[ { "region": "US", "ticker": "BDC", "company": "Belden", "country": "United States", "exchange": "NYSE", "theme": "Connectivity & IT/OT", "latent_ai_asset": "Industrial data networking, fiber/copper connectivity and edge infrastructure", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 23, "discovery_gap": 17, "valuation_gap": 15, "catalyst_density": 18, "execution_quality": 12, "hype_penalty": 1, "alpha_score": 94.7, "conviction": "High", "thesis": "A quiet backbone of IT/OT convergence: industrial networks, mission-critical data movement and fiber/copper links can become the data layer for edge AI and AI-era factories.", "catalysts": "Factory data layer upgrades; data-center/network cabling demand; margin mix shift toward solutions.", "risks": "Industrial cycle; inventory digestion; competition from larger network vendors.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "BELDEN_IR" ], "region_rank": 1, "global_rank": 1, "base_alpha_score": 84.7, "latest_price": 105.84, "latest_currency": "USD", "latest_market_cap_usd": 4663000000.0, "latest_market_cap_usd_b": 4.663, "latest_ytd_return_pct": -10.16, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/BDC/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 84.7, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "ENS", "company": "EnerSys", "country": "United States", "exchange": "NYSE", "theme": "Power & Grid", "latent_ai_asset": "Batteries, UPS backup and stored-energy systems", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 22, "discovery_gap": 18, "valuation_gap": 16, "catalyst_density": 17, "execution_quality": 12, "hype_penalty": 1, "alpha_score": 94.6, "conviction": "High", "thesis": "AI data centers need resilient power, ride-through and backup energy; EnerSys is a power reliability supplier that is not generally treated as an AI stock.", "catalysts": "UPS refresh cycle; grid constraints; reserve-power margin expansion.", "risks": "Lead/lithium input costs; telecom capex; execution on newer energy systems.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "ENERSYS_IR" ], "region_rank": 2, "global_rank": 2, "base_alpha_score": 84.6, "latest_price": 199.68, "latest_currency": "USD", "latest_market_cap_usd": 7534752121.0, "latest_market_cap_usd_b": 7.535, "latest_ytd_return_pct": 32.48, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ENS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 84.6, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "VLX.L", "company": "Volex", "country": "United Kingdom", "exchange": "LSE AIM", "theme": "Connectivity & Photonics", "latent_ai_asset": "High-speed copper interconnects, power cords and connectors", "market_cap_bucket": "Small-Mid", "ai_visibility": "Emerging", "latent_fit": 24, "discovery_gap": 16, "valuation_gap": 15, "catalyst_density": 18, "execution_quality": 11, "hype_penalty": 2, "alpha_score": 93.8, "conviction": "High", "thesis": "A neglected AIM-listed cable/interconnect maker supplying 400G/800G/emerging 1.6T data-centre links, with diversified industrial and EV exposure.", "catalysts": "1.6T interconnect adoption; hyperscale demand; operating margin target delivery.", "risks": "Customer concentration; M&A leverage; UK small-cap discount.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "VOLEX_DC", "VOLEX_RESULTS" ], "region_rank": 1, "global_rank": 3, "base_alpha_score": 83.8, "latest_price": 507.48, "latest_currency": "GBp", "latest_market_cap_usd": 1335586199.44, "latest_market_cap_usd_b": 1.336, "latest_ytd_return_pct": 22.88, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/VLX.L/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 83.8, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,packaging_memory_test,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "ROG", "company": "Rogers", "country": "United States", "exchange": "NYSE", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Thermal, high-frequency and power-electronics materials", "market_cap_bucket": "Small-Mid", "ai_visibility": "Latent", "latent_fit": 22, "discovery_gap": 18, "valuation_gap": 16, "catalyst_density": 15, "execution_quality": 10, "hype_penalty": 1, "alpha_score": 90.7, "conviction": "High", "thesis": "Materials that dissipate heat and route high-speed/power signals can matter to AI accelerators, power electronics and RF systems; sentiment remains cyclical and activist-sensitive.", "catalysts": "Electronics recovery; activist pressure; thermal-interface and aerospace/defense demand.", "risks": "Weak wireless/EV cycles; small scale; execution after management changes.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "ROGERS_IR" ], "region_rank": 3, "global_rank": 4, "base_alpha_score": 80.7, "latest_price": 135.41, "latest_currency": "USD", "latest_market_cap_usd": 2840000000.0, "latest_market_cap_usd_b": 2.84, "latest_ytd_return_pct": 47.23, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ROG/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 80.7, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "ITRI", "company": "Itron", "country": "United States", "exchange": "NASDAQ", "theme": "Power & Grid", "latent_ai_asset": "Smart meters, grid endpoints and utility data networks", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 22, "discovery_gap": 17, "valuation_gap": 15, "catalyst_density": 17, "execution_quality": 12, "hype_penalty": 1, "alpha_score": 90.3, "conviction": "High", "thesis": "The AI power bottleneck increases the value of granular grid telemetry; Itron owns installed endpoints and software needed for demand response and grid visibility.", "catalysts": "AMI rollouts; utility resilience spending; water/energy analytics attach.", "risks": "Utility procurement delays; hardware margins; project concentration.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "ITRON_IR" ], "region_rank": 4, "global_rank": 5, "base_alpha_score": 83.5, "latest_price": 84.05, "latest_currency": "USD", "latest_market_cap_usd": 3727000000.0, "latest_market_cap_usd_b": 3.727, "latest_ytd_return_pct": -11.03, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ITRI/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 83.5, "ai2027_trend_bonus_score": 6.8, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +6.8 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "TWEKA.AS", "company": "TKH Group", "country": "Netherlands", "exchange": "Euronext Amsterdam", "theme": "Connectivity & Automation", "latent_ai_asset": "Vision systems, fiber/connectivity and electrification assets", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 22, "discovery_gap": 17, "valuation_gap": 15, "catalyst_density": 16, "execution_quality": 11, "hype_penalty": 1, "alpha_score": 90.0, "conviction": "High", "thesis": "A Dutch portfolio of machine vision, connectivity and electrification assets; the planned separation can crystallize hidden AI-adjacent value.", "catalysts": "Automation/electrification separation; non-core divestments; machine-vision recovery.", "risks": "Portfolio complexity; European industrial softness; execution of separation.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "TKH_IR" ], "region_rank": 2, "global_rank": 6, "base_alpha_score": 80.0, "latest_price": 42.62, "latest_currency": "EUR", "latest_market_cap_usd": 1999214040.24, "latest_market_cap_usd_b": 1.999, "latest_ytd_return_pct": 14.32, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/TWEKA.AS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 80.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "CRL.MI", "company": "CAREL Industries", "country": "Italy", "exchange": "Borsa Italiana", "theme": "Thermal & Water", "latent_ai_asset": "HVAC/refrigeration controls and data-center cooling controls", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 16, "valuation_gap": 15, "catalyst_density": 16, "execution_quality": 12, "hype_penalty": 2, "alpha_score": 89.0, "conviction": "High", "thesis": "Cooling controls can be the intelligence layer for high-density data centers, yet CAREL is still mostly viewed as HVAC/refrigeration automation.", "catalysts": "U.S. HVAC strength; data-center controls; energy-efficiency regulation.", "risks": "European cycle; family/controlled liquidity; competition from larger HVAC controls.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "CAREL_IR" ], "region_rank": 3, "global_rank": 7, "base_alpha_score": 79.0, "latest_price": 28.8, "latest_currency": "EUR", "latest_market_cap_usd": 3976229647.45, "latest_market_cap_usd_b": 3.976, "latest_ytd_return_pct": 20.25, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/CRL.MI/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 79.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "IPGP", "company": "IPG Photonics", "country": "United States", "exchange": "NASDAQ", "theme": "Connectivity & Photonics", "latent_ai_asset": "Fiber lasers and amplifiers for precision manufacturing", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 18, "valuation_gap": 16, "catalyst_density": 14, "execution_quality": 10, "hype_penalty": 1, "alpha_score": 88.7, "conviction": "Medium", "thesis": "Fiber lasers are not an AI model, but advanced manufacturing, photonics and sensor systems can pull IPG into AI-enabled industrial production.", "catalysts": "Industrial capex recovery; laser welding/cutting automation; photonics optionality.", "risks": "China competition; cyclical industrial demand; margin pressure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "IPGP_IR" ], "region_rank": 5, "global_rank": 8, "base_alpha_score": 78.7, "latest_price": 102.28, "latest_currency": "USD", "latest_market_cap_usd": 4341000000.0, "latest_market_cap_usd_b": 4.341, "latest_ytd_return_pct": 36.66, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/IPGP/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 78.7, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "OSIS", "company": "OSI Systems", "country": "United States", "exchange": "NASDAQ", "theme": "Sensors & Security", "latent_ai_asset": "Inspection, imaging and security scanning systems", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 17, "valuation_gap": 14, "catalyst_density": 15, "execution_quality": 11, "hype_penalty": 1, "alpha_score": 88.3, "conviction": "Medium", "thesis": "Security/scanning hardware creates high-value imaging data; AI inference can improve inspection throughput without OSI being priced as an AI platform.", "catalysts": "Port/security modernization; defense and border spending; software attach.", "risks": "Government-contract timing; export controls; backlog conversion.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 6, "global_rank": 9, "base_alpha_score": 78.3, "latest_price": 217.42, "latest_currency": "USD", "latest_market_cap_usd": 3717000000.0, "latest_market_cap_usd_b": 3.717, "latest_ytd_return_pct": -14.93, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/OSIS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 78.3, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,power_grid,security_sovereign", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid,security_sovereign; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "SENS.SW", "company": "Sensirion", "country": "Switzerland", "exchange": "SIX", "theme": "Sensors & Measurement", "latent_ai_asset": "Flow, humidity, gas and environmental sensors", "market_cap_bucket": "Small-Mid", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 17, "valuation_gap": 14, "catalyst_density": 16, "execution_quality": 12, "hype_penalty": 1, "alpha_score": 88.3, "conviction": "High", "thesis": "Environmental sensors are the measurement layer for cooling, HVAC, robotics and edge AI; Sensirion is a high-quality niche sensor company.", "catalysts": "A2L/HVAC sensors; industrial sensing; medical/auto design wins.", "risks": "Swiss franc; premium quality multiple; product-cycle timing.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "SENSIRION_IR" ], "region_rank": 4, "global_rank": 10, "base_alpha_score": 78.3, "latest_price": 78.1, "latest_currency": "CHF", "latest_market_cap_usd": 1586774367.89, "latest_market_cap_usd_b": 1.587, "latest_ytd_return_pct": 25.97, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/SENS.SW/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 78.3, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "VIAV", "company": "VIAVI Solutions", "country": "United States", "exchange": "NASDAQ", "theme": "Connectivity & Photonics", "latent_ai_asset": "Optical test, assurance and timing for networks/data centers", "market_cap_bucket": "Small-Mid", "ai_visibility": "Emerging", "latent_fit": 23, "discovery_gap": 17, "valuation_gap": 15, "catalyst_density": 15, "execution_quality": 10, "hype_penalty": 1, "alpha_score": 86.6, "conviction": "High", "thesis": "Every AI cluster and interconnect needs verification; VIAVI is a tollbooth on optical/network testing rather than a chip hype name.", "catalysts": "800G/1.6T testing; telecom recovery; data-center ecosystem assurance.", "risks": "Carrier capex weakness; acquisition integration; pricing pressure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "VIAVI_IR" ], "region_rank": 7, "global_rank": 11, "base_alpha_score": 80.9, "latest_price": 40.7, "latest_currency": "USD", "latest_market_cap_usd": 10040000000.0, "latest_market_cap_usd_b": 10.04, "latest_ytd_return_pct": 124.24, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/VIAV/", "price_rerating_penalty_score": 3.3, "ai2027_price_adjusted_score": 77.6, "ai2027_trend_bonus_score": 9.0, "ai2027_trend_tags": "compute_factory,packaging_memory_test,power_grid,security_sovereign", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,packaging_memory_test,power_grid,security_sovereign; bonus +9.0 after cap/YTD discipline." }, { "region": "US", "ticker": "MRCY", "company": "Mercury Systems", "country": "United States", "exchange": "NASDAQ", "theme": "Defense/Space/Edge", "latent_ai_asset": "Rugged edge processing, RF and mission-compute modules", "market_cap_bucket": "Small-Mid", "ai_visibility": "Latent", "latent_fit": 22, "discovery_gap": 17, "valuation_gap": 16, "catalyst_density": 14, "execution_quality": 8, "hype_penalty": 2, "alpha_score": 85.4, "conviction": "Speculative", "thesis": "Defense AI needs deployable compute and sensor processing; prior execution issues keep the crowd skeptical despite strategic relevance.", "catalysts": "Defense electronics recovery; edge AI modules; operating turnaround.", "risks": "Program delays; margin execution; balance-sheet and customer concentration.