In short: JOET AI-power holding. In Terranova's list of names held into the next rebalance despite a broken momentum factor — "they have thrived over the last eight quarters on the continual spend and the build," which is exactly what the Amodei essay and a 5% 10-year put in question.
In short: Second of Wapner's four data-center-adjacent decliners — "Quanta is down more than 9½" — cited as evidence the weakness is political/narrative-driven rather than a verdict on AI demand. (The auto-transcript renders the company as "Quant.")
In short: Verrone's lead example of the AI build-out names that already took their correction and are working again: "after deep corrections in what I would call AI-adjacent or build-out type names, Quanta, Emcore… these probably down 30% from the highs… They've all responded over the last couple weeks." Eisman adds the print: "Quanta was up like 15% on earnings day last week. It was amazing." The discipline attached: "you have to give these the benefit of the doubt until they attempt to rally, don't make new highs, and fail. And we haven't seen that yet."
Quanta is the contractor that physically builds and maintains electricity infrastructure — transmission lines, substations, the grid connections a data centre needs before it can draw power. It doesn't own the AI story; it gets paid to install it.
Verrone's point is about sequence, not fundamentals. This kind of "AI-adjacent build-out" name fell roughly 30% from its highs during the mid-May-to-August correction, and has since started working again — Quanta jumped about 15% on its earnings day. His rule for what to do next is refreshingly falsifiable: keep giving the group the benefit of the doubt until it tries to rally, fails to reach a new high, and rolls over. That hasn't happened, so the position stays.
25:29Steve, I think it's interesting after deep corrections in what I would call AI-adjacent or build-out type names, Quanta, Emcore. These probably down 30% from the highs. Caterpillar had a pretty big quarter. They've all responded over the last couple weeks. Quanta was up like 15% on earnings day last week. It was amazing.
In short: Upgraded to overweight at KeyBank. Link owns it and won't chase: "I mean, I own it, but I don't think I would add to it. The company just had a blowout quarter, so I understand wanting to get on board. I would just wait for some weakness or a pullback." The numbers behind the upgrade: "earnings growing 70%, revenues up 41%, backlog up 59% — these are big, big numbers. They are in the sweet spot of electrification, EVs and all of that." A strong fundamental view with an explicit no-add-here entry discipline.
Quanta builds and maintains electrical grid and power infrastructure, so it sits directly in the path of data-center and electrification spending. KeyBank upgraded it, and the quarter was outstanding: earnings up 70%, revenue up 41%, and the backlog — work already contracted but not yet done — up 59%.
Stephanie Link owns it and still won't add here. "I understand wanting to get on board. I would just wait for some weakness or a pullback." A rare, clean separation between liking a business and liking today's entry price.
In short: "I've owned Quanta for a long time… It's the company that utilities hire to build new plants. So, it is a major beneficiary of the increased need for electricity because of AI. The company reported an unbelievably powerful quarter." EPS 424, +71% and "way ahead of the consensus"; revenue $9.6B +41%; EPS and revenue guidance raised. "These are really powerful numbers and show how much the demand for increased electricity is impacting certain companies."
Quanta is the contractor utilities hire to build and maintain power plants and transmission lines. It is the least glamorous way to own the AI build-out and, on these numbers, one of the most direct: data centres need electricity, electricity needs new generation and grid, and someone has to physically build it.
He has owned it for a long time and calls the quarter "unbelievably powerful": profit per share up 71% and well ahead of forecasts, revenue up 41% to $9.6 billion, and — the part that matters most — management raised its guidance for both profit and revenue for the full year. Raising guidance means the order book, not just the quarter, has improved.
16:47Quant reported. I've owned Quanta for a long time and we have spoken about Quant before. It's the company that utilities hire to build new plants. So, it is a major beneficiary of the increased need for electricity because of AI. The company reported an unbelievably powerful quarter. Earnings per share was 424, which is 71% year-over-year growth and way ahead of the consensus.
In short: Link's AI-infrastructure pick — TAM 960B→$2.4T to 2030, 70% utility customers, conservative team, backlogs +35-40%. Overweight.
The episode's central trade idea is "own the buildout, not the spender." Instead of buying the giant tech companies pouring hundreds of billions into AI (and getting punished for it), buy the companies they hire to physically build the data centers, power plants and electric grid. Quanta Services is Link's flagship example: it builds and upgrades electrical infrastructure, and 70% of its customers are utilities.
Why it matters: data centers take about three years and ~$40 billion each to build, and they need enormous amounts of power that today's aging grid can't supply. The demand is so large that Quanta's "total addressable market" — the full size of the opportunity it can sell into — has been revised from $960 billion up to $2.4 trillion through 2030. Across these industrial names (Quanta, GE Vernova, Vertiv, Caterpillar), order backlogs are growing 35-40% a year versus a normal 5-10% — a concrete, visible signal that the work is booked years out, which is why Link stays "overweight" the group.
In short: Owns it for years — utilities use it for construction and maintenance, a big beneficiary of the AI data-center build that needs more electricity. EPS 2.68 vs 2.08 est (1.78 last yr); revenue 7.87B +26% y/y vs 7B est.
Quanta is the contractor utilities hire to build and maintain the electric grid — power lines, substations, the physical plumbing of electricity. Eisman, an owner for years, frames it as a direct AI play: data centers need enormous amounts of power, which means utilities must build out, which means more work for Quanta. The quarter confirmed it — earnings of $2.68 versus $2.08 expected, revenue up 26%. It's a way to ride the AI boom by owning the picks-and-shovels rather than the AI companies themselves.
25:02Last week we focused on GEV and its gas turbine story. This week, let's look at Quanta and Caterpillar. First, Quanta. Full disclosure, I've owned the stock for years as well. It's the company that utilities use for construction and maintenance. It reported another great quarter. Earnings per share was 268 versus $1.78 last year and versus the estimate of only 208. So, quite a big beat. And revenue of 7.87 billion was up 26% versus last year and better than the estimate of 7 billion. Powerful numbers because Quanta is a big beneficiary of the AI data construction boom, which requires more electricity from utilities. Caterpillar. Now, you might not think that Caterpillar is an AI related story, but it is.
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