MasTec IncMTZ
▲ PositiveDemandrelevance
Backlog growing 24.1% annually and revenue projected up 18.2% indicate strong end-customer demand for MasTec's services.
Impact on assets 1
Cloud & Digital Infrastructure
MasTec IncTheme Impact 2
Off-coverage companies
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United States▲2impact 4
Goldman Sachs: US Data Center Growth Through 2027 Largely Unchanged Despite Local Opposition
Goldman Sachs strategist Laura Cyr said in a Monday note that the US data center growth outlook through 2027 remains largely unchanged despite rising political and community opposition. Cyr raised Goldman's year-end 2026 US data center capacity forecast by 5 gigawatts to 64 gigawatts, while cutting its year-end 2027 forecast by 5 gigawatts to 90 gigawatts. She now expects US data center power demand to grow 38%, or 12 gigawatts, in 2026 and 38%, or 17 gigawatts, in 2027, on a December versus December basis. Cyr pointed to Governor Abbott's directive to halt new Texas data center permits pending ERCOT and Texas Water Development Board audits, and an NBC News poll showing 64% of voters would be less likely to support a candidate who backs a local data center versus 11% who would be more likely. Separately, BofA Global Research estimated that up to 75% of a data center's total water consumption happens off-site, that GPU-based server electricity demand is growing roughly 30% per year, and that every incremental megawatt of new data center capacity embeds roughly 60 to 75 tons of metals, primarily copper.
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GS · Capital · Neutral Goldman strategist raised 2026 US data center capacity forecast but cut 2027, a mixed research note.
United States▲
Quanta Raises 2026 Free Cash Flow Outlook to $2-$2.5 Billion
Quanta Services raised its full-year 2026 free cash flow outlook to $2-$2.5 billion, alongside operating cash flow expectations of $2.9-$3.4 billion, after a strong first half. In the second quarter, Quanta generated operating cash flow of $1.10 billion and free cash flow of $886 million, bringing first-half free cash flow to $1.07 billion, sharply higher than $288 million in the comparable 2025 period. Management attributed the second-quarter strength partly to favorable working-capital dynamics, particularly from large-load and renewable projects, while days sales outstanding improved to 57 days. The outlook is underpinned by a record $53.4 billion backlog, expanding project activity and rising investment in electric grids, power generation, data centers and other mission-critical infrastructure. Quanta still expects roughly $900 million of net capital expenditures in 2026, and cash generation could fluctuate with project timing, working-capital requirements, acquisitions, weather, permitting, supply-chain issues, inflation and project execution. Quanta competes with MasTec and EMCOR Group across power, electrical and mission-critical infrastructure markets; MasTec reported negative $59 million of free cash flow in the second quarter, while EMCOR posted record remaining performance obligations of $17.14 billion.
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PWR · Capital · Positive Quanta raised its 2026 free cash flow outlook to $2-$2.5B after strong H1 cash generation and a record $53.4B backlog.
United States
ChinaNew York City Council Weighs AI Safety Rules as Data Center Buildout Forecasts Diverge
The New York City Council will hold a hearing today where Jacob Coxon, the former Anthropic researcher whose viral prediction about AI risk set off a broader fear cycle, will testify in front of the city council alongside other whistleblowers including Alex Turner from DeepMind and Daniel Cocatajalo from OpenAI, while Anthropic, OpenAI, Meta and Google send representatives and SpaceX has been subpoenaed. The council is debating a sweep of proposals, including third-party validation of new models with a human-operated shutdown mechanism, a private right of action for foreseeable harm from third-party misuse, and whistleblower bounties paying 25% of proceeds if the city acts and 50% if designated to serve and sue. On the data center buildout, Bernstein and Goldman Sachs published new notes tracking gigawatt estimates, with the two landing in similar places: they look at about 18 gigawatts added this year, Goldman's at 26 for next year, and Bernstein's at 25, even amid regional political pushback. Bernstein surveyed 63 forecasts from 40 sources and found the range for gigawatts by 2030 runs from 59 to 186, while only 38% of projects on the books are expected to actually get built. In Washington, President Trump's super intelligence force will be led by Director of National Intelligence Jay Clayton, Pentagon Undersecretary Andrew Ferguson, Chief Technology Officer Emil Michael and OPM Director Scott Cooper, with a report due in 120 days to President Trump and Chief of Staff Susie Wiles. Bloomberg Intelligence reports the gap between top US and top Chinese models has narrowed to just 3% for the US edge, down from 9% in May and 15% earlier this year.