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 8, "global_rank": 12, "base_alpha_score": 75.6, "latest_price": 112.41, "latest_currency": "USD", "latest_market_cap_usd": 6749000000.0, "latest_market_cap_usd_b": 6.749, "latest_ytd_return_pct": 47.85, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MRCY/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 75.6, "ai2027_trend_bonus_score": 9.8, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +9.8 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "OXIG.L", "company": "Oxford Instruments", "country": "United Kingdom", "exchange": "LSE", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Semiconductor, imaging, cryogenics and scientific tools", "market_cap_bucket": "Small-Mid", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 15, "valuation_gap": 12, "catalyst_density": 16, "execution_quality": 10, "hype_penalty": 3, "alpha_score": 84.7, "conviction": "Medium", "thesis": "Semiconductor, quantum and imaging tools give Oxford latent leverage to AI hardware R&D and advanced metrology without being a mainstream AI stock.", "catalysts": "Semiconductor growth; cryogenic/quantum demand; imaging division recovery.", "risks": "Research capex; China exposure; premium valuation.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "OXFORD_IR" ], "region_rank": 5, "global_rank": 13, "base_alpha_score": 74.7, "latest_price": 2828.0, "latest_currency": "GBp", "latest_market_cap_usd": 2286508149.39, "latest_market_cap_usd_b": 2.287, "latest_ytd_return_pct": 37.62, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/OXIG.L/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 74.7, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "DSCV.L", "company": "discoverIE Group", "country": "United Kingdom", "exchange": "LSE", "theme": "Power & Components", "latent_ai_asset": "Customised industrial electronics and sensors", "market_cap_bucket": "Small-Mid", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 18, "valuation_gap": 15, "catalyst_density": 14, "execution_quality": 11, "hype_penalty": 0, "alpha_score": 84.5, "conviction": "High", "thesis": "A custom electronics compounder with industrial sensing and power niches; it can quietly supply edge-AI and electrification applications without AI branding.", "catalysts": "Order recovery; operating margin target upgrade; acquisitions.", "risks": "UK small-cap discount; industrial cycle; M&A execution.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "DISCOVERIE_IR" ], "region_rank": 6, "global_rank": 14, "base_alpha_score": 78.0, "latest_price": 646.0, "latest_currency": "GBp", "latest_market_cap_usd": 929438602.8, "latest_market_cap_usd_b": 0.929, "latest_ytd_return_pct": 9.31, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/DSCV.L/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 78.0, "ai2027_trend_bonus_score": 6.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +6.5 after cap/YTD discipline." }, { "region": "US", "ticker": "CCC", "company": "CCC Intelligent Solutions", "country": "United States", "exchange": "NASDAQ", "theme": "Distribution/Services", "latent_ai_asset": "Decades of proprietary collision-claims, repair-cost and parts data plus the network rails connecting 300+ insurers, ~30k repair shops, OEMs and parts suppliers - the only training corpus and distribution channel of its kind for P&C claims AI (photo estimating, casualty/bodily-injury AI, subrogation).", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 21, "valuation_gap": 16, "catalyst_density": 14, "execution_quality": 12, "hype_penalty": 1, "alpha_score": 84.4, "conviction": "High", "thesis": "A 40-year proprietary auto-claims data monopoly with deployed, paid AI at scale - and the stock has been cut in half during an AI bull tape. Q1 2026 revenue grew 12% to $281M with 43% adjusted EBITDA margins, and roughly $100M (10% of revenue) now comes from AI-based solutions adopted by 125+ insurers and 15,000+ repair facilities. The market is pricing the AI attach optionality at zero while paying ~7-8x EV/EBITDA for sticky 10-12% growth vertical software.", "catalysts": "Quarterly AI-revenue disclosures (AI drove ~1/3 of growth); casualty platform wins ramping; FY26 guide $1.155-1.163B reiterated; Advent/Dragoneer PE share overhang clearing; potential buyback against depressed price; large-insurer AI estimating conversions moving from low single-digit to double-digit claim share.", "risks": "ADAS-driven decline in accident frequency shrinks claim volumes; persistent PE-holder selling and high stock comp; GAAP P/E optically high (84x); Mitchell/Solera competition; insurer concentration.", "source_keys": [ "AGENT_20260609_CCC" ], "region_rank": 9, "global_rank": 15, "base_alpha_score": 77.5, "latest_price": 5.43, "latest_currency": "USD", "latest_market_cap_usd": 2941000000.0, "latest_market_cap_usd_b": 2.941, "latest_ytd_return_pct": -31.0, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/CCC/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 77.5, "ai2027_trend_bonus_score": 6.9, "ai2027_trend_tags": "packaging_memory_test", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test; bonus +6.9 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "HPS.A.TO", "company": "Hammond Power Solutions", "country": "Canada", "exchange": "TSX", "theme": "Power & Grid", "latent_ai_asset": "Dry-type transformers and custom power-distribution equipment", "market_cap_bucket": "Small-Mid", "ai_visibility": "Emerging", "latent_fit": 23, "discovery_gap": 17, "valuation_gap": 16, "catalyst_density": 18, "execution_quality": 12, "hype_penalty": 2, "alpha_score": 84.2, "conviction": "High", "thesis": "Small enough to remain underfollowed, but directly exposed to transformer shortages, electrification and data-centre expansion.", "catalysts": "Transformer backlog; U.S. data-centre/custom-engineered demand; capacity expansion.", "risks": "Transformer-cycle normalization; Canadian liquidity; input costs.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "HAMMOND_IR" ], "region_rank": 7, "global_rank": 16, "base_alpha_score": 84.0, "latest_price": 315.9, "latest_currency": "CAD", "latest_market_cap_usd": 2662557000.0, "latest_market_cap_usd_b": 2.663, "latest_ytd_return_pct": 94.4, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/HPS-A.TO/", "price_rerating_penalty_score": 1.3, "ai2027_price_adjusted_score": 82.7, "ai2027_trend_bonus_score": 1.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +1.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "RSW.L", "company": "Renishaw", "country": "United Kingdom", "exchange": "LSE", "theme": "Sensors & Measurement", "latent_ai_asset": "Precision metrology, encoders and additive manufacturing", "market_cap_bucket": "Mid-Large", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 15, "valuation_gap": 12, "catalyst_density": 15, "execution_quality": 12, "hype_penalty": 3, "alpha_score": 84.1, "conviction": "Medium", "thesis": "AI-enabled manufacturing and robotics require precision measurement; Renishaw is strategic but often screened as a slow industrial metrology name.", "catalysts": "Metrology recovery; robotics/automation design wins; additive manufacturing.", "risks": "Industrial cycle; ownership structure; valuation.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "RENISHAW_IR" ], "region_rank": 8, "global_rank": 17, "base_alpha_score": 74.1, "latest_price": 4690.0, "latest_currency": "GBp", "latest_market_cap_usd": 4930044548.27, "latest_market_cap_usd_b": 4.93, "latest_ytd_return_pct": 32.11, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/RSW.L/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 74.1, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "ESE", "company": "ESCO Technologies", "country": "United States", "exchange": "NYSE", "theme": "Sensors & Measurement", "latent_ai_asset": "RF shielding, filtration, test and utility solutions", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 17, "valuation_gap": 15, "catalyst_density": 15, "execution_quality": 11, "hype_penalty": 2, "alpha_score": 83.8, "conviction": "Medium", "thesis": "A niche measurement and shielding portfolio sits near electrification, defense electronics and test environments needed around higher-density compute.", "catalysts": "Utility spending; aerospace/defense electronics; acquisition integration.", "risks": "Niche end-market cyclicality; small-cap liquidity; multiple already quality-premium.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 10, "global_rank": 18, "base_alpha_score": 75.3, "latest_price": 331.93, "latest_currency": "USD", "latest_market_cap_usd": 8635000000.0, "latest_market_cap_usd_b": 8.635, "latest_ytd_return_pct": 67.96, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ESE/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 75.3, "ai2027_trend_bonus_score": 8.5, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +8.5 after cap/YTD discipline." }, { "region": "US", "ticker": "APG", "company": "APi Group", "country": "United States", "exchange": "NYSE", "theme": "Data Center Services", "latent_ai_asset": "Fire/life safety and specialty services for critical facilities", "market_cap_bucket": "Mid-Large", "ai_visibility": "Emerging", "latent_fit": 18, "discovery_gap": 15, "valuation_gap": 13, "catalyst_density": 15, "execution_quality": 11, "hype_penalty": 2, "alpha_score": 83.4, "conviction": "Medium", "thesis": "Safety, suppression and inspection services are mandatory in high-density data centers but usually ignored in AI supply-chain screens.", "catalysts": "Data-center service contracts; inspection/monitoring digitization; margin expansion.", "risks": "Labor costs; acquisition integration; commercial construction cycle.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 11, "global_rank": 19, "base_alpha_score": 73.4, "latest_price": 41.47, "latest_currency": "USD", "latest_market_cap_usd": 17966000000.0, "latest_market_cap_usd_b": 17.966, "latest_ytd_return_pct": 6.42, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/APG/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 73.4, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,packaging_memory_test,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "MTSI", "company": "MACOM Technology Solutions", "country": "United States", "exchange": "NASDAQ", "theme": "Connectivity & Photonics", "latent_ai_asset": "RF, microwave, analog and optical semiconductors", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 14, "valuation_gap": 12, "catalyst_density": 16, "execution_quality": 11, "hype_penalty": 3, "alpha_score": 83.4, "conviction": "Medium", "thesis": "MACOM sits in RF/optical signal chains that support high-speed networks and defense sensing, with less pure-AI crowding than the largest AI semis.", "catalysts": "Optical/datacom components; defense RF demand; margin expansion.", "risks": "Semiconductor cyclicality; valuation; customer concentration.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 12, "global_rank": 20, "base_alpha_score": 73.4, "latest_price": 305.23, "latest_currency": "USD", "latest_market_cap_usd": 23288000000.0, "latest_market_cap_usd_b": 23.288, "latest_ytd_return_pct": 74.46, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MTSI/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 73.4, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,packaging_memory_test,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "TTG.L", "company": "TT Electronics", "country": "United Kingdom", "exchange": "LSE", "theme": "Power & Components", "latent_ai_asset": "Sensors, power conversion and electronics manufacturing", "market_cap_bucket": "Small", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 18, "valuation_gap": 16, "catalyst_density": 13, "execution_quality": 8, "hype_penalty": 0, "alpha_score": 82.8, "conviction": "Speculative", "thesis": "A small UK electronics supplier that senses, powers and connects regulated-market devices; it is a hidden edge-AI component candidate.", "catalysts": "Aerospace/defense power; medical electronics; automation/electrification wins.", "risks": "Small scale; margins; UK liquidity.