AI Power & Cooling

Nvidia, Google and Emerald AI have launched the AI Energy Management Alliance, or AEMA, a coalition that dynamically manages the electricity use of data centers in response to grid conditions. Emerald AI founder and CEO Varun Sivaram said the alliance's founding members are joined by a cohort of 20 launch partners, including the AI lab Anthropic, the semiconductor firm Analog Devices, and the energy companies AES, NRG, Constellation, RWE and National Grid. Sivaram said Emerald AI, which was founded under two years ago, is building with Nvidia and Digital Realty the world's first from-the-ground-up power-flexible AI data center, a 100 megawatt facility in Manassas, Virginia, that comes online later this year. He said Google, one of the founding members, has already done a gigawatt of demand response for its data centers, while Emerald and Nvidia have completed six demonstrations around the world, in London, Phoenix and Virginia. Sivaram said the alliance is talking to the FERC commissioners, state regulators and the administration about a grand bargain in which flexible AI data centers act as good citizens to grids and communities in return for faster and larger connections to the power grid.

Amazon Web Services posted $42.23 billion in revenue, growing 37% year over year, the segment's fastest growth in 18 quarters, with a 39.4% operating margin and a $496 billion contracted backlog. Amazon's chips and AI businesses each eclipsed run rates of more than $25 billion in the second quarter, both growing at triple-digit percentages year over year, while 98% of Amazon's top 1,000 EC2 customers use Graviton and Anthropic and OpenAI have made multi-year, multi-gigawatt commitments to Trainium. Q2 operating income landed at $27.46 billion, up 43.2% year over year, and advertising is a $70 billion-plus trailing-twelve-month business growing 26%. Capex reached $54.21 billion in a single quarter, up 68.4% year over year, and free cash flow swung to negative $7.6 billion on a trailing-twelve-month basis, though most AI capacity is contracted for at least five-year terms. Since Amazon reported Q2 on July 30, 2026, AMZN moved from $230.08 to $251.19, while SPY went from $747.03 to $762.70 and QQQ went from $687.99 to $716.92. Andy Jassy said AWS could become a few hundred billion dollar revenue business and now believes it will be at least double that and very possibly a trillion dollar annual revenue business in time.

CoreWeave exited the second quarter of 2026 with $104.2 billion in revenue backlog, up 246% year over year, a figure that excludes more than $25 billion of net new customer commitments added in the early weeks of the third quarter. Management said more than half of the existing backlog was already tied to contracts where customer delivery had begun, and expects that proportion to exceed two-thirds of the second-quarter backlog by year-end. Quarterly revenues surged $2.6 billion, up 112% year over year, while adjusted operating income rose sequentially to $128 million, prompting the company to raise its 2026 revenue guidance to $12.4-$13.2 billion and adjusted operating income guidance to $960 million to $1.15 billion. CoreWeave also lifted its expected year-end annualized run-rate revenues to $18.5-$19.5 billion, citing the long-term nature and attractive margins of contracted backlog. Supporting that backlog is capital-intensive buildout: capex was $9.4 billion, construction in progress rose sequentially to $11.9 billion, operating expenses reached $2.6 billion including $165 million in stock-based compensation, and interest expense hit $640 million versus $267 million a year earlier, with interest expense expected to climb to $860-$940 million in the current quarter. At the end of the second quarter CoreWeave had 1.5 gigawatts of active power after adding nearly 500 megawatts during the quarter, plus 3.7 gigawatts of contracted power, which management said has since risen to 4.2 gigawatts toward a goal of at least 8 gigawatts by 2030, while competition intensifies from Nebius and Microsoft.

BMI, a unit of Fitch Solutions, said on Thursday 17 September that capacity constraints across Asia's power grid systems are tightening steadily, as rising electricity demand from artificial intelligence technology and data centres puts heavy pressure on power systems. In a report, BMI Country Risk and Industry Research said the firm had raised its electricity consumption forecasts for several markets, including Thailand, Malaysia and Vietnam, driven by data centre investment and the expansion of AI computing workloads. It expects electricity consumption to grow at an average annual rate of 2.9% in Thailand, 3.3% in Malaysia and 5.6% in Vietnam over the next 10 years. The report also said tighter regulation in Thailand, Malaysia and Australia is limiting growth in demand for power connected to transmission systems, and regulators are expected to keep scrutiny strict to protect grid stability. BMI also expects a recovery in thermal power plants, particularly in emerging markets, as policymakers turn to dispatchable generating capacity amid strong demand and tightening grid conditions.

