Tuesday, September 29, 2026

Markets were lower to start the week: SPY closed at $765.61, down 0.74%, and QQQ closed at $736.53, down 1.07%. The 524-stock AI infrastructure universe underperformed that tape by 75 basis points, with 127 advancers, 390 decliners, and an average move of -1.49%. Software & Design was the relative leader at +0.57%; power generation lagged at -4.02%. The day’s strongest names were PANW (Palo Alto Networks, Inc.) and ONT (Onterris, Inc.), each up 4.6%, while GWH (ESS Tech, Inc.) was the worst at -16.0%. The earnings slate has UEC (Uranium Energy Corp.) today, MU (Micron Technology, Inc.) and JBL (Jabil Inc.) on Wednesday, and AYI (Acuity Brands, Inc.) on Thursday.

Netlist filed a new U.S. International Trade Commission action against MU involving HBM patents. NLST (Netlist, Inc.) said the complaint covers high-bandwidth memory used in AI computing. The action escalates the legal dispute around one of the tightest AI hardware inputs; no remedy or timeline was disclosed. HBM remains central to accelerator memory systems, and the filing adds another variable for memory procurement teams.

Trane launched an updated LiquidStack CDU 2.X platform. TT (Trane Technologies plc) described the platform as supporting faster, more flexible AI cooling deployments, expanding options for direct-to-chip liquid cooling in high-density racks. The launch lands as data center operators evaluate higher rack power densities and more aggressive thermal management.

Bell and Cisco announced a collaboration on sovereign AI infrastructure for Canada. BCE (BCE Inc.) and CSCO (Cisco Systems, Inc.) said they would work together on sovereign AI infrastructure. The partnership adds another national-level AI buildout to the pipeline, with potential implications for compute, networking, and power deployment across Canada.

MU reports Wednesday. The consensus EPS estimate is $31.72. Micron is a key AI memory readout; the focus will be on HBM bit growth, DRAM pricing, and datacenter mix, which flow directly into AI accelerator and server builds.

JBL reports Wednesday. The consensus EPS estimate is $4.07. Jabil is an electronics manufacturing services provider with meaningful cloud and datacenter hardware exposure; updates to AI server and photonics manufacturing outlook will be the main driver.

UEC reports today. The consensus EPS estimate is -$0.03862. Uranium fuel supply does not move AI compute directly, but it intersects the power generation stack through nuclear fuel and power procurement for clean, firm electricity.

AYI reports Thursday. The consensus EPS estimate is $5.64. Acuity is a building controls and lighting name; the datacenter angle is non-residential construction and intelligent building infrastructure demand.