Midstream and Natural Gas "Data Centers (version 5.0): CCGT (CVX - MSFT)..."

研报英文原文证据摘录

Midstream and Natural Gas "Data Centers (version 5.0): CCGT (CVX - MSFT)..."

proliferation of AI to companies of all shapes and sizes.

Data Centers Broadly Driving the Construction Value Chain - Steven Fisher

We expect data centers to be a meaningful driver for companies within our coverage

across Engineering & Construction, Machinery, and Building Materials. Fluor, Jacobs,

and WSP are involved in the engineering and planning; PWR, MTZ, PRIM, EME, DY, and

CTRI are building the supporting infrastructure (power and telecom) and/or the

mechanical and electrical systems within the building. CAT and CMI are providing back

up power generation, while CAT is involved in prime power as well, and CMI is

developing its own prime power offering. Increasing pipeline investment should also

drive further demand for CAT and CMI’s gas compression products, and construction

opportunities for MTZ, PRIM, PWR, and CTRI. Construction drives demand for

machinery, benefiting rental (URI, EQPT) and OEMs (CAT, DE, CNH, OSK, etc.). MLM and

VMC round out the value chain, as data centers are relatively aggregates intensive, for

building structures. We expect continued growth in data centers and related power gen

to support a re-acceleration in non-res construction spending growth in 2H26 and 2027.

Technology Software Names Most Levered to This Trend - Kevin McVeigh

Investors could capture exposure to data center growth via firms involved in Gen AI

implementation and the outsourcing of process maintenance. ACN is an opportunistic

proxy for Generative AI given its growing partnerships amid AI beneficiaries such as

MSFT and AMZN and emerging alliances with Anthropic, OpenAI as well as others. We

also highlight RXT as poised to potentially benefit from greater AI infrastructure spend