AZ/CA meetings bullish power, infrastructure and critical materials demand, prioritization

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AZ/CA meetings bullish power, infrastructure and critical materials demand, prioritization

Equity Research

15 June 2026 | 4:29PM EDT

POWER & RESOURCES RELIABILITY

AZ/CA meetings bullish power, infrastructure and critical materials

demand, prioritization

On June 9-11, we met with nine corporates in Arizona and California levered to Brian Singer, CFA

+1(212)902-8259 | brian.singer@gs.com

Power & Resources Reliability, including a rare earth mine tour with MP Materials that Goldman Sachs & Co. LLC

represents 90%+ of US NdPr oxide supply and ~20% of non-China NdPr oxide supply Brian Lee, CFA

per GS estimates. We came away with continued bullishness towards further +1(917)343-3110Goldman Sachs & Co.| brian.k.lee@gs.comLLC

tailwinds from increased investments needed to maintain reliable power, water, Brendan Corbett

supply chains and networks amid growing demand, geopolitical challenges, physical +1(415)249-7440brendan.corbett@gs.com|

risks and aging infrastructure after consistent feedback on our trip that Reliability Goldman Sachs & Co. LLC

Bisset, CFAremains a top customer priority (even, though modestly, over Affordability). We came Tyler +1(212)357-5510 | tyler.bisset@gs.com

away positive on the two key drivers fueling the Reliability supercycle — AI expansion Goldman Sachs & Co. LLC

and global redundancy building. Gabriela Borges, CFA

+1(212)902-7839 |

gabriela.borges@gs.com

n Strong demand for power elevating the Reliability imperative. Pinnacle West Goldman Sachs & Co. LLC

Gamperl remained optimistic on both continued industrial expansions, in particular from Max | +1(415)249-7311

semiconductor fabs, as well as strong residential demand in AZ. Prologis was max.gamperl@gs.comGoldman Sachs & Co. LLC

positive on demand trends, in particular from data centers.