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "TT_IR" ], "region_rank": 9, "global_rank": 21, "base_alpha_score": 75.0, "latest_price": 117.6, "latest_currency": "GBp", "latest_market_cap_usd": 280192695.12, "latest_market_cap_usd_b": 0.28, "latest_ytd_return_pct": -0.34, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/TTG.L/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 75.0, "ai2027_trend_bonus_score": 7.8, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +7.8 after cap/YTD discipline." }, { "region": "US", "ticker": "WTS", "company": "Watts Water Technologies", "country": "United States", "exchange": "NYSE", "theme": "Thermal & Water", "latent_ai_asset": "Valves, sensors and water/thermal controls", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 16, "valuation_gap": 13, "catalyst_density": 15, "execution_quality": 11, "hype_penalty": 2, "alpha_score": 82.4, "conviction": "Medium", "thesis": "AI data centers need water stewardship and thermal control; Watts is a quiet water/flow control compounder.", "catalysts": "Data-center water constraints; smart valve/sensor adoption; building efficiency regulation.", "risks": "Residential/non-residential cycle; premium valuation; raw-material costs.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 13, "global_rank": 22, "base_alpha_score": 72.9, "latest_price": 348.05, "latest_currency": "USD", "latest_market_cap_usd": 11930000000.0, "latest_market_cap_usd_b": 11.93, "latest_ytd_return_pct": 24.94, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/WTS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 72.9, "ai2027_trend_bonus_score": 9.5, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +9.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "AALB.AS", "company": "Aalberts", "country": "Netherlands", "exchange": "Euronext Amsterdam", "theme": "Thermal & Water", "latent_ai_asset": "Hydronic flow control, precision components and surface technologies", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 16, "valuation_gap": 15, "catalyst_density": 15, "execution_quality": 12, "hype_penalty": 2, "alpha_score": 82.3, "conviction": "Medium", "thesis": "Hydronic flow and thermal control are needed for efficient cooling; Aalberts offers niche industrial/building technologies at a non-AI multiple.", "catalysts": "Hydronic HVAC/data-centre demand; portfolio focus; European recovery.", "risks": "European building cycle; conglomerate discount; indirect AI exposure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 10, "global_rank": 23, "base_alpha_score": 76.3, "latest_price": 39.32, "latest_currency": "EUR", "latest_market_cap_usd": 4995062178.29, "latest_market_cap_usd_b": 4.995, "latest_ytd_return_pct": 37.87, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/AALB.AS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 76.3, "ai2027_trend_bonus_score": 6.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +6.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "ATS.TO", "company": "ATS Corporation", "country": "Canada", "exchange": "TSX/NYSE", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Custom automation systems for advanced manufacturing", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 15, "valuation_gap": 13, "catalyst_density": 15, "execution_quality": 10, "hype_penalty": 2, "alpha_score": 82.0, "conviction": "Medium", "thesis": "Custom automation is the physical implementation layer for AI-enhanced factories, life sciences and energy manufacturing.", "catalysts": "Order recovery; EV/battery and life-science projects; margin improvement.", "risks": "Large project timing; leverage; industrial capex softness.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "ATS_IR" ], "region_rank": 11, "global_rank": 24, "base_alpha_score": 72.0, "latest_price": 38.52, "latest_currency": "CAD", "latest_market_cap_usd": 2769022989.08, "latest_market_cap_usd_b": 2.769, "latest_ytd_return_pct": 0.55, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ATS.TO/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 72.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "SMTC", "company": "Semtech", "country": "United States", "exchange": "NASDAQ", "theme": "Connectivity & Components", "latent_ai_asset": "LoRa, signal integrity and IoT connectivity chips/modules", "market_cap_bucket": "Small-Mid", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 15, "valuation_gap": 14, "catalyst_density": 14, "execution_quality": 8, "hype_penalty": 2, "alpha_score": 82.0, "conviction": "Speculative", "thesis": "Edge AI needs low-power connectivity and telemetry; Semtech offers IoT and high-speed signal chain optionality after a difficult acquisition cycle.", "catalysts": "LoRa ecosystem; data-center signal products; balance-sheet improvement.", "risks": "Debt/integration; telecom/IoT cyclicality; execution risk.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 14, "global_rank": 25, "base_alpha_score": 72.0, "latest_price": 128.84, "latest_currency": "USD", "latest_market_cap_usd": 12002000000.0, "latest_market_cap_usd_b": 12.002, "latest_ytd_return_pct": 71.19, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/SMTC/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 72.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,packaging_memory_test,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,packaging_memory_test,physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "ATKR", "company": "Atkore", "country": "United States", "exchange": "NYSE", "theme": "Power & Grid", "latent_ai_asset": "Electrical conduit, cable management and infrastructure products", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 15, "valuation_gap": 15, "catalyst_density": 14, "execution_quality": 9, "hype_penalty": 3, "alpha_score": 81.7, "conviction": "Medium", "thesis": "Conduit and cable management are banal but necessary in data centers and electrification builds; multiple compressed after normalization.", "catalysts": "Electrical infrastructure projects; data-center/solar demand; portfolio simplification.", "risks": "Pricing normalization; construction slowdown; commodity exposure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "ATKORE_IR" ], "region_rank": 15, "global_rank": 26, "base_alpha_score": 71.7, "latest_price": 68.92, "latest_currency": "USD", "latest_market_cap_usd": 2338720843.0, "latest_market_cap_usd_b": 2.339, "latest_ytd_return_pct": 6.97, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ATKR/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 71.7, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "WLY", "company": "John Wiley & Sons", "country": "United States", "exchange": "NYSE", "theme": "Distribution/Services", "latent_ai_asset": "200+ years of scientific publishing IP: ~1,600 journals, hundreds of thousands of book titles, and the peer-review pipeline producing fresh, rights-cleared training and grounding data that LLM labs cannot scrape legally.", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 23, "discovery_gap": 19, "valuation_gap": 15, "catalyst_density": 14, "execution_quality": 11, "hype_penalty": 2, "alpha_score": 81.4, "conviction": "High", "thesis": "One of only three scale owners of rights-cleared, peer-reviewed scientific corpus on earth (Elsevier and Springer being the others, one giant and one private), trading at ~15x earnings and ~11x free cash flow as a 'dying publisher' while its AI licensing line inflects: $29M in Q1 FY26 alone versus $40M for all of FY24, over $100M lifetime, and a strategic partnership with Anthropic to pipe institutional library subscriptions into AI tools. As frontier labs pivot to AI-for-science, vetted scientific content becomes a recurring toll, not a one-off.", "catalysts": "Recurring multi-lab AI licensing deals (now including syndicating other publishers' content); Anthropic institutional partnership rollout; quarterly AI-revenue disclosure cadence; FY26 guide of $3.90-4.35 adjusted EPS and ~$200M FCF on a $2.3B market cap; copyright case law hardening the value of licensed corpora.", "risks": "Licensing deals are lumpy and could plateau; an adverse fair-use ruling would weaken pricing power; core publishing revenue slightly negative (-1.7% in Q2); long-term risk that AI agents disintermediate journal consumption.", "source_keys": [ "AGENT_20260609_WLY" ], "region_rank": 16, "global_rank": 27, "base_alpha_score": 76.9, "latest_price": 50.3, "latest_currency": "USD", "latest_market_cap_usd": 2676553668.0, "latest_market_cap_usd_b": 2.677, "latest_ytd_return_pct": 70.51, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/WLY/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 76.9, "ai2027_trend_bonus_score": 4.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +4.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "MGAM.L", "company": "Morgan Advanced Materials", "country": "United Kingdom", "exchange": "LSE", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Thermal ceramics, carbon and technical ceramic materials", "market_cap_bucket": "Small-Mid", "ai_visibility": "Special Situation", "latent_fit": 21, "discovery_gap": 18, "valuation_gap": 16, "catalyst_density": 13, "execution_quality": 8, "hype_penalty": 2, "alpha_score": 81.3, "conviction": "Speculative", "thesis": "Thermal ceramics and semiconductor materials are relevant to power/heat constraints, but the market is focused on weak semicap/European industrial demand.", "catalysts": "Semiconductor stabilization; margin simplification; thermal products recovery.", "risks": "Weak semicap demand; European industrial slowdown; restructuring risk.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "MORGAN_IR" ], "region_rank": 12, "global_rank": 28, "base_alpha_score": 74.0, "latest_price": 210.0, "latest_currency": "GBp", "latest_market_cap_usd": 786528339.65, "latest_market_cap_usd_b": 0.787, "latest_ytd_return_pct": -5.41, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MGAM.L/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 74.0, "ai2027_trend_bonus_score": 7.3, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +7.3 after cap/YTD discipline." }, { "region": "US", "ticker": "AZZ", "company": "AZZ Inc.", "country": "United States", "exchange": "NYSE", "theme": "Power & Grid", "latent_ai_asset": "Metal coatings and precoat metals for infrastructure", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 19, "discovery_gap": 17, "valuation_gap": 15, "catalyst_density": 13, "execution_quality": 10, "hype_penalty": 2, "alpha_score": 81.3, "conviction": "Medium", "thesis": "AI data centers, substations and transmission all need protected metal infrastructure; AZZ is a second-derivative electrification pick.", "catalysts": "Grid/industrial construction; galvanizing capacity; infrastructure spending.", "risks": "Steel cycle; construction delays; less direct AI revenue linkage.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "AZZ_IR" ], "region_rank": 17, "global_rank": 29, "base_alpha_score": 71.3, "latest_price": 143.6, "latest_currency": "USD", "latest_market_cap_usd": 4500000000.0, "latest_market_cap_usd_b": 4.5, "latest_ytd_return_pct": 30.85, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/AZZ/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 71.3, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "XPP.L", "company": "XP Power", "country": "Singapore", "exchange": "LSE", "theme": "Power & Components", "latent_ai_asset": "Power converters for semiconductor, healthcare and industrial equipment", "market_cap_bucket": "Small", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 19, "valuation_gap": 17, "catalyst_density": 15, "execution_quality": 9, "hype_penalty": 0, "alpha_score": 80.7, "conviction": "High", "thesis": "A turnaround power-converter specialist; AI semicap and industrial electrification can pull demand before the market fully trusts the recovery.", "catalysts": "Semiconductor equipment recovery; debt reduction; margin rebuild after factory actions.", "risks": "Balance-sheet sensitivity; cyclical orders; prior execution issues.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "XPPOWER_IR" ], "region_rank": 13, "global_rank": 30, "base_alpha_score": 80.3, "latest_price": 1778.0, "latest_currency": "GBp", "latest_market_cap_usd": 726158433.18, "latest_market_cap_usd_b": 0.726, "latest_ytd_return_pct": 98.88, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/XPP.L/", "price_rerating_penalty_score": 1.6, "ai2027_price_adjusted_score": 78.7, "ai2027_trend_bonus_score": 2.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +2.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "MTRS.ST", "company": "Munters Group", "country": "Sweden", "exchange": "Nasdaq Stockholm", "theme": "Thermal & Water", "latent_ai_asset": "Air and liquid cooling for data centers and industrial climate control", "market_cap_bucket": "Mid", "ai_visibility": "Discovered", "latent_fit": 24, "discovery_gap": 8, "valuation_gap": 10, "catalyst_density": 19, "execution_quality": 12, "hype_penalty": 4, "alpha_score": 80.2, "conviction": "Medium", "thesis": "Munters has direct cooling exposure, but the data-center angle is now visible; upside depends on liquid-cooling scale and valuation discipline.", "catalysts": "Liquid cooling; energy-efficient data-center orders; capacity expansion.", "risks": "Crowd discovery; customer concentration; cooling-technology shifts.