The Catalysts

NTI acquisition ($275M, data-center structured cabling) closes end of July, adding roughly $175M annual revenue. BEAD broadband program delivers first revenue this quarter with over $500M in verbal awards excluded from guidance as pure upside.

Dycom Industries is a U.S. specialty contracting company focused on digital infrastructure, telecommunications and utilities. The 10-K describes it as a provider of program management, planning, engineering and design; aerial, underground and wireless construction; maintenance; and fulfillment services. In the AI buildout it does two things. Its Communications segment places fiber, copper and coaxial cable, builds fiber-to-the-home, long-haul and middle-mile routes, and performs wireless equipment replacement and network maintenance. Its Building Systems segment wires data centers and other critical facilities with electrical systems, energy management, security, fire safety and, after the NTI acquisition, structured cabling and audio-visual work.

Customer-funded $17M next-gen AI rack CapEx delivers assets this quarter, enabling higher-power rack assembly. Already exceeded full-year 2025 volume in five months with $113M backlog.

TSS provides technology integration, deployment, and procurement services for complex IT infrastructure. Its core AI work sits in systems integration: receiving GPUs, servers, networking, and cooling components consigned or procured by a single OEM, then performing rack-level assembly, cabling, configuration, and validation testing before shipping finished racks to that OEM.

Deliveries begin on a $250M+ aggregate InP laser equipment order for 800G/1.6T optical transceivers, ramping through Q1 2027. Axcelis merger expected to close H2 2026.

Veeco builds specialty semiconductor process equipment that solves 'challenging materials engineering problems' using ion beam, laser annealing, MOCVD, CVD, advanced packaging lithography, single-wafer wet processing, MBE, and ALD technologies. Its tools deposit, etch, anneal, clean, and surface-prepare materials for logic, memory, photonics, storage, and research customers. In AI infrastructure, that puts Veeco across advanced packaging, indium phosphide lasers, front-end annealing, EUV mask blanks, and high-capacity hard drives.

Microsoft Horizon 1 revenue begins ramping with GPU commissioning underway and 3,000 construction workers on site. ARR target raised to $3.7B by year-end from $3.1B contracted.

IREN develops and operates data centers and GPU clusters for AI training and inference, and it is winding down the Bitcoin mining business it has run since 2019. The 10-Q describes it as a vertically integrated provider of AI Cloud Services delivering large-scale data centers and GPU clusters for AI training and inference. Customers buy bare-metal GPU access or managed AI cloud services, where IREN runs the cluster for them. The company frames the physical build as the scarce part — land, grid interconnection, substations, cooling, and long-lead equipment limit how fast compute can come online.

First Solid-State Transformer delivered to a hyperscaler for testing — GE Vernova's first product inside a data center. Orders $24.2B (+88%), backlog $176B, revenue raised to $45.5-46.5B.

GE Vernova is a global electric power equipment and services company. Its products generate, transfer, orchestrate, convert, and store electricity, and its installed base generates approximately 25% of the world's electricity. The company operates three reportable segments: Power, Wind, and Electrification.

Barber Lake (300 MW) tenants begin taking occupancy, triggering first-ever HPC lease revenue. Stingray (100 MW) targets energization Q4 2026. $787M average annual contracted NOI ramps across three signed leases.

Cipher Digital is a vertically integrated developer and operator of industrial-scale data centers, transitioning from a pure-play bitcoin miner into an HPC data center platform. It originates land and power, designs and constructs turnkey hyperscale campuses, and leases them to tenants under long-term contracts; through the end of 2025, all reported revenue came from bitcoin mining.

MI450 GPU and Helios rack-scale system enter production ramp backed by 12 GW of hyperscaler commitments (OpenAI 6 GW, Meta 6 GW). Venice 6th-gen server CPU launches on TSMC 2nm.

AMD is a fabless semiconductor company whose portfolio spans Instinct AI accelerators, EPYC server CPUs, Pensando DPUs and AI NICs, FPGAs, Ryzen client processors, and semi-custom gaming SoCs. Its 10-K describes a full-stack portfolio across cloud and AI infrastructure, embedded systems, AI PCs, and gaming.

800-volt DC distribution portfolio launches, described as a 'wholesale transition' for AI data centers. EMEA returns to growth after a -29% organic Q1. Guided to $13.75B revenue (+34%).

