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The Markets Desk — Week 41 · Tue 6 Oct 2026
Beats / 72 priced constituents

datacenters

An equal-weight index of the priced names on this beat, rebuilt every Friday from the constituents that were actually in it.

252.4+0.0%base 100 · to 2026-10-02

This week

What happened

Events on datacenters
DateTypeWhat happenedSource
2026-10-05editorial noteCapex figure revised: $3.042B → $600 millionCapex moved from $3.042B (deep-dive-2026-08-10.md) to $600 million (deep-dive-2026-10-05.md).dossier
2026-10-05editorial noteMargin figure revised: 25% → 50%Margin moved from 25% (deep-dive-2026-08-10.md) to 50% (deep-dive-2026-10-05.md).dossier
2026-10-05editorial noteRevenue figure revised: $611.3M → 56%Revenue moved from $611.3M (deep-dive-2026-08-10.md) to 56% (deep-dive-2026-10-05.md).dossier
2026-10-05editorial noteVerdict changed: The backlog stopped being a press release and became an audited receivable — $35.8B of contractual minimum lease payments, three tenants instead of one, and new project debt at 7% in…Before (deep-dive-2026-08-10.md): The backlog stopped being a press release and became an audited receivable — $35.8B of contractual minimum lease payments, three tenants instead of one, and new project debt at 7% instead of 9.25% — while the market marked the stock down 11.5%; the offsetting truth is that 44% of FY26 revenue was near-zero-margin construction pass-through, stock comp hit $219M, and only 100 of 1,410 contracted megawatts were actually earning rent. After (deep-dive-2026-10-05.md): The quarter between prints changed the shape of the argument from "is the backlog real" to "who is the company being run for" — the buildings kept arriving on time (live capacity 100 → 250 MW), but the proxy showed $329.7M of reported FY26 compensation (Summary Compensation Table; ~98% is grant-date value of equity awards, mostly five-year grants) for three executives after a 52.6% say-on-pay, a CEO pledging 17.6M shares and running a power company he co-owns with the President and a director that the issuer has lent $59.2M to, and 14.4M new shares (+5.0%) in under four months, while the stock fell another ~13% to $25.38 (2026-10-02 close) and EV fell to ~0.30x audited contracted rent.dossier
2026-10-05editorial noteMargin figure revised: 19.0% → 17.6%Margin moved from 19.0% (deep-dive-2026-07-06.md) to 17.6% (deep-dive-2026-10-05.md).dossier
2026-10-05editorial noteRevenue figure revised: $33.22bn → $9,475mRevenue moved from $33.22bn (deep-dive-2026-07-06.md) to $9,475m (deep-dive-2026-10-05.md).dossier
2026-10-05editorial noteVerdict changed: Best-in-class picks-and-shovels play on AI-power (Electrification 22.6% margin, triple-digit DC order growth), but at ~23x forward / ~25x EV-EBITDA the market already pays for the su…Before (deep-dive-2026-07-06.md): Best-in-class picks-and-shovels play on AI-power (Electrification 22.6% margin, triple-digit DC order growth), but at ~23x forward / ~25x EV-EBITDA the market already pays for the supercycle continuing — the edge is quality + the SoftBank/Robotics cash-out, not valuation; a hyperscaler-capex air-pocket is the one thing that re-rates it down. After (deep-dive-2026-10-05.md): The operating story strengthened again (Q2 record orders $12.0bn, Electrification orders +58% comp, backlog $30.0bn, FY guide raised twice), but the stock is dearer than the last dossier said — ~36x trailing continuing EPS and ~30x our FY27 EPS estimate, not the ~23x forward an aggregator showed — and the market sold the Q2 beat-and-raise 5.9%. Quality franchise, full price; the 20 Oct print has to show margin progress, not just orders.dossier

Dated ahead

Dated catalysts ahead
DateCompanyPeriodFirmness
2026-10-15Applied Digital APLD2026-Q3expected
2026-10-23Crown Castle CCI2026-Q3expected
2026-10-23GE Vernova GEV2026-Q3expected
2026-10-26Comfort Systems USA FIX2026-Q3expected
2026-10-26Digital Realty Trust DLR2026-Q3expected
2026-10-26Vertiv Holdings VRT2026-Q3expected
2026-10-29American Tower AMT2026-Q3expected
2026-10-29Carrier Global CARR2026-Q3expected
2026-10-29Corning GLW2026-Q3expected
2026-10-30Caterpillar CAT2026-Q3expected
2026-10-30Equinix EQIX2026-Q3expected
2026-10-30Generac Holdings GNRC2026-Q3expected
2026-10-30Hubbell HUBB2026-Q3expected
2026-10-30Modine Manufacturing MOD2026-Q3expected
2026-10-30MYR Group MYRG2026-Q3expected
2026-10-30SPX Technologies SPXC2026-Q3expected
2026-10-30Trane Technologies TT2026-Q3expected
2026-11-02Bloom Energy BE2026-Q3expected
2026-11-02Eaton ETN2026-Q3expected
2026-11-02IES Holdings IESC2026-Q3expected