Generac Holdings has secured a major long-term supply agreement with Amazon to provide backup power generators for Amazon data centers, sending its shares up 18.3% to close at $207.23. In a regulatory filing, Generac disclosed that initial deliveries are expected to total $2.4 billion across 2027 and 2028, and it issued Amazon.com NV Investment Holdings LLC a warrant to acquire up to 1,693,745 shares of common stock at an exercise price of $200.9266 per share. Of the total warrant shares, 307,954 vested immediately, while the remainder will vest in tranches contingent on aggregate gross payments, net of certain offsets, received by Generac and its affiliates from Amazon and its affiliates for backup power generators, extending up to a total of $8 billion of qualifying payments. The agreement adds scale and visibility to a data center business that is emerging as Generac's key growth engine, after the company generated more than $100 million of data center revenues in the second quarter and reported a data center backlog of $1.6 billion as of July 2026, including roughly $1 billion of new orders in the prior 90 days. Management also raised its 2026 data center revenue expectation to roughly $450 million, and Generac is expected to post quarterly earnings of $2.40 per share on revenues of $1.32 billion in its upcoming report.

Finansia Syrus Securities Public Company Limited, or FSS, has upgraded Delta Electronics (Thailand) Public Company Limited, or DELTA, to "Buy" with a 2027 target price of 290 baht. FSS expects DELTA's third-quarter 2026 profit to reaccelerate to 8.3 billion baht, up 37% from the previous quarter and up 12% from the same period a year earlier, driven by a recovery in gross margin as raw material problems begin to ease, while demand for AI data center products remains strong. For the fourth-quarter 2026 profit outlook, FSS expects a new high of more than 10 billion baht, supported by deliveries of orders delayed from earlier periods, which should lift full-year 2026 net profit to 32 billion baht, up 30% from the previous year. For 2027, FSS expects DELTA's profit to grow another 41% from the previous year to 45 billion baht, with the slowdown in bond yields a positive factor for investment sentiment in technology and growth stocks. On technical factors, FSS assesses DELTA's support at 235-232 baht, resistance at 248-250 baht, and the next resistance at 259 baht.

Generac agreed to supply up to $8 billion worth of backup generators for Amazon's data centers, sending its shares up 18% and making it the top performer on the S&P 500. The company also issued a warrant for a stake in itself, according to a securities filing, and analysts said the stock could double in price over the next 12 to 18 months. The broader market closed higher, with the Dow Jones industrial average adding about 300 points, or roughly 0.6%, the S&P 500 gaining about 86 points, or 1.2%, and the Nasdaq composite rising about 1.7%. Intel shares climbed more than 7.5% after South Korean memory chipmaker SK Hynix said it might team up with the company, following a Reuters report that it could lease part of Intel's long-planned Ohio chip facility or form a venture, though SK Hynix said no decision has been made. Among decliners, Paramount Skydance fell more than 4.6% as a Barclays analyst argued its proposed merger with Warner Brothers could introduce massive financial and operational risks and predicted the company would eventually split up, while Fluence Energy tumbled 15% after cutting its revenue forecast, which analysts attributed to production issues at its Houston facility.