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "MUNTERS_DC" ], "region_rank": 14, "global_rank": 31, "base_alpha_score": 70.2, "latest_price": 161.2, "latest_currency": "SEK", "latest_market_cap_usd": 3270025000.0, "latest_market_cap_usd_b": 3.27, "latest_ytd_return_pct": -16.61, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MTRS.ST/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 70.2, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "AMS.SW", "company": "ams-OSRAM", "country": "Austria", "exchange": "SIX", "theme": "Sensors & Photonics", "latent_ai_asset": "Optical emitters, sensors and illumination components", "market_cap_bucket": "Mid", "ai_visibility": "Special Situation", "latent_fit": 22, "discovery_gap": 18, "valuation_gap": 17, "catalyst_density": 14, "execution_quality": 7, "hype_penalty": 2, "alpha_score": 80.2, "conviction": "Speculative", "thesis": "Optical sensing/emitters can feed edge AI, robotics and datacom, while balance-sheet and consumer-cycle scars keep expectations low.", "catalysts": "Portfolio deleveraging; optical sensing recovery; automotive/industrial design wins.", "risks": "Debt; smartphone/auto cycles; execution and dilution risk.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 15, "global_rank": 32, "base_alpha_score": 76.0, "latest_price": 18.41, "latest_currency": "CHF", "latest_market_cap_usd": 2419664305.26, "latest_market_cap_usd_b": 2.42, "latest_ytd_return_pct": 113.7, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/AMS.SW/", "price_rerating_penalty_score": 2.6, "ai2027_price_adjusted_score": 73.4, "ai2027_trend_bonus_score": 6.8, "ai2027_trend_tags": "packaging_memory_test,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,physical_ai,power_grid; bonus +6.8 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "BEAN.SW", "company": "Belimo Holding", "country": "Switzerland", "exchange": "SIX", "theme": "Thermal & Water", "latent_ai_asset": "HVAC actuators, valves, sensors and meters", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 10, "valuation_gap": 8, "catalyst_density": 17, "execution_quality": 14, "hype_penalty": 3, "alpha_score": 80.1, "conviction": "Medium", "thesis": "Belimo is a superb HVAC control compounder with data-center relevance, but valuation and growing market awareness reduce alpha.", "catalysts": "Data-center HVAC growth; U.S. building controls; energy-efficiency regulation.", "risks": "Premium multiple; Swiss franc; crowd discovery.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "BELIMO_AR" ], "region_rank": 16, "global_rank": 33, "base_alpha_score": 70.1, "latest_price": 801.5, "latest_currency": "CHF", "latest_market_cap_usd": 13684219810.61, "latest_market_cap_usd_b": 13.684, "latest_ytd_return_pct": -1.72, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/BEAN.SW/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 70.1, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "TRMB", "company": "Trimble", "country": "United States", "exchange": "NASDAQ", "theme": "Sensors & Measurement", "latent_ai_asset": "Geospatial, positioning and construction data systems", "market_cap_bucket": "Large", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 15, "valuation_gap": 13, "catalyst_density": 14, "execution_quality": 10, "hype_penalty": 2, "alpha_score": 80.0, "conviction": "Medium", "thesis": "AI models for construction, logistics and autonomy need precise geospatial data; Trimble has data and workflow positions but is not an AI narrative stock.", "catalysts": "Construction automation; transportation optimization; subscription mix.", "risks": "End-market cyclicality; portfolio complexity; software transition execution.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 18, "global_rank": 34, "base_alpha_score": 70.0, "latest_price": 52.4, "latest_currency": "USD", "latest_market_cap_usd": 12215000000.0, "latest_market_cap_usd_b": 12.215, "latest_ytd_return_pct": -33.1, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/TRMB/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 70.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "KARN.SW", "company": "Kardex", "country": "Switzerland", "exchange": "SIX", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Warehouse automation, shuttle systems and light-goods robotics", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 15, "valuation_gap": 12, "catalyst_density": 16, "execution_quality": 11, "hype_penalty": 1, "alpha_score": 80.0, "conviction": "Medium", "thesis": "Warehouse automation becomes more AI-levered as orchestration software improves; Kardex is a focused automation asset, not an AI platform name.", "catalysts": "Bookings momentum; lightgoods portfolio expansion; logistics automation cycle.", "risks": "Capex pauses; premium quality valuation; customer project timing.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "KARDEX_IR" ], "region_rank": 17, "global_rank": 35, "base_alpha_score": 70.0, "latest_price": 240.0, "latest_currency": "CHF", "latest_market_cap_usd": 2385926020.33, "latest_market_cap_usd_b": 2.386, "latest_ytd_return_pct": -14.89, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/KARN.SW/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 70.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "VCM.TO", "company": "Vecima Networks", "country": "Canada", "exchange": "TSX", "theme": "Connectivity & Photonics", "latent_ai_asset": "Cable/fiber access and cloud-native broadband platforms", "market_cap_bucket": "Small", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 18, "valuation_gap": 15, "catalyst_density": 12, "execution_quality": 7, "hype_penalty": 2, "alpha_score": 80.0, "conviction": "Speculative", "thesis": "Distributed AI and edge compute need upgraded broadband/fiber access; Vecima is small, technical and underfollowed.", "catalysts": "DOCSIS 4.0 rollouts; vCMTS adoption; customer transition from qualification to deployment.", "risks": "Customer concentration; cable capex cycles; small-cap liquidity.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "VECIMA_IR" ], "region_rank": 18, "global_rank": 36, "base_alpha_score": 70.0, "latest_price": 12.67, "latest_currency": "CAD", "latest_market_cap_usd": 220428206.33, "latest_market_cap_usd_b": 0.22, "latest_ytd_return_pct": 21.83, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/VCM.TO/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 70.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "POWL", "company": "Powell Industries", "country": "United States", "exchange": "NASDAQ", "theme": "Power & Grid", "latent_ai_asset": "Custom switchgear and electrical power distribution systems", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 24, "discovery_gap": 11, "valuation_gap": 12, "catalyst_density": 19, "execution_quality": 11, "hype_penalty": 5, "alpha_score": 79.9, "conviction": "Medium", "thesis": "Switchgear is a bottleneck in data-center power delivery; Powell has real exposure, but the stock has already had a large run, lowering fresh alpha.", "catalysts": "Utility/commercial backlog; data-center electrical rooms; capacity expansion.", "risks": "Cyclical orders; crowd discovery; margin normalization after record cycle.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "POWELL_IR" ], "region_rank": 19, "global_rank": 37, "base_alpha_score": 72.6, "latest_price": 231.85, "latest_currency": "USD", "latest_market_cap_usd": 9036870534.0, "latest_market_cap_usd_b": 9.037, "latest_ytd_return_pct": 97.31, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/POWL/", "price_rerating_penalty_score": 1.5, "ai2027_price_adjusted_score": 71.1, "ai2027_trend_bonus_score": 8.8, "ai2027_trend_tags": "compute_factory,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,physical_ai,power_grid; bonus +8.8 after cap/YTD discipline." }, { "region": "US", "ticker": "INTT", "company": "inTEST Corporation", "country": "United States", "exchange": "NYSE American", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Thermal process and semiconductor test equipment", "market_cap_bucket": "Micro-Small", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 19, "valuation_gap": 16, "catalyst_density": 13, "execution_quality": 7, "hype_penalty": 2, "alpha_score": 78.8, "conviction": "Speculative", "thesis": "Tiny supplier of thermal/test capability: high optionality if AI chip packaging and burn-in/test demand broadens beyond the obvious semicap names.", "catalysts": "Semicap recovery; advanced packaging test; operating leverage from small revenue base.", "risks": "Microcap liquidity; customer concentration; cyclicality.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 20, "global_rank": 38, "base_alpha_score": 73.4, "latest_price": 14.49, "latest_currency": "USD", "latest_market_cap_usd": 191611019.0, "latest_market_cap_usd_b": 0.192, "latest_ytd_return_pct": 92.18, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/INTT/", "price_rerating_penalty_score": 1.1, "ai2027_price_adjusted_score": 72.3, "ai2027_trend_bonus_score": 6.5, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +6.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "INRN.SW", "company": "Interroll", "country": "Switzerland", "exchange": "SIX", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Conveyor, sorter and material-flow systems", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 19, "discovery_gap": 15, "valuation_gap": 12, "catalyst_density": 14, "execution_quality": 11, "hype_penalty": 3, "alpha_score": 78.6, "conviction": "Medium", "thesis": "AI warehouse orchestration needs reliable physical flow; Interroll is a pick-and-shovel for logistics automation.", "catalysts": "Warehouse automation recovery; sorter projects; robotics integration.", "risks": "Cyclical capex; premium quality multiple; slow European demand.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 19, "global_rank": 39, "base_alpha_score": 68.6, "latest_price": 1308.0, "latest_currency": "CHF", "latest_market_cap_usd": 1403227200.0, "latest_market_cap_usd_b": 1.403, "latest_ytd_return_pct": -42.0, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/INRN.SW/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 68.6, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "KRX.IR", "company": "Kingspan Group", "country": "Ireland", "exchange": "Euronext Dublin", "theme": "Data Center Services", "latent_ai_asset": "Advnsys division (Tate access floors, containment, structural ceilings) - EUR 1.66B revenue data-center infrastructure business buried inside a building-materials cyclical, with backlog +24% and 2026 order intake 2x YoY", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 18, "valuation_gap": 14, "catalyst_density": 14, "execution_quality": 12, "hype_penalty": 2, "alpha_score": 78.2, "conviction": "High", "thesis": "Kingspan is priced as a depressed European insulated-panel/construction cyclical, but its Advnsys division (Tate raised access floors, aisle containment, structural ceilings, DC airflow infrastructure) is a quietly dominant data-center white-space franchise: FY25 Advnsys revenue EUR 1.66B (+12%), trading profit EUR 184.5M (+17%), year-end backlog +24%, and 2026 order intake running at DOUBLE the prior-year pace. Tate is the de facto standard for hyperscale raised floor and containment - a small-dollar but schedule-critical line item in every shell fit-out. The other ~80% of the business gives you a free option on EU construction recovery while the DC unit compounds.", "catalysts": "Capacity ramps underway in US, Middle East and Asia specifically for data-center demand; H1 2026 results showing Advnsys order intake doubling; growing disclosure of the division could force sum-of-parts re-rating; any EU construction stabilization adds a second leg", "risks": "82% of revenue still tied to weak European/global construction; Advnsys growth could be diluted at group level; raised-floor content per MW can shrink in liquid-cooled slab-on-grade designs; historical Grenfell-related reputational overhang", "source_keys": [ "AGENT_20260609_KRXIR" ], "region_rank": 20, "global_rank": 40, "base_alpha_score": 74.2, "latest_price": 77.25, "latest_currency": "EUR", "latest_market_cap_usd": 16805869739.95, "latest_market_cap_usd_b": 16.806, "latest_ytd_return_pct": 5.03, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/KRX.IR/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 74.2, "ai2027_trend_bonus_score": 4.0, "ai2027_trend_tags": "compute_factory", "ai2027_trend_note": "AI 2027/current overlay: compute_factory; bonus +4.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "AUTO.OL", "company": "AutoStore Holdings", "country": "Norway", "exchange": "Oslo", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Cube-storage robotics for warehouses", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 12, "valuation_gap": 11, "catalyst_density": 15, "execution_quality": 9, "hype_penalty": 1, "alpha_score": 77.7, "conviction": "Medium", "thesis": "Robotic cube storage becomes more valuable with AI orchestration; the stock’s prior derating creates asymmetry but competition remains intense.", "catalysts": "Warehouse automation rebound; software optimization; retail/logistics projects.", "risks": "Competition; patent/technology risk; project delays.