The Learning Curve: Industrial Highlights — Hot Tub Time Machine

研报英文原文证据摘录

The Learning Curve: Industrial Highlights — Hot Tub Time Machine

June 28, 2026 | 22:40 ET~

Industrial Machinery, Supplies & Components

The Learning Curve: Industrial Highlights — Hot Tub Industrial Machinery, Supplies & Components

Time Machine Daniel DiCicco, CFA Analyst

daniel.dicicco@bmo.com (333) 274-9893

Legal Entity: BMO Capital Markets Corp.

Bottom Line:

Industrials continue to drive forward despite a soft end to the week (XLI

down -1.6% Friday, but still +16.8% YTD vs. SPY +6.9%). Amazon is pouring

additional money into AI investment in India, Qualcomm is targeting over $15B of AI

sales by 2029, and NVIDIA can go fullly liquid-cooled with its latest AI architecture.

Primoris (engineering and construction player) cut guidance on higher cost/delays for

renewables. The U.S. Department of Transportation is removing brake pedal mandates

for driverless vehicles and could help ease the path for more driverless vehicles.

Bloomberg highlighted Chinese car makers continue to push aggressively into Europe.

Parker shares have flipped the script and are now +~15% this month and outperforming

most. Industrials preview last Thursday: 1) Adjusted SPXC/ETN/DOV targets higher

and PH slightly lower; 2) AME/SPXC expect positive updates, but bar elevated; 3) DOV/

IEX expect positive updates (bar not as high); and 4) ETN/HON debate persists. LINK TO

NOTE.

Key Points

Industrials preview published Thursday 6/25. Data center capex spending is showing

no signs of slowing down while A&D fundamentals remain resilient. For the most part,

industrial-related updates have been positive through the quarter. BMW cut guidance

on weaker China demand (auto weakness nothing new) and Primoris revised its

renewables outlook downward. Short-cycle seems to be trending in the right direction