Delta Electronics announced development work to speed deployment of AI factories built on the NVIDIA DSX AI Factory Platform, integrating power and cooling infrastructure from onsite energy through to the AI rack. The company said it bridges energy availability and compute productivity by connecting onsite energy, facility power, row and rack-level power and cooling, and chip-level solutions, aiming to help customers accelerate token production and generate higher AI yield from every available megawatt. Delta's 800 VDC power architecture reduces conversion stages between facility power and compute and delivers up to 98% power conversion efficiency, while high-density In-Row systems deliver up to 800 kW in a single power rack; at the board level, its 800 VDC DC-DC power distribution technology steps down directly to 50 VDC or 12 VDC with peak efficiency up to 98.5%. On the thermal side, Delta's portfolio spans 2.4 MW and 3 MW liquid-to-liquid cooling distribution units, In-Rack cooling, and thermal solutions for next-generation AI racks. Delta also applies prefabrication and modular design, with its Prefabricated AI Modular Data Center Solution integrating 800 VDC In-Row Power and 3 MW of liquid-cooling capacity into infrastructure blocks assembled and tested in the factory. Austin Tseng, President of Delta Electronics Americas, said power quality, GPU load transients and heat must be engineered together all the way into the rack, while Vladimir Troy, vice president of AI infrastructure at NVIDIA, said Delta's expertise in 800 VDC power delivery and liquid cooling will help customers deploy AI factories based on NVIDIA DSX faster.

Generac struck a deal with Amazon to supply backup power generators for its data centers, with initial deliveries expected to total $2.4 billion between 2027 and 2028, and also granted Amazon the right to buy up to $340 million worth of its stock. Generac shares soared 19% on the news, while Amazon's stock moved 1.3% higher. Fluence Energy shares tumbled 14% after the battery storage maker cut its full-year guidance, now expecting $2.4 billion in revenue for 2026 versus its prior guidance of $2.9 billion to $3.1 billion, and anticipating a loss of $200 million before interest, taxes, depreciation and amortization, more than its previous guidance range of $30 million loss to $10 million EBITDA. Workday rose 5% after CNBC's David Faber reported that efforts to gain financing for a bid to take the cloud-based human resources software platform private are continuing, citing unidentified sources. Tower Semiconductor rose almost 9% after agreeing with privately-held New Photonics to a high-volume shipment of laser-integrated optical engines designed to meet growing demand for high-bandwidth, energy-efficient optical interconnects in AI infrastructure, and Vital Farms climbed 9% after Axios said the Austin, Texas-based pasture-raised egg and butter producer is exploring strategic alternatives, including privatization.

Vertiv reported that product revenues rose 22% year over year to $2.65 billion in the second quarter of 2026, accounting for about 81% of total sales, while total revenues climbed 24% to $3.27 billion. Regionally, Americas sales increased 29% to $2.07 billion and APAC rose 29% to $720 million, while EMEA returned to 2% reported growth. The company is adding capacity across the Americas, Malaysia and EMEA and investing in advanced thermal systems, next-generation power architectures and converged infrastructure, including an 800-volt DC roadmap and liquid-cooling products. For the third quarter of 2026, management expects $3.65-$3.85 billion in sales and 34%-36% organic growth, including high-30s organic growth in the Americas and APAC and mid-teens growth in EMEA. Vertiv faces intensifying competition from Super Micro Computer, which in July 2026 expanded its DCBBS liquid-cooling portfolio with 10 rear-door heat exchangers, and from Amphenol, whose IT datacom segment represented about 43% of sales and grew 63% organically year over year in the second quarter of 2026.

Cummins executives said North American truck demand is recovering and data-center power demand remains exceptionally strong, with orders for its QSK95 generator now stretching into the second half of 2028. Speaking at Morgan Stanley's Laguna Conference, James Hopkins, Cummins' vice president of financial planning, capital management and investor relations, said the truck market has improved over the last six months on stronger fleet profitability and greater clarity around 2027 emissions rules, and that the higher 2027 cost structure supports continued demand into the second half of 2026. Hopkins said the Environmental Protection Agency's semi-final rule gives the industry flexibility in 2027, letting manufacturers sell historical powertrains with a non-conforming penalty or offer new powertrains meeting the 35 mg/bhp-hr NOx requirement, though end-user costs are expected to rise either way. Nick Arens, Cummins' executive director of investor relations, said supply constraints on the larger engine are pushing customers to smaller 78-liter, 60-liter and 50-liter options, and he reaffirmed confidence in the company's target of more than $9 billion of data-center-related exposure by 2030, largely supported by diesel standby demand. Cummins expects 55 gigawatts of high-horsepower engine capacity by 2030, plans limited prototype production of its 130-liter natural-gas prime-power product in the second half of 2028 ahead of a ramp in 2029 and 2030, and said a battery energy storage system application for data centers should contribute revenue in the low hundreds of millions of dollars over the next several years while diluting overall margins.