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 21, "global_rank": 41, "base_alpha_score": 67.7, "latest_price": 11.5, "latest_currency": "NOK", "latest_market_cap_usd": 4183567480.3, "latest_market_cap_usd_b": 4.184, "latest_ytd_return_pct": -4.56, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/AUTO.OL/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 67.7, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "ZBRA", "company": "Zebra Technologies", "country": "United States", "exchange": "NASDAQ", "theme": "Sensors & Measurement", "latent_ai_asset": "Barcode/RFID, machine vision and warehouse data capture", "market_cap_bucket": "Large", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 14, "valuation_gap": 12, "catalyst_density": 14, "execution_quality": 10, "hype_penalty": 3, "alpha_score": 77.6, "conviction": "Medium", "thesis": "AI needs clean operational data; Zebra supplies identity, tracking and machine-vision endpoints, but warehouse spending must recover.", "catalysts": "Retail/logistics refresh; machine vision; RFID and workflow data.", "risks": "Retail capex; premium valuation; hardware cyclicality.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 21, "global_rank": 42, "base_alpha_score": 68.3, "latest_price": 264.32, "latest_currency": "USD", "latest_market_cap_usd": 12606000000.0, "latest_market_cap_usd_b": 12.606, "latest_ytd_return_pct": 6.45, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ZBRA/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 68.3, "ai2027_trend_bonus_score": 9.3, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +9.3 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "MDA.TO", "company": "MDA Space", "country": "Canada", "exchange": "TSX", "theme": "Defense/Space/Edge", "latent_ai_asset": "Satellite systems, robotics and geointelligence", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 14, "valuation_gap": 12, "catalyst_density": 16, "execution_quality": 10, "hype_penalty": 2, "alpha_score": 77.6, "conviction": "Medium", "thesis": "Space data, robotics and geointelligence are high-value AI inputs; MDA is a public space/robotics asset with strong backlog but less U.S. investor coverage.", "catalysts": "Satellite programs; Canadarm3/robotics; geointelligence data monetization.", "risks": "Government program risk; space project execution; valuation after growth.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "MDA_IR" ], "region_rank": 22, "global_rank": 43, "base_alpha_score": 74.4, "latest_price": 54.9, "latest_currency": "CAD", "latest_market_cap_usd": 5512777000.0, "latest_market_cap_usd_b": 5.513, "latest_ytd_return_pct": 98.7, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MDA.TO/", "price_rerating_penalty_score": 1.6, "ai2027_price_adjusted_score": 72.8, "ai2027_trend_bonus_score": 4.8, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +4.8 after cap/YTD discipline." }, { "region": "US", "ticker": "BMI", "company": "Badger Meter", "country": "United States", "exchange": "NYSE", "theme": "Sensors & Measurement", "latent_ai_asset": "Smart water meters and flow instrumentation", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 19, "discovery_gap": 16, "valuation_gap": 10, "catalyst_density": 15, "execution_quality": 13, "hype_penalty": 2, "alpha_score": 77.1, "conviction": "Medium", "thesis": "Data-center water consumption makes measurement and leak detection valuable; Badger is a premium-quality sensor/utility data play.", "catalysts": "Smart water adoption; municipal resilience budgets; software attach.", "risks": "Valuation; municipal project timing; less direct AI monetization.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 22, "global_rank": 44, "base_alpha_score": 70.3, "latest_price": 144.45, "latest_currency": "USD", "latest_market_cap_usd": 4257299095.0, "latest_market_cap_usd_b": 4.257, "latest_ytd_return_pct": -18.11, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/BMI/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 70.3, "ai2027_trend_bonus_score": 6.8, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +6.8 after cap/YTD discipline." }, { "region": "US", "ticker": "LFUS", "company": "Littelfuse", "country": "United States", "exchange": "NASDAQ", "theme": "Power & Components", "latent_ai_asset": "Circuit protection, power semis and sensors", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 16, "valuation_gap": 15, "catalyst_density": 14, "execution_quality": 11, "hype_penalty": 2, "alpha_score": 76.8, "conviction": "Medium", "thesis": "Circuit protection and sensors become more important as data-center power density and edge devices scale, but LFUS is still viewed as a cyclical industrial/electronics compounder.", "catalysts": "Power semiconductor recovery; data-center protection products; industrial rebound.", "risks": "Auto/industrial slowdown; channel destocking; acquisition execution.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 23, "global_rank": 45, "base_alpha_score": 73.3, "latest_price": 401.56, "latest_currency": "USD", "latest_market_cap_usd": 10155000000.0, "latest_market_cap_usd_b": 10.155, "latest_ytd_return_pct": 52.95, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/LFUS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 73.3, "ai2027_trend_bonus_score": 3.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +3.5 after cap/YTD discipline." }, { "region": "US", "ticker": "RRX", "company": "Regal Rexnord", "country": "United States", "exchange": "NYSE", "theme": "Power & Components", "latent_ai_asset": "Motors, power transmission and automation components", "market_cap_bucket": "Mid-Large", "ai_visibility": "Latent", "latent_fit": 19, "discovery_gap": 15, "valuation_gap": 14, "catalyst_density": 13, "execution_quality": 10, "hype_penalty": 4, "alpha_score": 76.3, "conviction": "Medium", "thesis": "Motors, drives and power transmission are needed in cooling, robotics and factory automation; Regal is more of a cyclical industrial synergy story than an AI story.", "catalysts": "Industrial recovery; synergy delivery; data-center HVAC and automation demand.", "risks": "Leverage; integration risk; cyclical end markets.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 24, "global_rank": 46, "base_alpha_score": 67.0, "latest_price": 208.44, "latest_currency": "USD", "latest_market_cap_usd": 13876000000.0, "latest_market_cap_usd_b": 13.876, "latest_ytd_return_pct": 42.67, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/RRX/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 67.0, "ai2027_trend_bonus_score": 9.3, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +9.3 after cap/YTD discipline." }, { "region": "US", "ticker": "KN", "company": "Knowles", "country": "United States", "exchange": "NYSE", "theme": "Sensors & Measurement", "latent_ai_asset": "MEMS microphones, capacitors and acoustic interfaces", "market_cap_bucket": "Small", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 18, "valuation_gap": 15, "catalyst_density": 12, "execution_quality": 9, "hype_penalty": 1, "alpha_score": 76.3, "conviction": "Speculative", "thesis": "Edge voice and sensor capture could become more valuable as AI moves to devices; Knowles remains a neglected component story.", "catalysts": "Edge-AI devices; acoustic sensor wins; specialty capacitors.", "risks": "Consumer electronics exposure; pricing pressure; slow design cycles.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 25, "global_rank": 47, "base_alpha_score": 71.8, "latest_price": 35.03, "latest_currency": "USD", "latest_market_cap_usd": 2949000000.0, "latest_market_cap_usd_b": 2.949, "latest_ytd_return_pct": 59.59, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/KN/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 71.8, "ai2027_trend_bonus_score": 4.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +4.5 after cap/YTD discipline." }, { "region": "US", "ticker": "TDY", "company": "Teledyne Technologies", "country": "United States", "exchange": "NYSE", "theme": "Sensors & Measurement", "latent_ai_asset": "Imaging sensors, instrumentation and defense/aerospace electronics", "market_cap_bucket": "Large", "ai_visibility": "Latent", "latent_fit": 21, "discovery_gap": 12, "valuation_gap": 10, "catalyst_density": 14, "execution_quality": 13, "hype_penalty": 5, "alpha_score": 75.6, "conviction": "Medium", "thesis": "Teledyne owns sensor/imaging assets that feed AI models in defense, industrial and scientific markets; size and valuation reduce early-alpha asymmetry.", "catalysts": "Defense sensing; machine vision; scientific instrumentation recovery.", "risks": "Large-cap discovery; valuation; government project timing.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 26, "global_rank": 48, "base_alpha_score": 66.3, "latest_price": 639.51, "latest_currency": "USD", "latest_market_cap_usd": 29628000000.0, "latest_market_cap_usd_b": 29.628, "latest_ytd_return_pct": 23.27, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/TDY/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 66.3, "ai2027_trend_bonus_score": 9.3, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +9.3 after cap/YTD discipline." }, { "region": "US", "ticker": "VNT", "company": "Vontier", "country": "United States", "exchange": "NYSE", "theme": "Sensors & Measurement", "latent_ai_asset": "Mobility infrastructure, diagnostics and field-device networks", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 18, "discovery_gap": 17, "valuation_gap": 15, "catalyst_density": 12, "execution_quality": 8, "hype_penalty": 2, "alpha_score": 75.4, "conviction": "Speculative", "thesis": "Vontier owns device networks and diagnostics in mobility/retail fueling that could become edge-data infrastructure, but the AI case is early and non-consensus.", "catalysts": "EV charging/fleet infrastructure; diagnostics software; portfolio refocus.", "risks": "Fueling end-market decline; debt; uncertain AI relevance.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 27, "global_rank": 49, "base_alpha_score": 68.0, "latest_price": 28.52, "latest_currency": "USD", "latest_market_cap_usd": 4016000000.0, "latest_market_cap_usd_b": 4.016, "latest_ytd_return_pct": -24.55, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/VNT/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 68.0, "ai2027_trend_bonus_score": 7.4, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +7.4 after cap/YTD discipline." }, { "region": "US", "ticker": "MWA", "company": "Mueller Water Products", "country": "United States", "exchange": "NYSE", "theme": "Thermal & Water", "latent_ai_asset": "Water infrastructure valves, hydrants and monitoring", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 18, "discovery_gap": 16, "valuation_gap": 13, "catalyst_density": 13, "execution_quality": 10, "hype_penalty": 2, "alpha_score": 74.7, "conviction": "Medium", "thesis": "Data-center and municipal water stress makes resilient pipes, valves and monitoring more strategic than the market usually assumes.", "catalysts": "Municipal capex; leak detection; industrial water projects.", "risks": "Municipal funding cycle; execution; indirect AI link.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 28, "global_rank": 50, "base_alpha_score": 68.7, "latest_price": 24.75, "latest_currency": "USD", "latest_market_cap_usd": 4273000000.0, "latest_market_cap_usd_b": 4.273, "latest_ytd_return_pct": 3.38, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MWA/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 68.7, "ai2027_trend_bonus_score": 6.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +6.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "PRY.MI", "company": "Prysmian", "country": "Italy", "exchange": "Borsa Italiana", "theme": "Power & Grid", "latent_ai_asset": "Power cables, fiber and grid interconnect infrastructure", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 9, "valuation_gap": 10, "catalyst_density": 17, "execution_quality": 12, "hype_penalty": 3, "alpha_score": 74.7, "conviction": "Medium", "thesis": "Cables are a core AI-era bottleneck across grid and fiber, but Prysmian is increasingly recognized as an electrification/data-center supplier.", "catalysts": "Grid interconnections; fiber demand; EHV/HVDC projects.", "risks": "Project execution; commodity prices; large-cap discovery.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 23, "global_rank": 51, "base_alpha_score": 68.4, "latest_price": 136.35, "latest_currency": "EUR", "latest_market_cap_usd": 47888285461.21, "latest_market_cap_usd_b": 47.888, "latest_ytd_return_pct": 51.7, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/PRY.MI/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 68.4, "ai2027_trend_bonus_score": 6.3, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +6.3 after cap/YTD discipline." }, { "region": "US", "ticker": "DY", "company": "Dycom Industries", "country": "United States", "exchange": "NYSE", "theme": "Connectivity & Services", "latent_ai_asset": "Fiber network construction and maintenance", "market_cap_bucket": "Mid-Large", "ai_visibility": "Emerging", "latent_fit": 20, "discovery_gap": 11, "valuation_gap": 12, "catalyst_density": 16, "execution_quality": 9, "hype_penalty": 4, "alpha_score": 74.1, "conviction": "Medium", "thesis": "AI-era distributed compute needs fiber backhaul; Dycom is a labor/capex execution play rather than a tech multiple story.", "catalysts": "Fiber buildouts; carrier capex recovery; data-center interconnect demand.", "risks": "Customer concentration; labor costs; carrier budget timing.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 29, "global_rank": 52, "base_alpha_score": 64.6, "latest_price": 426.7, "latest_currency": "USD", "latest_market_cap_usd": 14526000000.0, "latest_market_cap_usd_b": 14.526, "latest_ytd_return_pct": 22.77, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/DY/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 64.6, "ai2027_trend_bonus_score": 9.5, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +9.