The Index
519 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
datacenters36 names· avg TR 5 | ||||||||
| A global tower REIT mid-reset — DISH churn masks 4-5% organic + a CoreSite AI option the market half-ignores; quality compounding at a fair (not cheap) ~17x EV/EBITDA, with leverage and a 2026 "AFFO growth floor" the swing factors. BULLISH-leaning WATCH; conviction unlocks if 2027 reaccelerates as guided. | — | 8 | ||||||
| A real but sub-scale optical-transceiver share-gainer whose AI-data-center inflection is genuine — but the equity is priced as if it has already won a market that InnoLight, Coherent and Lumentum actually own, while it funds the build with relentless dilution and parks three-quarters of its receivables on one distributor (Digicomm) on stretched terms. The 2017 Amazon-loss crash is the template, not the exception. | — | 1 | ||||||
| The best-run pure-play in AI/cloud Ethernet — but it is priced for perfection (~46x fwd EPS) just as Nvidia's bundled Spectrum-X attacks its richest back-end AI sockets and two customers still drive 42% of revenue. Own the business, respect the multiple; the bear thread is real, not a strawman. | — | 0 | ||||||
| A genuine pick-and-shovel monopoly on PCIe-Gen6 datacenter connectivity, growing 90%+ with 76% gross margins — but priced at ~26x forward sales with one customer (AWS) at ~70% of revenue; the moat is real, the price is the bet. | — | 1 | ||||||
| A real business finally inflected to GAAP profit on the AI-power boom — but the stock is priced as if the 2.8 GW Oracle deal is the floor, not the ceiling; the asymmetry now runs short. | — | 1 | ||||||
| A great cyclical wearing an AI-infrastructure costume — the power-gen backlog and 3x engine capacity build are real, but at ~37x forward earnings and a price above the street's own target, the market is paying secular-compounder multiples for a tariff-squeezed, dealer-inventory-flattered late-cycle machine. WATCHING, not chasing. | — | 8 | ||||||
| Real AI-optical winner caught at a euphoric, deeply cyclical top — the business inflected for real (FY26 rev +32% to $6.3B, adj op-margin ~19% vs a 4.8% FY24 trough), but at ~70x forward / ~10x EV/sales the stock is pricing permanence onto a name whose own 5-year record is 14.5%→4.8% margin and a -49.5% drawdown. BULLISH business, BEARISH-into-strength the entry. WATCH for the cycle to breathe. | — | 8 | ||||||
| The legacy networking incumbent has bought a real AI-infrastructure call option (orders 0→~$9B FY26) for the price of its gross margin — own it for the re-rating that's already half-done, not for a margin story that's structurally going the wrong way. | — | 8 | ||||||
| Real AI-optical winner with a genuine fusion/fiber moat and an early-beat Springboard, but the stock has been re-rated to ~46x forward / ~11x EV-sales on a hyperscaler-concentrated capex bet — the business is BULLISH, the price is priced-for-perfection; WATCHING for a multiple reset, not chasing $212. | — | 8 | ||||||
| A freshly-amputated pure US tower REIT trading at a peer-premium AFFO multiple it no longer earns — leaderless (interim CEO #2 in two years), no organic growth until ~2027, with a $3.5B DISH claim in court and a one-time $7B deleveraging that masks a structurally lower growth ceiling than AMT. WATCHING; the re-rating is a 2027 story, not a 2026 one. | — | 8 | ||||||
| A real, durable AI-infrastructure winner trading like one — the growth is unimpeachable but the margin (mid-single-digit AI op-margin) and the AP-funded working-capital engine mean the bull case is now priced; WATCHING for a memory-cost or AP-normalization air-pocket to get paid. | — | 8 | ||||||
| The AI-era landlord with the cleanest balance sheet it has had in a decade — but the moat is durable, the price already pays for it; an own-the-toll-road BULLISH at a watch-on-pullback price, not a fat-pitch entry. | — | 1 | ||||||
| Best-in-class electrical compounder with a genuine data-center order inflection (Electrical Americas backlog +44%, organic orders +42%), but the market is paying ~31x forward / ~28x EV-EBITDA for it while Eaton just levered up to ~$20B net debt and paid 22.5x for Boyd Thermal at the exact moment hyperscaler-capex doubt (DeepSeek, AI-capex margin test) became the dominant de-rating risk — own the business, respect the entry price; WATCHING for a hyperscaler-capex air-pocket or a margin-beat that proves tariff pass-through. | — | 8 | ||||||