Generac Holdings surged 33.7% in premarket trading after announcing a long-term agreement with Amazon to supply industrial backup generators for the technology giant's global data centers. The agreement calls for initial deliveries worth about $2.4 billion across 2027 and 2028, while the total value of the arrangement could reach as much as $8 billion. Amazon will also receive a warrant to purchase about 1.69 million Generac shares at an exercise price of approximately $200.93 per share, representing nearly 3% of the company's shares outstanding. Nebius Group NV rose 11.1% in pre-open trading after notifying customers of broad-based price increases across its on-demand GPU cloud services effective Oct. 1, with prices rising approximately 17% for H100 instances, roughly 21% for the latest Nvidia B300 GPU, and 25% for AMD EPYC Genoa CPU rates. BCB Bancorp fell 4.9% in premarket trading after pricing an underwritten public offering of 11 million common shares for gross proceeds of $85.25 million and disclosing it is marketing approximately $210 million of problem loans, while expecting a net loss of between $126.2 million and $136.1 million for the third quarter of 2026.

Generac struck a deal with Amazon to supply backup power generators for its data centers, sending the generator maker's shares up 33% in premarket trading. Initial deliveries are expected to total $2.4 billion between 2027 and 2028, and Generac also granted Amazon the right to buy up to $340 million worth of its stock; Amazon shares rose 1.3%. Lennar fell 1.2% after reporting third-quarter earnings of $1.19 per share, short of the $1.28 expected by analysts polled by FactSet and nearly half of what it saw this time last year, with revenue of $8.05 billion versus the $8.23 billion consensus estimate. Fluence Energy tumbled 22% after cutting its full-year guidance to $2.4 billion in revenue for 2026 from a prior range of $2.9 billion to $3.1 billion, and now anticipates a $200 million loss before interest, taxes, depreciation and amortization versus its previous guidance range of a $30 million loss to $10 million EBITDA. Nike rose 1.5% after announcing the appointment of Alexandre Arnault, Deputy CEO of LVMH's Moët Hennessy, to its board, and Arm Holdings gained roughly 4% after CEO Rene Haas told CNBC's Jim Cramer he is increasingly confident the company can meet demand for its new data center chip.

GE Vernova told the Morgan Stanley Laguna Conference that its total order backlog will surpass $200 billion in early 2027, sending the shares up 4.5% in the afternoon session. Management said the backlog reached $176 billion in the second quarter of 2026, driven by stronger pricing, higher gas-turbine production run rates, and more than $5 billion in electrification orders from data centers in the first half of the year. Chief Executive Officer Scott Strazik pointed to robust demand visibility and a planned 50% increase in gas power capacity in the current year. The company also projected it will secure $100 billion in cumulative future services revenue by the end of 2027, and said upcoming financial reports will carry further detail on equipment margins and backlog ahead of its spring 2027 capital markets day. The shares closed at $926.75, up 5% from the previous close.

Nvidia launched the AI Energy Management Alliance with Google and Emerald AI on Wednesday, targeting electricity, one of AI's biggest physical bottlenecks. Nvidia shares gained approximately 0.9% to $214.08. The alliance aims to make data centers behave more like flexible grid assets, shifting computing workloads, tapping stored energy or cutting electricity demand when the grid comes under pressure, and its framework is designed to measure how quickly facilities can respond, how long that flexibility lasts, how predictable it is and how operators behave during emergencies. If utilities and grid operators can trust those commitments, hyperscale projects could face fewer interconnection roadblocks and potentially require less incremental infrastructure before coming online. Power availability is increasingly a constraint on AI infrastructure deployment, and data-center revenue reached $89 billion, roughly 92.5% of Nvidia's latest quarterly sales, so delays in energizing new facilities can eventually become delays in installing Nvidia systems.

