Friday, September 25, 2026

SPY closed at $767.18, down 0.08%, while QQQ closed at $741.10, down 0.01%. Our 524-stock AI infrastructure universe was weaker than the tape, with 159 advancing, 357 declining, and 8 flat — an average move of -0.79%, underperforming SPY by 0.71 percentage points. Servers & compute was the only segment in positive territory at +0.05%; the two-stock Other segment lagged at -3.44%, worse than power generation at -2.46%. The standout mover was P (Everpure, Inc.), up 11.2%, and the largest decliner was FSLR (First Solar, Inc.), down 10.3%. No large AI infrastructure names report today; the next earnings on our watchlist are CHRN (ChronoScale Corporation) on September 28, followed by MU (Micron Technology, Inc.) and JBL (Jabil Inc.) on September 30.

SNX (TD Synnex Corp) reported EPS of $5.68, above the $4.70 consensus estimate by $0.98. The stock still finished Thursday down 9.9%, the worst move in the servers & compute segment.

Eaton agreed to acquire COL Group. ETN (Eaton Corporation plc) said the deal expands manufacturing capacity and capabilities for data center and utility markets in EMEA. The transaction adds regional electrical infrastructure capacity at a time when data center power demand remains a central constraint.

Nano Nuclear Energy signed a letter of intent with IP3 and Cybernetic Intelligence. NNE (Nano Nuclear Energy Inc.) said the parties intend to pursue nuclear-powered AI infrastructure projects. The LOI is non-binding, but it extends the push to pair advanced nuclear with dedicated AI data center capacity.

Cipher Mining expanded its Barber Lake lease term. CIFR (Cipher Mining Inc.) said its Cipher Digital unit extended the lease to 20 years, increasing revenue to over $9 billion. The expansion locks in longer-duration data center capacity commitments for the operator.

CHRN (ChronoScale Corporation) reports September 28. Consensus EPS is -$0.0321. The stock was a top gainer Thursday, up 6.5%.

MU (Micron Technology, Inc.) reports September 30. Consensus EPS is $31.52. As a major supplier of DRAM and HBM for AI accelerators and servers, Micron's results and forward commentary are a key read on memory pricing and AI demand.

JBL (Jabil Inc.) reports September 30. Consensus EPS is $4.06. Jabil's results are a direct window into electronics manufacturing for data center, networking, and semiconductor capital equipment customers.

Also next week, AYI (Acuity Brands, Inc.) reports October 1. Consensus EPS is $5.66; the company's lighting and building management products serve commercial and industrial facilities, including data centers, so it is a secondary read on non-residential infrastructure demand.