J.P. Morgan U.S. SMid FTM 9 Jun 26 Hardware & Networking; Bridging HealthTech and Life Sciences; North American Railroads and More

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J.P. Morgan U.S. SMid FTM 9 Jun 26 Hardware & Networking; Bridging HealthTech and Life Sciences; North American Railroads and More

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Top Stories

Hardware & Networking (Samik Chatterjee, CFA)

Watts Up! Shift to 800V Rewiring AI DC Power Stack Driving Multi-Billion Dollar Opportunities; APH,

FLEX, TEL, WOLF Best Positioned in Coverage

Legacy rack architectures are running out of runway as AI-driven compute, memory, and interconnect push power envelopes

toward 600 kW and beyond, where excessive amperage, heat, and copper content render low-voltage designs physically and

economically impractical. The industry’s answer is a step-change to 800V, which cuts amperage by ~15x and tames the so-

called “copper tax,” albeit at the cost of introducing new technologies.

Bridging HealthTech and Life Sciences (Alexei Gogolev/Casey Woodring)

VEEV & IQV Strategic Outlook Post-Settlement

Following the August 2025 resolution of a dispute spanning nearly a decade, we review the history, settlement terms, and

implications for Veeva Systems and IQVIA. The settlement dismissed claims with prejudice, restored clinical and commercial

interoperability, and lifted data use restrictions that had previously constrained integrations between the two ecosystems.

North American Railroads (Brian P. Ossenbeck, CFA)

10 More FAQs on UP/NS Merger Application Following Discussions with Industry Experts

We previously noted that the second UP/NS application was technically accepted but effectively rejected (details here) and