Hitachi, Ltd. and Mission Critical Group announced they have signed a memorandum of understanding establishing a strategic partnership focused on joint development of solutions to expand Hitachi's HMAX Data Center portfolio, along with cross-selling of energy solutions and products. The partnership will pursue three main areas: delivery of end-to-end energy solutions spanning high-, medium-, and low-voltage systems, with Hitachi Energy and MCG combining their power infrastructure technologies for data center operators; joint development and deployment of solutions for HMAX Data Center portfolio expansion, integrating Hitachi's digital technologies including data collection and AI analytics into MCG's modular power equipment; and introduction of solutions to advance MCG's modular manufacturing expertise through Hitachi Group digital and automation solutions including HMAX Industry. The companies said the modular data center market is growing at an annual rate of about 20 percent, driven by AI adoption and extended lead times for electrical equipment. Jun Taniguchi, Senior Vice President and Executive Officer and CEO of the Strategic SIB Business Unit at Hitachi, said MCG is an ideal partner with a broad customer base ranging from hyperscalers to colocation providers. Jeff Drees, CEO of Mission Critical Group, said combining Hitachi's global energy and digital capabilities with MCG's modular power expertise can accelerate time-to-power. MCG operates more than 18 manufacturing facilities in the United States.

Super Micro Computer is trading at roughly 8x FY2027 consensus EPS even after booking over $60 billion in new orders in FY2026, with 70% of that backlog pure AI, according to an analysis arguing the stock can reach $60 per share by 2027. The company's FY2027 EPS estimate has jumped to $4.3382 from $3.2707 ninety days ago, with 16 upward revisions in the trailing seven days and zero cuts in the past 30, while FY2028 estimates climbed to $5.3259 from $3.7091 three months ago. Q4 non-GAAP gross margin snapped back to 17.6% and non-GAAP operating margin hit 14.3%, driving Q4 non-GAAP EPS of $1.70 against a $0.9575 estimate, a 77.55% beat. Unlike NVIDIA, which designs the chips, Supermicro builds the full AI factory around them, including rack-scale servers, direct liquid cooling, switches, storage, and deployment services, with CEO Charles Liang describing it as a one-stop shop targeting over 6,000 racks per month of global capacity. Wall Street's consensus one-year price target still sits at $42.38 with ratings skewed to 11 Holds versus 5 Buys and 3 Sells, and reaching $60 would require roughly 68% upside from the current $35.64.

Alphabet reported Q2 FY2026 Google Search & other revenue up 17% to $63.27B and Google Cloud revenue up 82% to $24.77B, with YouTube ads climbing 13% to $11.06B. The company posted its 12th straight quarter of double-digit revenue growth and its 11th consecutive EPS beat, with Q2 EPS of $9.11 against a $3.0427 consensus, while FY2025 revenue crossed $400B for the first time on $73.27B of free cash flow. Alphabet guided 2026 CapEx to $175B-$185B, which pushed Q2 free cash flow to negative $5.86B, and long-term debt roughly doubled from $46.5B to $98.2B, with the buyback suspended in Q2 2026. The cloud backlog nearly doubled to over $460 billion in Q1, nearly 90% of the Fortune 100 now use Gemini Enterprise, and the Gemini App has 950M monthly active users. Alphabet raised its dividend 5% to $0.22 per share, and Waymo just passed 500,000 fully autonomous rides per week.

Texas Instruments' data center revenues doubled year over year in the second quarter of 2026 and rose about 20% sequentially, making data center one of the company's three strongest growth markets alongside industrial and automotive. CEO Haviv Ilan said on the earnings call that the company expects to outgrow the data center market in 2026, supported by research and development investments and its ability to supply customers, and management said it has clean-room capacity available and plans to equip facilities as needed. The industry's move toward 800-volt architectures, which can require several power-conversion stages, is expected to increase the analog and embedded content used in data centers. Rival Analog Devices posted third-quarter fiscal 2026 revenues of $4.02 billion, up 40% year over year, with communications revenues surging 84% on data center demand, while ON Semiconductor said its AI data center revenues grew more than 30% sequentially and more than doubled year over year in the second quarter of 2026 as total revenues rose 9.2% to $1.6 billion. ON Semiconductor management now expects 2026 revenues to more than double year over year and AI data center SiC revenues to grow nearly 60% in 2026. Texas Instruments shares have rallied 51.9% year to date, and the Zacks Consensus Estimate implies 2026 and 2027 earnings increases of 55.1% and 16.8%, respectively.