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TeraWulf Expands Muskie Data Campus Power Contract to 1 GW
TeraWulf said Monday it executed an amended and restated electric service agreement with Kentucky Power, an American Electric Power company, raising contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 megawatts to 1 gigawatt. The amendment moves planned delivery of Muskie's second 500 MW phase forward from 2030 to 2029, while the first 500 MW phase remains targeted to begin ramping in 2028. TeraWulf acquired Muskie in May 2026 for phased development as an AI and high-performance computing campus, and Kentucky Power is developing a 765-kV / 345-kV substation connected to the regional transmission network to serve the site. Chairman and Chief Executive Officer Paul Prager said securing the next 500 MW and moving its planned delivery into 2029 gives the company greater flexibility to meet prospective customers' deployment needs. The company added that it continues to evaluate the campus's potential to support up to 2 GW over time, subject to additional utility planning, infrastructure, and agreements.
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WULF · Demand · Positive TeraWulf amended its Kentucky Power agreement to double contracted capacity at Muskie to 1 GW and moved the second 500 MW phase forward to 2029, supporting AI/HPC customer deployments.
Kentucky Power · Demand · Positive Kentucky Power is the counterparty expanding the Muskie electric service agreement to 1 GW and developing the 765-kV/345-kV substation to serve the campus.
AEP · Demand · Positive AEP subsidiary Kentucky Power expands and accelerates a 1 GW electric service agreement for TeraWulf's Muskie campus, growing contracted power demand.
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CIBC Lifts Enerflex Price Target to CA$30 on 450 MW Data Center Power Contract
CIBC raised its price target on Enerflex to CA$30 from CA$27.50 after updating its model for a 450 MW behind-the-meter power generation award tied to a North American data center developer, while keeping a Neutral rating on the stock. The firm had already lifted its target to CA$30 in July 2026, and it cited strong Engineered Systems bookings and a modest EBITDA beat in the second quarter as positives supporting execution on the core business. CIBC noted that earlier weakness in the shares followed a lack of secured data center power generation bookings, which it believes pushed potential catalysts into later quarters. On the updated assumptions, Simply Wall St's fair value for Enerflex rose to CA$46.94 from CA$44.50, with revenue growth now 6.72% versus 3.39% previously, net profit margin at 8.64% versus 9.01%, a future P/E of 18.29x versus 17.87x, and a discount rate of 6.83% versus 6.68%.
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EFXT · Capital · Positive CIBC lifted its Enerflex price target to CA$30 after modeling the 450 MW data center power award and citing strong bookings and an EBITDA beat.
United States▲3
Amazon Pledges $1 Billion to Communities Around AI Data Centers
Amazon is pledging to invest $1 billion into the communities surrounding its AI data centers, a move aimed at easing local opposition to the facilities. Matt Garman, who heads Amazon Web Services, laid out the commitment in a 3,000-word essay, saying the money will go toward things like building out schools in the communities where the company builds data centers. Garman also said Amazon will no longer ask communities to sign non-disclosure agreements, a practice some legislators have discussed banning by law. The discussion comes as state governors tout data centers as job creators, though critics note the facilities are labor-light once construction ends, leaving unions that represent electricians, plumbers, construction builders and HVAC workers supportive of the projects while communities question what remains afterward.
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AMZN · Capital · Positive Amazon pledges $1 billion investment into communities around its AI data centers to ease local opposition.