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "6841.T", "company": "Yokogawa Electric", "country": "Japan", "exchange": "Tokyo", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Industrial control, measurement and plant data systems", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 20, "discovery_gap": 13, "valuation_gap": 11, "catalyst_density": 15, "execution_quality": 12, "hype_penalty": 7, "alpha_score": 74.0, "conviction": "Medium", "thesis": "Industrial data/control systems become the interface for autonomous operations and industrial AI; Yokogawa is diversified and not a pure AI play.", "catalysts": "Process automation upgrades; cybersecurity/DX; energy efficiency projects.", "risks": "Oil/gas capex cyclicality; slow software mix; AI already mentioned in DX narrative.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "YOKOGAWA_IR" ], "region_rank": 24, "global_rank": 53, "base_alpha_score": 64.0, "latest_price": 5439.0, "latest_currency": "JPY", "latest_market_cap_usd": 9097714584.64, "latest_market_cap_usd_b": 9.098, "latest_ytd_return_pct": 5.41, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/6841.T/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 64.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "physical_ai,power_grid,security_sovereign", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid,security_sovereign; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "NOVT", "company": "Novanta", "country": "United States", "exchange": "NASDAQ", "theme": "Sensors & Measurement", "latent_ai_asset": "Precision motion, photonics and medical/industrial subsystems", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 14, "valuation_gap": 10, "catalyst_density": 14, "execution_quality": 12, "hype_penalty": 3, "alpha_score": 74.0, "conviction": "Medium", "thesis": "Precision motion and photonics subsystems support robotics and automated equipment; quality is high but valuation reduces alpha.", "catalysts": "Advanced manufacturing; medical robotics; photonics modules.", "risks": "Valuation; industrial softness; acquisition integration.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 30, "global_rank": 54, "base_alpha_score": 64.0, "latest_price": 148.59, "latest_currency": "USD", "latest_market_cap_usd": 5131000000.0, "latest_market_cap_usd_b": 5.131, "latest_ytd_return_pct": 33.7, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/NOVT/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 64.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "ACM", "company": "AECOM", "country": "United States", "exchange": "NYSE", "theme": "Data Center Services", "latent_ai_asset": "Engineering/design for infrastructure and critical facilities", "market_cap_bucket": "Large", "ai_visibility": "Latent", "latent_fit": 17, "discovery_gap": 14, "valuation_gap": 11, "catalyst_density": 13, "execution_quality": 12, "hype_penalty": 6, "alpha_score": 73.7, "conviction": "Medium", "thesis": "Engineering and permitting capacity is a hidden bottleneck in power/data-center projects; AECOM is high quality but large and diversified.", "catalysts": "Power/grid design; environmental permitting; data-center campus services.", "risks": "Low direct AI mix; valuation; public-sector budget shifts.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 31, "global_rank": 55, "base_alpha_score": 63.7, "latest_price": 67.89, "latest_currency": "USD", "latest_market_cap_usd": 8725000000.0, "latest_market_cap_usd_b": 8.725, "latest_ytd_return_pct": -29.57, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ACM/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 63.7, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "NEX.PA", "company": "Nexans", "country": "France", "exchange": "Euronext Paris", "theme": "Power & Grid", "latent_ai_asset": "Electrification cables and grid infrastructure", "market_cap_bucket": "Mid-Large", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 10, "valuation_gap": 11, "catalyst_density": 16, "execution_quality": 12, "hype_penalty": 3, "alpha_score": 73.7, "conviction": "Medium", "thesis": "Electrification and grid cable scarcity can support AI data-center power buildout; Nexans is less obvious than some U.S. electrical names.", "catalysts": "Grid cable demand; electrification margin mix; portfolio focus.", "risks": "European utilities cycle; project risk; copper volatility.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 25, "global_rank": 56, "base_alpha_score": 67.7, "latest_price": 133.2, "latest_currency": "EUR", "latest_market_cap_usd": 7105654073.6, "latest_market_cap_usd_b": 7.106, "latest_ytd_return_pct": 3.82, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/NEX.PA/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 67.7, "ai2027_trend_bonus_score": 6.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +6.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "ALFA.ST", "company": "Alfa Laval", "country": "Sweden", "exchange": "Nasdaq Stockholm", "theme": "Thermal & Water", "latent_ai_asset": "Heat exchangers, separation and fluid-handling systems", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 10, "valuation_gap": 9, "catalyst_density": 17, "execution_quality": 13, "hype_penalty": 3, "alpha_score": 73.5, "conviction": "Medium", "thesis": "Heat exchangers and fluid handling are critical to cooling and energy efficiency, but Alfa Laval is a large quality industrial already seeing data-center attention.", "catalysts": "Data-center orders; heat-transfer capex; service growth.", "risks": "Valuation; marine/energy cycles; large-cap discovery.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "ALFA_AR" ], "region_rank": 26, "global_rank": 57, "base_alpha_score": 68.0, "latest_price": 557.2, "latest_currency": "SEK", "latest_market_cap_usd": 24924767174.29, "latest_market_cap_usd_b": 24.925, "latest_ytd_return_pct": 18.96, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ALFA.ST/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 68.0, "ai2027_trend_bonus_score": 5.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +5.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "6965.T", "company": "Hamamatsu Photonics", "country": "Japan", "exchange": "Tokyo", "theme": "Sensors & Measurement", "latent_ai_asset": "Photodetectors, imaging sensors and photonics modules", "market_cap_bucket": "Mid-Large", "ai_visibility": "Latent", "latent_fit": 22, "discovery_gap": 14, "valuation_gap": 12, "catalyst_density": 13, "execution_quality": 10, "hype_penalty": 7, "alpha_score": 73.3, "conviction": "Medium", "thesis": "Photon detection is a raw-signal layer for scientific, medical, industrial and potential photonic AI systems; earnings pressure keeps enthusiasm muted.", "catalysts": "Semiconductor instruments; LiDAR/scientific sensors; imaging recovery.", "risks": "Weak operating profit; Japan photonics competition; premium history.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "HAMAMATSU_IR" ], "region_rank": 27, "global_rank": 58, "base_alpha_score": 63.3, "latest_price": 2421.5, "latest_currency": "JPY", "latest_market_cap_usd": 4450405299.17, "latest_market_cap_usd_b": 4.45, "latest_ytd_return_pct": 41.82, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/6965.T/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 63.3, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "010120.KS", "company": "LS Electric", "country": "South Korea", "exchange": "KRX", "theme": "Power & Grid", "latent_ai_asset": "Switchgear, automation and power infrastructure", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 12, "valuation_gap": 12, "catalyst_density": 16, "execution_quality": 9, "hype_penalty": 5, "alpha_score": 73.1, "conviction": "Medium", "thesis": "Korean electrical infrastructure supplier with data-center/grid optionality and less global coverage than U.S. peers.", "catalysts": "Korea/Asia data-center power; grid automation; overseas expansion.", "risks": "Korean market cyclicality; FX; discovery after transformer reratings.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 28, "global_rank": 59, "base_alpha_score": 66.0, "latest_price": 189400.0, "latest_currency": "KRW", "latest_market_cap_usd": 21454847470.0, "latest_market_cap_usd_b": 21.455, "latest_ytd_return_pct": 92.28, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/010120.KS/", "price_rerating_penalty_score": 1.2, "ai2027_price_adjusted_score": 64.8, "ai2027_trend_bonus_score": 8.3, "ai2027_trend_tags": "compute_factory,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,physical_ai,power_grid; bonus +8.3 after cap/YTD discipline." }, { "region": "US", "ticker": "GRC", "company": "Gorman-Rupp", "country": "United States", "exchange": "NYSE", "theme": "Thermal & Water", "latent_ai_asset": "Pumps for industrial, municipal and dewatering applications", "market_cap_bucket": "Small-Mid", "ai_visibility": "Latent", "latent_fit": 18, "discovery_gap": 18, "valuation_gap": 15, "catalyst_density": 12, "execution_quality": 8, "hype_penalty": 2, "alpha_score": 72.3, "conviction": "Speculative", "thesis": "Water movement and cooling-adjacent pumping can become a quiet data-center infrastructure need, while GRC remains a traditional industrial name.", "catalysts": "Municipal infrastructure; cooling/water projects; margin recovery.", "risks": "Industrial cyclicality; small scale; slower growth profile.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 32, "global_rank": 60, "base_alpha_score": 67.8, "latest_price": 78.07, "latest_currency": "USD", "latest_market_cap_usd": 2220045026.0, "latest_market_cap_usd_b": 2.22, "latest_ytd_return_pct": 62.17, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/GRC/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 67.8, "ai2027_trend_bonus_score": 4.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +4.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "6645.T", "company": "OMRON", "country": "Japan", "exchange": "Tokyo", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Sensing, control and factory automation", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 20, "discovery_gap": 12, "valuation_gap": 12, "catalyst_density": 14, "execution_quality": 10, "hype_penalty": 6, "alpha_score": 71.7, "conviction": "Medium", "thesis": "Factory automation can become an AI deployment layer; Omron’s restructuring creates turnaround optionality but the AI linkage is not hidden.", "catalysts": "IAB recovery; sensor/control upgrades; restructuring benefits.", "risks": "Japan automation cycle; China demand; execution risk.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "OMRON_IR" ], "region_rank": 29, "global_rank": 61, "base_alpha_score": 61.9, "latest_price": 5866.0, "latest_currency": "JPY", "latest_market_cap_usd": 7382883257.49, "latest_market_cap_usd_b": 7.383, "latest_ytd_return_pct": 46.8, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/6645.T/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 61.9, "ai2027_trend_bonus_score": 9.8, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +9.8 after cap/YTD discipline." }, { "region": "US", "ticker": "MOD", "company": "Modine Manufacturing", "country": "United States", "exchange": "NYSE", "theme": "Thermal & Water", "latent_ai_asset": "Data-center cooling, chillers and thermal systems", "market_cap_bucket": "Mid", "ai_visibility": "Discovered", "latent_fit": 24, "discovery_gap": 8, "valuation_gap": 9, "catalyst_density": 19, "execution_quality": 11, "hype_penalty": 3, "alpha_score": 71.5, "conviction": "Medium", "thesis": "The business has clear data-center cooling leverage, but the market now recognizes it; alpha depends on execution and whether cooling remains undersupplied.", "catalysts": "AI infrastructure orders; spin/simplification; long-term customer agreements.", "risks": "Crowd discovery; customer concentration; hyperscaler self-design risk.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "MODINE_AI" ], "region_rank": 33, "global_rank": 62, "base_alpha_score": 68.0, "latest_price": 235.62, "latest_currency": "USD", "latest_market_cap_usd": 12444000000.0, "latest_market_cap_usd_b": 12.444, "latest_ytd_return_pct": 67.33, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MOD/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 68.0, "ai2027_trend_bonus_score": 3.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +3.5 after cap/YTD discipline." }, { "region": "US", "ticker": "CGNX", "company": "Cognex", "country": "United States", "exchange": "NASDAQ", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Machine vision and industrial barcode systems", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 11, "valuation_gap": 11, "catalyst_density": 14, "execution_quality": 10, "hype_penalty": 3, "alpha_score": 71.3, "conviction": "Medium", "thesis": "Machine vision is an obvious industrial AI endpoint; the alpha comes only if factory automation capex recovers before the crowd returns.", "catalysts": "Factory automation recovery; logistics vision; AI vision features.", "risks": "Industrial capex; valuation; competitive vision software.