Tisco Securities has initiated coverage of GE Vernova Inc., or GEV, with a Buy rating and a target price of 1,035 US dollars per share, while setting a target price of 34.00 baht per share for the GEV80 depositary receipt, implying 16.2% upside from the current price of 29.25 baht per share. The research team notes that GEV is a major global manufacturer of power generation equipment, particularly gas turbines and power transmission system equipment, and therefore stands to benefit from renewed growth in US electricity demand driven by artificial intelligence technology and data centers. Committed gas turbine capacity from customers, both in backlog and Service Revenue Agreements, or SRA, rose from 100 gigawatts in 2026 to 116 gigawatts in the second quarter of 2026. The company has an advantage from the structure of the large gas turbine market, which has only three main players, and gas turbine lead times of about seven years, meaning the market's constraint lies in production capacity rather than demand. Currently, about 7,000 gas turbines are installed, involved in roughly 25% of global power generation, with service and maintenance revenue accounting for more than 50% of RPO. On capacity expansion, the company plans to increase gas turbine production capacity from 20 gigawatts per year in the third quarter of 2026 to 24 gigawatts in 2028 and 30 gigawatts in 2030, while SRA has already begun converting into actual orders of about 10 gigawatts in 2026, driving Power segment orders up 134% compared with the same period last year. For its 2026 operating outlook, the company forecasts revenue at a midpoint of approximately 46 billion US dollars, an Adjusted EBITDA margin of 13%, and free cash flow of 12 billion US dollars.

SolarEdge Technologies said on September 10 that the medium-voltage to 800 volt direct current conversion stage of its data center power system is now running under load in its own labs, with full-path validation underway. The company also published a joint white paper with NVIDIA titled "800 VDC Protection and Grounding for AI Data Centers," describing a zone-based protection approach that keeps power flowing in the restricted facility zone while cutting it instantly at the rack interface. SolarEdge said the medium-voltage solid-state transformer, DC distribution hardware, and monitoring systems meant for AI facilities remain under development and not yet generally available, and NVIDIA described the architecture as one candidate implementation within an open, multi-vendor 800 VDC ecosystem rather than a mandated design. The update came alongside second-quarter results reported on August 5: revenue of $346.2 million, up 20% year over year, a sixth straight quarter of margin expansion, non-GAAP operating income of $10.2 million, free cash flow of $3.1 million, and cash and investments net of debt of $264.6 million, though GAAP figures still showed an operating loss of $16.0 million and a net loss of $30.8 million. Third-quarter guidance calls for revenue of $310 million to $340 million, and CEO Shuki Nir said the company is continuing to advance the SolarEdge SST to address the significant opportunity in AI factories.

Hitachi Energy, a subsidiary of Hitachi, announced on the 16th that it will invest 528 million dollars, or about 82 billion yen, to build a new transformer manufacturing plant in the southern U.S. state of Mississippi. The move is aimed at strengthening production of power infrastructure to meet rapidly growing electricity demand in the United States driven by the spread of artificial intelligence. The investment is expected to be part of the 550 billion dollars, or roughly 85 trillion yen, in U.S.-bound investment and lending agreed in Japan-U.S. tariff negotiations. Construction is set to begin within the year, with transformer production scheduled to start in 2029, and production capacity is expected to more than double from current levels.

Enphase Energy announced that its IQ Solid-State Transformer power modules are now being built in the United States for full-scale rack assembly and validation targeting AI data centers using 800 VDC architectures. The move extends Enphase's power electronics expertise beyond residential solar into AI-focused data center infrastructure, supported by a domestic supply chain designed for megawatt-scale deployment. The company also recently expanded Enphase Care to more than 7,500 U.S. homeowners, turning its installed base into a higher-margin services opportunity. Enphase's narrative projects $1.5 billion in revenue and $294.6 million in earnings by 2029, with a $47.01 fair value estimate implying 28% upside, while some of the most optimistic analysts project earnings near US$355.2 million by 2029. The IQ SST data center push adds a long-dated, non-residential avenue that does not materially change near-term catalysts, which still hinge on U.S. demand softness, channel inventory, and margins as tax credits roll off.

