered with Cornelis Networks on a design for AI inference, training, and HPC workloads. The reference architecture uses AMD Instinct MI400 series GPUs and EPYC CPUs, providing hyperscalers and OEMs a validated path to deploy AMD-based clusters. This is a direct challenge to NVIDIA's DGX/HGX dominance and signals growing ecosystem readiness. For the supply chain, broader AMD adoption means increased demand for socketed CPU/GPU packages (benefiting AMAT (Applied Materials) and KLAC (KLA Corp)), higher-density printed circuit boards (impacting TTMI (TTM Technologies) and SANM (Sanmina)), and more liquid cooling requirements as MI400 power envelopes scale.

Arteris IP is being deployed by Speedata for data center compute SoCs. AIP (Arteris) announced that its network-on-chip interconnect technology is used in Speedata's data center inference chips. Arteris is a confirmed supplier to AMD, and its IP is increasingly found in custom AI accelerators and smart NICs. The Speedata win underscores the trend toward specialized silicon for AI inference, which in turn drives demand for Arteris' FlexGen and FlexNoC IP. For the broader buildout, more custom silicon designs mean more tape-outs, benefiting CDNS (Cadence) and SNPS (Synopsys), and more test and burn-in demand for companies like AEHR (Aehr Test Systems).

CoreWeave Cloud is powering real-time photorealistic AI avatars for Anam. CRWV (CoreWeave) announced that its GPU cloud platform is being used by Anam to render photorealistic avatars in real time. This validates CoreWeave's positioning as a compute provider for inference-heavy, latency-sensitive workloads. As CoreWeave scales its fleet, it drives procurement of NVIDIA GPUs, networking gear, and data center infrastructure. Companies such as VRT (Vertiv) and J (Jacobs) could benefit from CoreWeave's continued buildout of its data center portfolio.

ADTRAN reported preliminary Q2 results, citing strength in optical transport. ADTN (ADTRAN Holdings) released preliminary second-quarter 2026 results, though exact figures were not provided in the release. ADTRAN competes with CIEN (Ciena) and NOK (Nokia) in metro optical and data center interconnect. Any positive revenue inflection from ADTRAN would signal growing demand for DCI gear as AI traffic drives bandwidth requirements between data center sites.

GE Vernova reports today — a critical readout on gas turbine and power equipment demand for data centers. GEV is expected to post EPS of $3.17. The company's gas power segment is a direct beneficiary of data center load growth, with hyperscalers signing power purchase agreements that require new gas-fired generation. Investors will focus on backlog growth, especially large-frame gas turbine orders tied to data center campuses.

Alphabet reports after the close — a key hyperscaler capex data point. GOOGL is expected to earn $2.87 per share. As one of the largest corporate spenders on AI infrastructure, Alphabet's Q2 capex number and forward guidance will set the tone for the entire supply chain. Any upside to capex would ripple through to NVDA (NVIDIA), ANET (Arista Networks), and data center construction stocks.

NextEra Energy reports today — exposure to renewable-powered data centers. NEE is expected to earn $1.08. The utility's renewable development pipeline is increasingly anchored by corporate PPAs with hyperscalers. Look for comments on interconnection timelines and solar-plus-storage deals with tech companies.

Comfort Systems reports tomorrow — a proxy for data center mechanical and electrical construction. FIX is expected to post EPS of $10.45. The mechanical contractor has been one of the strongest beneficiaries of data center capex cycles. The backlog composition and commentary on project starts will be closely watched.

On the macro calendar: Initial jobless claims Thursday, PMI releases Friday, and durable goods orders Monday, July 27.