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 34, "global_rank": 63, "base_alpha_score": 64.0, "latest_price": 64.11, "latest_currency": "USD", "latest_market_cap_usd": 10591000000.0, "latest_market_cap_usd_b": 10.591, "latest_ytd_return_pct": 73.6, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/CGNX/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 64.0, "ai2027_trend_bonus_score": 7.3, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +7.3 after cap/YTD discipline." }, { "region": "US", "ticker": "WCC", "company": "WESCO International", "country": "United States", "exchange": "NYSE", "theme": "Distribution/Services", "latent_ai_asset": "Electrical, communications and utility distribution", "market_cap_bucket": "Mid-Large", "ai_visibility": "Emerging", "latent_fit": 20, "discovery_gap": 12, "valuation_gap": 12, "catalyst_density": 15, "execution_quality": 10, "hype_penalty": 7, "alpha_score": 71.0, "conviction": "Medium", "thesis": "A distributor of electrical and communications parts can quietly benefit from data-center/grid builds, though leverage and scale make it less early.", "catalysts": "Data-center electrical supply; utility modernization; broadband build.", "risks": "Leverage; cyclicality; distributor margin pressure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 35, "global_rank": 64, "base_alpha_score": 65.5, "latest_price": 316.15, "latest_currency": "USD", "latest_market_cap_usd": 15398000000.0, "latest_market_cap_usd_b": 15.398, "latest_ytd_return_pct": 25.4, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/WCC/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 65.5, "ai2027_trend_bonus_score": 5.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +5.5 after cap/YTD discipline." }, { "region": "US", "ticker": "KEYS", "company": "Keysight Technologies", "country": "United States", "exchange": "NYSE", "theme": "Sensors & Measurement", "latent_ai_asset": "Electronic design/test and network emulation", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 11, "valuation_gap": 10, "catalyst_density": 16, "execution_quality": 12, "hype_penalty": 6, "alpha_score": 71.0, "conviction": "Medium", "thesis": "AI hardware and networks need test/validation; Keysight is a high-quality tollbooth, but the market already understands its semicap/test role.", "catalysts": "800G/1.6T; chip design validation; telecom recovery.", "risks": "Valuation; cyclicality; already institutionally owned.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 36, "global_rank": 65, "base_alpha_score": 64.2, "latest_price": 317.24, "latest_currency": "USD", "latest_market_cap_usd": 54640000000.0, "latest_market_cap_usd_b": 54.64, "latest_ytd_return_pct": 53.56, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/KEYS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 64.2, "ai2027_trend_bonus_score": 6.8, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +6.8 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "IFX.DE", "company": "Infineon Technologies", "country": "Germany", "exchange": "Xetra", "theme": "Power & Components", "latent_ai_asset": "Power semiconductors, microcontrollers and sensors", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 10, "valuation_gap": 11, "catalyst_density": 15, "execution_quality": 12, "hype_penalty": 4, "alpha_score": 70.6, "conviction": "Medium", "thesis": "Infineon’s power chips and controllers are essential to efficient power conversion and edge devices, but it is too large and known for maximum early alpha.", "catalysts": "Data-center power supplies; industrial power semis; automotive recovery.", "risks": "Auto/industrial weakness; valuation; China competition.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 30, "global_rank": 66, "base_alpha_score": 66.7, "latest_price": 72.32, "latest_currency": "EUR", "latest_market_cap_usd": 118265533200.0, "latest_market_cap_usd_b": 118.266, "latest_ytd_return_pct": 89.0, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/IFX.DE/", "price_rerating_penalty_score": 0.9, "ai2027_price_adjusted_score": 65.8, "ai2027_trend_bonus_score": 4.8, "ai2027_trend_tags": "physical_ai,power_grid,security_sovereign", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid,security_sovereign; bonus +4.8 after cap/YTD discipline." }, { "region": "US", "ticker": "MKSI", "company": "MKS Instruments", "country": "United States", "exchange": "NASDAQ", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Vacuum, photonics, process control and advanced packaging tools", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 14, "valuation_gap": 13, "catalyst_density": 16, "execution_quality": 11, "hype_penalty": 4, "alpha_score": 70.6, "conviction": "Medium", "thesis": "A foundational supplier to semiconductor manufacturing and packaging; less loved because of leverage/cycle concerns, but highly exposed to advanced-node capacity.", "catalysts": "Semicap recovery; Atotech deleveraging/carve-out; packaging demand.", "risks": "Debt load; chip-cycle swings; integration execution.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 37, "global_rank": 67, "base_alpha_score": 70.8, "latest_price": 349.39, "latest_currency": "USD", "latest_market_cap_usd": 23599000000.0, "latest_market_cap_usd_b": 23.599, "latest_ytd_return_pct": 107.53, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MKSI/", "price_rerating_penalty_score": 2.2, "ai2027_price_adjusted_score": 68.6, "ai2027_trend_bonus_score": 2.0, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +2.0 after cap/YTD discipline." }, { "region": "US", "ticker": "IESC", "company": "IES Holdings", "country": "United States", "exchange": "NASDAQ", "theme": "Data Center Services", "latent_ai_asset": "Electrical contracting and infrastructure services", "market_cap_bucket": "Mid", "ai_visibility": "Discovered", "latent_fit": 20, "discovery_gap": 9, "valuation_gap": 10, "catalyst_density": 16, "execution_quality": 9, "hype_penalty": 1, "alpha_score": 70.5, "conviction": "Medium", "thesis": "Electrical contracting is critical for data-center expansion; the small-cap angle is attractive but performance has already drawn attention.", "catalysts": "Data-center electrical projects; residential/commercial mix shift; margin strength.", "risks": "Labor constraints; project concentration; liquidity.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 38, "global_rank": 68, "base_alpha_score": 63.0, "latest_price": 619.29, "latest_currency": "USD", "latest_market_cap_usd": 12339000000.0, "latest_market_cap_usd_b": 12.339, "latest_ytd_return_pct": 52.19, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/IESC/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 63.0, "ai2027_trend_bonus_score": 7.5, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +7.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "5802.T", "company": "Sumitomo Electric", "country": "Japan", "exchange": "Tokyo", "theme": "Connectivity & Photonics", "latent_ai_asset": "Optical fiber, wire harnesses and power infrastructure", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 10, "valuation_gap": 12, "catalyst_density": 15, "execution_quality": 11, "hype_penalty": 5, "alpha_score": 70.4, "conviction": "Medium", "thesis": "A broad Japanese supplier of fiber and electrification hardware; AI campus fiber research helps, but conglomerate complexity tempers upside.", "catalysts": "Multicore fiber; grid/automotive recovery; telecom demand.", "risks": "Conglomerate discount; auto exposure; discovery after fiber news.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "SUMITOMO_IR" ], "region_rank": 31, "global_rank": 69, "base_alpha_score": 61.6, "latest_price": 2401.0, "latest_currency": "JPY", "latest_market_cap_usd": 51527122365.6, "latest_market_cap_usd_b": 51.527, "latest_ytd_return_pct": 43.13, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/5802.T/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 61.6, "ai2027_trend_bonus_score": 8.8, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +8.8 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "6845.T", "company": "Azbil", "country": "Japan", "exchange": "Tokyo", "theme": "Thermal & Water", "latent_ai_asset": "Building automation, measurement/control and lifeline systems", "market_cap_bucket": "Large", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 13, "valuation_gap": 10, "catalyst_density": 15, "execution_quality": 12, "hype_penalty": 6, "alpha_score": 70.3, "conviction": "Medium", "thesis": "Building automation and control systems are key to efficient data-center/facility operations, but Azbil is still mostly valued as a Japanese control company.", "catalysts": "Building automation; lifeline metering; energy efficiency retrofits.", "risks": "Japan large-cap valuation; divestment effects; indirect AI exposure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "AZBIL_IR" ], "region_rank": 32, "global_rank": 70, "base_alpha_score": 64.3, "latest_price": 1685.0, "latest_currency": "JPY", "latest_market_cap_usd": 5400990869.36, "latest_market_cap_usd_b": 5.401, "latest_ytd_return_pct": 18.37, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/6845.T/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 64.3, "ai2027_trend_bonus_score": 6.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +6.0 after cap/YTD discipline." }, { "region": "US", "ticker": "SPXC", "company": "SPX Technologies", "country": "United States", "exchange": "NYSE", "theme": "Thermal & Water", "latent_ai_asset": "HVAC, cooling towers and detection/measurement", "market_cap_bucket": "Mid-Large", "ai_visibility": "Discovered", "latent_fit": 21, "discovery_gap": 9, "valuation_gap": 9, "catalyst_density": 17, "execution_quality": 12, "hype_penalty": 3, "alpha_score": 70.0, "conviction": "Medium", "thesis": "Data-center HVAC exposure is real, but the market has increasingly identified SPX as a cooling beneficiary, lowering discovery upside.", "catalysts": "HVAC backlog; data-center cooling demand; bolt-on acquisitions.", "risks": "Crowd discovery; valuation; HVAC order normalization.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "SPX_IR" ], "region_rank": 39, "global_rank": 71, "base_alpha_score": 64.5, "latest_price": 213.56, "latest_currency": "USD", "latest_market_cap_usd": 11517000000.0, "latest_market_cap_usd_b": 11.517, "latest_ytd_return_pct": 5.07, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/SPXC/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 64.5, "ai2027_trend_bonus_score": 5.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +5.5 after cap/YTD discipline." }, { "region": "US", "ticker": "MTZ", "company": "MasTec", "country": "United States", "exchange": "NYSE", "theme": "Connectivity & Services", "latent_ai_asset": "Power, renewables, communications and civil infrastructure", "market_cap_bucket": "Mid-Large", "ai_visibility": "Emerging", "latent_fit": 20, "discovery_gap": 11, "valuation_gap": 12, "catalyst_density": 16, "execution_quality": 9, "hype_penalty": 6, "alpha_score": 69.0, "conviction": "Medium", "thesis": "Grid, fiber and power construction are bottlenecks for AI campuses; MasTec is broad, cyclical and not a pure AI name.", "catalysts": "Grid/fiber spending; renewable interconnect; data-center power access.", "risks": "Project execution; leverage; labor and permitting.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 40, "global_rank": 72, "base_alpha_score": 62.7, "latest_price": 382.9, "latest_currency": "USD", "latest_market_cap_usd": 30256000000.0, "latest_market_cap_usd_b": 30.256, "latest_ytd_return_pct": 68.2, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/MTZ/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 62.7, "ai2027_trend_bonus_score": 6.3, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +6.3 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "6506.T", "company": "Yaskawa Electric", "country": "Japan", "exchange": "Tokyo", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Servos, motion control and industrial robots", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 9, "valuation_gap": 10, "catalyst_density": 15, "execution_quality": 11, "hype_penalty": 6, "alpha_score": 68.6, "conviction": "Medium", "thesis": "Robots and servo drives are obvious beneficiaries of AI-enabled factories, but Yaskawa is a known automation cyclical.", "catalysts": "Robotics recovery; motion-control demand; China capex rebound.", "risks": "China industrial weakness; competition; valuation swings.