Our SemiAnalysis Industrials Model (https://semianalysis.com/industrials-model/) maps datacenter capacity additions to construction and equipment demand and tracks the full universe of suppliers positioned to capture that spending.

Looking back at Q2 results across datacenter industrials, construction and EPC names outperformed equipment companies yet again. The sequential pickup in trailing-twelve-month organic orders was strongest in construction. This metric smooths out quarterly noise while capturing shifts in momentum in orders, a leading indicator of future revenue. (1/3)🧵