| The interconnection monopoly the AI bears mis-modeled — Hindenburg's accounting case is legally dead, recurring revenue is re-accelerating into the AI inference build-out, and the 24.6x forward AFFO is a fair price for the one data-center asset with a real network-effect moat; the live risk is that AI's center of gravity sits in wholesale, where EQIX is structurally light. | — | 1 | ||||||
| The best-positioned Western power-equipment franchise of the AI-power cycle — a real gas-turbine oligopoly with a $150B+ backlog and SRA-secured pricing — but at ~52-60x forward earnings the market has already priced near-flawless margin execution to 2028, while GAAP earnings are flattered by ~$7B of one-time gains (tax-allowance release + Prolec remeasurement) that mask a still-modest ~8% operating-EBITDA base. Quality is high; the entry is not. | — | 8 | ||||||
| A re-rated AI-infra catch-up trade where the *quality* of the story (high-margin Networking) is real but the *price* now bakes in flawless Juniper integration and a server-margin recovery that hasn't been proven — own the franchise, not the multiple. WATCHING, not chasing at ~13x. | — | 8 | ||||||
| A debt-free, founder-controlled electrical/mechanical contractor compounding EPS ~50%/yr on the data-center build-out — a genuinely great business, but the tape has run to ~38x trailing on TTM EPS ~$19 and ~13.8B mkt cap, pricing in continued hyperscaler capex and flawless M&A integration with a residential anchor already dragging; WATCHING, not chasing, into the next print. | — | 8 | ||||||
| A 74-year-old records-storage cash cow funding a debt-financed hyperscale data-center pivot — the AI re-rating is real but it sits on a credible Gotham short (AFFO > FFO, ~5x vs alleged ~9x leverage, an SEC Adj-EBITDA comment-letter trail, negative book equity), so the bet is whether the cash flows are as clean as the headline AFFO says. | — | 8 | ||||||
| A quietly excellent RF-and-photonics compounder that the market has finally noticed — fab-lite 56% gross margins, three secular legs (defense, AI data-center optics, telecom), a net-cash balance sheet after killing its 2026 converts, but now priced at ~54× forward with an AI-optical multiple it must keep compounding into; great business, demanding entry. | — | 0 | ||||||
| Best-positioned #2 in the custom-AI-silicon duopoly with an NVIDIA-blessed optical moat — but at ~$310 / ~109x trailing non-GAAP EPS the stock has priced in flawless execution AND already round-tripped a 2025 Trainium-loss scare; own the business, fade the entry, wait for a hyperscaler-wobble re-rate. | — | 1 | ||||||
| A 109-year-old radiator maker that 80/20'd itself into a data-center liquid-cooling growth story and got re-rated 14.7x in five years — the asset is real and a single hyperscaler has pre-committed >$4B of cooling for CY27–29, but at ~38x forward / ~133x trailing the price already pays for flawless execution while Q4 just showed the margin and supply-chain cracks that flawless execution doesn't have. Own the post-RMT pure-play on a data-center capex scare or a second margin miss — not here. | — | 0 | ||||||
| A 13%-gross-margin electrical contractor priced at 43x forward EPS on a flawless-execution datacenter/grid narrative — great business, dangerous price; the same clean-energy fixed-price risk that halved Primoris and gutted MYRG itself in 2024 is not in the multiple. WATCHING for a pullback. | — | 8 | ||||||
| The structural thesis survives first contact with the filings, but the primary sources RE-PRICE the bear case both ways — the real SEC-disclosed backlog is $33.6B RPO (not the ~$47B web headline), the ClickHouse stake carries at $1.52B (not ~$4.2B), and the "profit" is a $780.6M non-cash mark sitting on a $128.0M operating loss — yet the same filings show genuine operating leverage (AI-cloud adj. EBITDA $174M / 45%), an unqualified FY2025 audit opinion, a removed going-concern doubt, and a financing toolkit (asset-backed against MSFT+Meta + $9.3B cash + prepayments) that is more real than the gap-crash bears allow. Still WATCHING / MEDIUM — the call is, and remains, funding execution, not demand. | — | |||||||