KGI Securities issued an analysis of KCE and HANA shares, seeing positive factors supporting both. For KCE, the research team noted that the company informed the Stock Exchange of Thailand on September 11, 2026 that it is negotiating to buy and sell products with a company in the United States, but no conclusion has been reached. It believes the US company is Tesla and the product under negotiation is PCBs for humanoid robots, or Tesla Optimus, for which Tesla has set a production capacity target of 1 million units per year, rising to 10 million units in the long term. The research team expects revenue from this project could be 0.3% to 1.3% of KCE's total revenue, under assumptions of production of 1 million units, PCB content of 150 to 200 US dollars per unit, and a KCE share of 1% to 3%, so this project has not yet been included in estimates. It also expects KCE's core business profit in the third quarter of 2026 to increase significantly both year on year and quarter on quarter, driven by a 10% selling price increase from July 1, 2026. It recommends holding KCE shares and has raised the end-2027 target price to 62.00 baht. For HANA, the research team expects indirect benefits from the adoption of AI after receiving orders related to cooling solutions, data transmission applications, and solid-state transformers. It expects core business profit in the third and fourth quarters of this year to grow strongly both year on year and quarter on quarter on the back of several drivers, including the start of a project with Phononic and a smaller share of losses from PMS. The research team raised its profit forecast by 6% to 11% and maintained its buy recommendation on HANA shares with an end-2027 target price of 63 baht.

The global AI investment wave is driving foreign capital into Thailand's infrastructure sectors, including data centers, power systems, cooling systems, PCB and storage. Data from Kasikorn Thai shows that in the first half of 2026, Thailand received investment promotion applications totaling 1.47 trillion baht, up 37% from a year earlier, while foreign capital rose 80% to 1.36 trillion baht, led by the digital and electronics industries. Among the stocks seen as direct beneficiaries is DELTA, which makes power supply and cooling systems for data centers and is ramping up commercial production of liquid cooling systems. HANA is viewed as the Thai stock market's new AI proxy, with AI-related products set to enter production lines in the second half of 2026. KCE is expected to benefit from the semiconductor upcycle and tight PCB supply, which could support selling prices and profits in the second half of 2026. SMT gains from the shift to optical connectivity, while CCET benefits from rising demand for both HDD and SSD storage as AI computing generates massive volumes of data. INSET has seen a flood of project inquiries, while WHA and AMATA stand to gain because data center businesses use roughly 12 to 16 times more electricity and water than general industrial plants, meaning industrial estate revenue does not end on the day land is sold but continues through long-term utility income. If foreign capital flows and data center investment accelerate further in 2027, the Thai stock market may see an increasingly clear picture of an AI ecosystem.

Bell Canada and the Government of Saskatchewan announced a non-binding memorandum of understanding to expand Bell AI Fabric in Saskatchewan with the phased development of up to 900 megawatts of additional capacity, creating a path to a 1.2 gigawatt Canadian AI infrastructure hub in the province. The full buildout is expected to represent the largest capital investment in Saskatchewan's history, with total capital investment including data centre infrastructure, tenant compute and related power generation potentially exceeding $50 billion. The additional capacity would come from partner-developed natural gas power generation, and the proposed facilities would use closed-loop cooling technology requiring no municipal water, with development proceeding in phases as customer commitments are secured and subject to commercial agreements, permits, approvals and environmental assessments. The project is expected to support 800 to 1,200 construction, engineering and technical jobs, create up to 600 permanent operations and management roles, and potentially generate as many as 3,000 additional offsite and community jobs. As part of the expanded partnership, Bell AI Fabric will establish a head office of its national ecosystem in Saskatchewan, placing the province at the heart of Canada's AI economy.