Vertiv designs, manufactures, sells, installs, maintains, and services critical digital infrastructure technologies for data centers, communication networks, and commercial and industrial environments. Its portfolio spans AC and DC power management, thermal management, switchgear, busbar, integrated modular solutions, racks, UPS, energy storage, monitoring and management software, and services. In the AI buildout, power density and thermal load rise; Vertiv supplies the powertrain, liquid cooling, and pre-integrated infrastructure that AI data centers require.

Basics data-center cooling brand ramps toward roughly $1B revenue with book-to-bill over 2.0 and backlog up 160%. Memphis facility drives margin recovery from Q1 trough. Revenue growth guidance doubled to 40-45%.

AAON manufactures highly engineered, configurable, and custom HVAC and liquid-cooling equipment for commercial and industrial indoor environments. Its BASX brand makes coolant distribution units, airside cooling systems, liquid-cooling coils, and free-cooling chillers for hyperscale data centers; the AAON brand makes rooftop units, air handlers, and fully electric Alpha Class heat pumps. By the best available estimate, data-center-related revenue was roughly half or more of total revenue by Q2 2026.

CPI segment ramps 65-75% in FY2027 (H2-weighted) with capacity booked for years. Fall 2026 Investor Day provides SpinCo-specific financials for the first time ahead of Q1 2027 spin-off.

Flex Ltd. is a global advanced manufacturing and technology company operating across roughly 30 countries. It runs three segments: Integrated Technology Solutions (ITS), Regulated Manufacturing Solutions (RMS), and Cloud and Power Infrastructure (CPI). CPI is the primary AI-exposed segment, combining integrated compute systems, liquid cooling, and high-density rack/board-level power with utility and facility electrical infrastructure.

Optical revenue inflects with three separate product legs each targeting over $100M. FY27 guidance raised from over 50% to over 80% growth. Five of six largest hyperscalers penetrated.

Credo designs high-speed copper and optical interconnect products for AI data infrastructure. Its portfolio spans ZeroFlap Active Electrical Cables for in-rack links up to about 7 meters, optical DSPs that drive 800G and 1.6T pluggable transceivers, ZeroFlap optical transceivers with built-in telemetry, silicon photonics, and retimers for Ethernet and scale-up fabrics. The products address the reliability, power, and bandwidth problems of GPU clusters scaling to hundreds of thousands of accelerators, where even small link errors idle expensive compute. Management says 'AI network reliability has become Credo's north star.'

Electrical Americas margin exits 2026 north of 30%, recovering from temporary ramp costs as 12 new facilities reach utilization. Boyd Thermal delivers $1.7B+ revenue with backlog doubled.

Eaton is an intelligent power management company with FY2025 revenue of $27.4 billion, serving customers in 180 countries. It supplies electrical and cooling infrastructure from the utility grid to the chip: switchgear, UPS, power distribution, power quality, and liquid cooling. Its data center / distributed IT end market is the main channel through which AI demand reaches Eaton.

Polaris Forge 2 first building (100 MW) begins energization. Over $31B contracted lease revenue across five AI factory campuses under 15-year non-cancelable leases rated investment-grade.

Applied Digital designs, builds, and operates next-generation data center infrastructure across North America. Its HPC hosting business specializes in high-power-density facilities for HPC and AI workloads, and management describes the company as constructing five multibillion-dollar AI factory campuses for three separate hyperscalers.

Louisiana Public Service Commission rules on Meta's second data-center ESA at December 2026 meeting. Approval unlocks $14B of the $57B 4-year capital plan.

Entergy is an integrated electric utility engaged primarily in electric power production and energy delivery. It owns and operates approximately 25,000 MW of electric generating capacity and delivers electricity to about 3.1 million Utility customers across Arkansas, Louisiana, Mississippi, and Texas. Its AI-infrastructure role is electricity delivery: data center customers sign long-term electric service agreements, and Entergy builds generation, transmission, and storage capacity to serve them.

On pace to reach $3B quarterly revenue by Q3 FY2027, two quarters ahead of plan. NVIDIA equity investment validates silicon photonics roadmap. $1B in capacity prepayments from customers.

Marvell is a fabless semiconductor company that designs high-performance chips for data infrastructure. Its products sit in two end markets: Data Center, which supplies custom AI accelerators (XPUs), optical interconnects, Ethernet switching, and storage controllers, and Communications & Other, which covers enterprise networking, carrier infrastructure, and consumer and automotive chips. Data Center was 76% of Q1 FY2027 revenue at $1.8B.