| A debt-free, cash-rich switchgear specialist that just turned an energy-capex cyclical into an AI-power story — backlog +33%, a record >$400M behind-the-meter data-center order, ROIC >100% — but the stock has already re-rated +296% in a year to ~48x forward P/E, so the bet is now on order durability, not discovery. | — | 8 | ||||||
| The purest listed pick-and-shovel on the grid + data-center capex supercycle, with a real labor/scale moat and a record $48.5B backlog — but at ~52x forward EPS / ~31x forward EBITDA the market already pays for flawless execution, so the edge is in buying the volatility, not the multiple. | — | 8 | ||||||
| A best-in-class tower compounder having its worst year in a decade — 2026 AFFO/share is guided DOWN on DISH+Oi+Sprint churn and refinancing, and the M&A premium has fully bled out of the stock; structurally bullish for 3Y, but no rush at 15.5x AFFO with the churn cliff still in front of it. | — | 1 | ||||||
| A high-quality HVAC compounder that the market has correctly repriced as a data-center cooling play — own the operations, but at ~28x forward EPS / ~25x EBITDA the easy re-rate is done; the next leg is execution on the $700M capacity build, not multiple expansion. | — | 8 | ||||||
| A great business priced as a perpetual-motion machine — STRL is the highest-margin pure-play picks-and-shovels name on the AI/data-center buildout (E-Infra 60%+ of revenue, 23%+ segment margins, 2.1x book-to-burn, EPS up ~5x in three years), but at ~80x trailing / ~50x forward and ~4x intrinsic on a deeply cyclical, single-theme, customer-concentrated contractor, the quality is real and the price already capitalizes a flawless decade. WATCHING, not chasing — the dip is the trade, not the breakout. | — | 8 | ||||||
| A real AI-server demand engine (sold-out Blackwell, $39B order book, best-in-class DLC liquid cooling) wrapped in the worst governance dossier in large-cap tech — a co-founder/director under federal export-control indictment, still-unremediated SOX material weaknesses, ~10% gross margins half of Dell's, and a freshly-printed $7B dilutive raise. The business works; the trust does not. WATCHING, not ownable, until the forensic overhang resolves. | — | 1 | ||||||
| A small-float nuclear-and-gas IPP that turned one AWS contract into a re-rating; the moat is the irreplaceable 2.5 GW Susquehanna campus, the risk is that the price already capitalizes a decade of PJM scarcity and premium PPAs that policy can cap. | — | 1 | ||||||
| A best-in-class HVAC compounder (36% ROE, record $10.7B backlog, +24% organic bookings) bolting a genuine data-center cooling franchise onto its core — but priced for it at ~31x forward, with a fresh price-fixing class action as the cheap-tail risk the market is shrugging off. Quality is real; the entry multiple is the whole debate. | — | 8 | ||||||
| A $2.8B equity wafer balanced on an $11B junk-rated debt tower — the whole thesis is whether Kinetic fiber penetration ramps EBITDA fast enough to delever before the 2028–2031 maturities, and the market has already paid up for that bet. | — | 1 | ||||||
| The default arms dealer of the AI buildout — a real moat compounding a $15B backlog into 30% organic growth, but priced at 82x for perfection while insiders sell 65:0 and EMEA orders are already cracking. | — | 0 | ||||||
| A merchant-power balance sheet wearing a regulated-utility's contracted growth — long-dated nuclear PPAs to AWS/Meta de-risk the AI-demand story, but the GAAP P&L is hostage to hedge mark-to-market and the equity carries ~3.4x the net debt of Constellation. Cheapest large-cap way to own the data-center power trade if (and only if) ERCOT/PJM load growth shows up; bull at ~10x forward EBITDA, but leverage + commodity beta make it the high-volatility expression, not the safe one. | — | 8 | ||||||
| A re-rated electrical/datacom distributor riding a genuine 70%-growth data-center wedge — but the multiple now prices the AI-capex story while the underlying engine is still a ~7% EBITDA-margin, ~10% ROIC, 3.4x-levered cyclical that bled cash in 2025. Quality WATCH, not a price-chase. | — | 8 | ||||||
| A real, cash-generating neocloud retrofitter trading at ~18x trailing sales on a single $865M Nscale contract and a still-71%-Bit-Digital-controlled cap table — the build is genuine, but the multiple already prices the NC-1 inflection that hasn't happened yet. | — | 1 | ||||||
| 8 |