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 33, "global_rank": 73, "base_alpha_score": 59.3, "latest_price": 6816.0, "latest_currency": "JPY", "latest_market_cap_usd": 12026840385.24, "latest_market_cap_usd_b": 12.027, "latest_ytd_return_pct": 37.31, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/6506.T/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 59.3, "ai2027_trend_bonus_score": 9.3, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +9.3 after cap/YTD discipline." }, { "region": "US", "ticker": "CNM", "company": "Core & Main", "country": "United States", "exchange": "NYSE", "theme": "Thermal & Water", "latent_ai_asset": "Water, wastewater and storm-drainage distribution", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 17, "discovery_gap": 15, "valuation_gap": 11, "catalyst_density": 13, "execution_quality": 10, "hype_penalty": 4, "alpha_score": 68.2, "conviction": "Medium", "thesis": "Data-center water constraints could increase the value of water infrastructure distribution, but the AI linkage is indirect.", "catalysts": "Municipal water capex; industrial water projects; bolt-on M&A.", "risks": "Valuation; housing/municipal cycle; indirect AI exposure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 41, "global_rank": 74, "base_alpha_score": 61.4, "latest_price": 45.59, "latest_currency": "USD", "latest_market_cap_usd": 8823000000.0, "latest_market_cap_usd_b": 8.823, "latest_ytd_return_pct": -14.64, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/CNM/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 61.4, "ai2027_trend_bonus_score": 6.8, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +6.8 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "DPLM.L", "company": "Diploma", "country": "United Kingdom", "exchange": "LSE", "theme": "Distribution/Services", "latent_ai_asset": "Technical distribution in controls, seals and life sciences", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 18, "discovery_gap": 11, "valuation_gap": 8, "catalyst_density": 15, "execution_quality": 13, "hype_penalty": 2, "alpha_score": 67.8, "conviction": "Medium", "thesis": "Windy City Wire and controls exposure touch data-center infrastructure, but Diploma’s high-quality compounder valuation reduces alpha.", "catalysts": "Controls growth; specialist M&A; North America data-center distribution.", "risks": "High multiple; M&A execution; UK/EU cyclical exposure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "DIPLOMA_IR" ], "region_rank": 34, "global_rank": 75, "base_alpha_score": 62.3, "latest_price": 6745.0, "latest_currency": "GBp", "latest_market_cap_usd": 12949545600.0, "latest_market_cap_usd_b": 12.95, "latest_ytd_return_pct": 27.38, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/DPLM.L/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 62.3, "ai2027_trend_bonus_score": 5.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +5.5 after cap/YTD discipline." }, { "region": "US", "ticker": "AVT", "company": "Avnet", "country": "United States", "exchange": "NASDAQ", "theme": "Distribution/Services", "latent_ai_asset": "Electronic components distribution and design-chain services", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 18, "discovery_gap": 17, "valuation_gap": 16, "catalyst_density": 10, "execution_quality": 8, "hype_penalty": 6, "alpha_score": 66.4, "conviction": "Speculative", "thesis": "AI buildout eventually pulls broad component distribution; Avnet offers value/cycle exposure but lower strategic uniqueness.", "catalysts": "Component inventory reset; AI-adjacent design wins; cash generation.", "risks": "Low margins; inventory cycle; limited pricing power.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 42, "global_rank": 76, "base_alpha_score": 62.4, "latest_price": 83.24, "latest_currency": "USD", "latest_market_cap_usd": 6828000000.0, "latest_market_cap_usd_b": 6.828, "latest_ytd_return_pct": 68.71, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/AVT/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 62.4, "ai2027_trend_bonus_score": 4.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +4.0 after cap/YTD discipline." }, { "region": "US", "ticker": "HUBB", "company": "Hubbell", "country": "United States", "exchange": "NYSE", "theme": "Power & Grid", "latent_ai_asset": "Electrical and utility components", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 21, "discovery_gap": 8, "valuation_gap": 8, "catalyst_density": 16, "execution_quality": 13, "hype_penalty": 6, "alpha_score": 66.1, "conviction": "Medium", "thesis": "Hubbell is a best-in-class utility/electrical supplier, but the electrification thesis is already widely owned.", "catalysts": "Grid hardening; data-center electrical demand; utility capex.", "risks": "Valuation; crowd discovery; rate-sensitive utility spending.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 43, "global_rank": 77, "base_alpha_score": 60.6, "latest_price": 480.5, "latest_currency": "USD", "latest_market_cap_usd": 25305000000.0, "latest_market_cap_usd_b": 25.305, "latest_ytd_return_pct": 3.77, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/HUBB/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 60.6, "ai2027_trend_bonus_score": 5.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +5.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "BESI.AS", "company": "BE Semiconductor Industries", "country": "Netherlands", "exchange": "Euronext Amsterdam", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Die attach and hybrid bonding equipment", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 23, "discovery_gap": 5, "valuation_gap": 7, "catalyst_density": 18, "execution_quality": 11, "hype_penalty": 7, "alpha_score": 66.0, "conviction": "Medium", "thesis": "BESI is structurally tied to advanced packaging for AI chips, but the market has long identified that thesis.", "catalysts": "Hybrid bonding adoption; AI accelerator packaging; memory recovery.", "risks": "Semicap cycle; high expectations; valuation.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 35, "global_rank": 78, "base_alpha_score": 56.0, "latest_price": 250.8, "latest_currency": "EUR", "latest_market_cap_usd": 24738307247.92, "latest_market_cap_usd_b": 24.738, "latest_ytd_return_pct": 68.21, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/BESI.AS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 56.0, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "compute_factory,packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,packaging_memory_test,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "VACN.SW", "company": "VAT Group", "country": "Switzerland", "exchange": "SIX", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Vacuum valves for semiconductor equipment", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 9, "valuation_gap": 8, "catalyst_density": 16, "execution_quality": 13, "hype_penalty": 6, "alpha_score": 65.4, "conviction": "Medium", "thesis": "A dominant vacuum-valve supplier to semicap; strategically vital, but quality valuation and semicap discovery limit alpha.", "catalysts": "Semicap capex recovery; advanced node intensity; service/aftermarket.", "risks": "Premium valuation; chip capex cycle; large customer exposure.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 36, "global_rank": 79, "base_alpha_score": 61.9, "latest_price": 670.6, "latest_currency": "CHF", "latest_market_cap_usd": 26352082842.04, "latest_market_cap_usd_b": 26.352, "latest_ytd_return_pct": 55.02, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/VACN.SW/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 61.9, "ai2027_trend_bonus_score": 3.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +3.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "IFCN.SW", "company": "INFICON", "country": "Switzerland", "exchange": "SIX", "theme": "Sensors & Measurement", "latent_ai_asset": "Vacuum instrumentation, leak detection and process sensors", "market_cap_bucket": "Mid-Large", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 13, "valuation_gap": 9, "catalyst_density": 15, "execution_quality": 13, "hype_penalty": 8, "alpha_score": 65.3, "conviction": "Medium", "thesis": "Process sensors and leak detection are essential for fabs and high-reliability manufacturing; INFICON is high quality but expensive.", "catalysts": "Semicap recovery; process-control intensity; industrial sensing.", "risks": "Premium multiple; Swiss franc; cyclical semicap orders.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 37, "global_rank": 80, "base_alpha_score": 61.3, "latest_price": 166.2, "latest_currency": "CHF", "latest_market_cap_usd": 5436709129.3, "latest_market_cap_usd_b": 5.437, "latest_ytd_return_pct": 59.5, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/IFCN.SW/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 61.3, "ai2027_trend_bonus_score": 4.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +4.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "5803.T", "company": "Fujikura", "country": "Japan", "exchange": "Tokyo", "theme": "Connectivity & Photonics", "latent_ai_asset": "Optical fiber, cabling and data-center connectivity", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 24, "discovery_gap": 2, "valuation_gap": 4, "catalyst_density": 18, "execution_quality": 12, "hype_penalty": 5, "alpha_score": 64.9, "conviction": "Low", "thesis": "Fujikura is a textbook example of an under-the-radar AI-infra supplier that the crowd has now discovered; useful as a control, not a fresh-alpha name.", "catalysts": "Optical capacity; AI cluster cabling; factory expansion.", "risks": "Massive rerating; expectation risk; fiber cycle.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "FUJIKURA_REUTERS" ], "region_rank": 38, "global_rank": 81, "base_alpha_score": 54.9, "latest_price": 4938.0, "latest_currency": "JPY", "latest_market_cap_usd": 55000339549.4, "latest_market_cap_usd_b": 55.0, "latest_ytd_return_pct": 60.63, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/5803.T/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 54.9, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,physical_ai,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "CIEN", "company": "Ciena", "country": "United States", "exchange": "NYSE", "theme": "Connectivity & Photonics", "latent_ai_asset": "Optical networking systems and coherent technology", "market_cap_bucket": "Mid-Large", "ai_visibility": "Discovered", "latent_fit": 23, "discovery_gap": 8, "valuation_gap": 9, "catalyst_density": 16, "execution_quality": 10, "hype_penalty": 7, "alpha_score": 64.9, "conviction": "Medium", "thesis": "Optical transport is core to AI-era connectivity; Ciena is not a pure AI stock but the optical thesis is increasingly obvious.", "catalysts": "800G/1.6T transport; cloud interconnect; telecom recovery.", "risks": "Carrier capex; margin volatility; crowding into optical names.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 44, "global_rank": 82, "base_alpha_score": 57.4, "latest_price": 440.97, "latest_currency": "USD", "latest_market_cap_usd": 62421000000.0, "latest_market_cap_usd_b": 62.421, "latest_ytd_return_pct": 79.21, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/CIEN/", "price_rerating_penalty_score": 0.3, "ai2027_price_adjusted_score": 57.1, "ai2027_trend_bonus_score": 7.8, "ai2027_trend_tags": "compute_factory,packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,packaging_memory_test,power_grid; bonus +7.8 after cap/YTD discipline." }, { "region": "US", "ticker": "STRL", "company": "Sterling Infrastructure", "country": "United States", "exchange": "NASDAQ", "theme": "Data Center Services", "latent_ai_asset": "Site development, e-infrastructure and civil construction", "market_cap_bucket": "Mid", "ai_visibility": "Discovered", "latent_fit": 19, "discovery_gap": 10, "valuation_gap": 10, "catalyst_density": 16, "execution_quality": 11, "hype_penalty": 2, "alpha_score": 64.1, "conviction": "Medium", "thesis": "A data-center site-prep and e-infrastructure beneficiary, but the market has started to discover the construction angle.", "catalysts": "Data-center campus buildout; transportation/infrastructure backlog; margins.", "risks": "Construction cyclicality; valuation rerating; project execution.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 45, "global_rank": 83, "base_alpha_score": 64.7, "latest_price": 660.72, "latest_currency": "USD", "latest_market_cap_usd": 20694000000.0, "latest_market_cap_usd_b": 20.694, "latest_ytd_return_pct": 107.02, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/STRL/", "price_rerating_penalty_score": 2.1, "ai2027_price_adjusted_score": 62.6, "ai2027_trend_bonus_score": 1.5, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +1.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "SMHN.DE", "company": "SÜSS MicroTec", "country": "Germany", "exchange": "Xetra", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Lithography, bonding and advanced packaging tools", "market_cap_bucket": "Mid", "ai_visibility": "Discovered", "latent_fit": 22, "discovery_gap": 10, "valuation_gap": 9, "catalyst_density": 17, "execution_quality": 10, "hype_penalty": 5, "alpha_score": 63.8, "conviction": "Medium", "thesis": "Advanced packaging tools are important for AI chips, but SÜSS has already been pulled into the semicap AI screen.", "catalysts": "Hybrid bonding; advanced packaging capex; memory/logic recovery.", "risks": "Cyclical semicap orders; valuation; capacity execution.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 39, "global_rank": 84, "base_alpha_score": 59.5, "latest_price": 81.6, "latest_currency": "EUR", "latest_market_cap_usd": 1912204779.53, "latest_market_cap_usd_b": 1.912, "latest_ytd_return_pct": 99.8, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/SMHN.DE/", "price_rerating_penalty_score": 1.7, "ai2027_price_adjusted_score": 57.8, "ai2027_trend_bonus_score": 6.0, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +6.0 after cap/YTD discipline." }, { "region": "US", "ticker": "COHR", "company": "Coherent", "country": "United States", "exchange": "NYSE", "theme": "Connectivity & Photonics", "latent_ai_asset": "Optical transceivers, lasers and advanced materials", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 24, "discovery_gap": 6, "valuation_gap": 7, "catalyst_density": 17, "execution_quality": 10, "hype_penalty": 6, "alpha_score": 63.3, "conviction": "Medium", "thesis": "A real optical/laser AI infrastructure beneficiary, but far from undiscovered; alpha depends on sustained optical scarcity.", "catalysts": "AI datacom transceivers; lasers; manufacturing leverage.", "risks": "Debt; cyclicality; hype/expectation risk.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 46, "global_rank": 85, "base_alpha_score": 56.5, "latest_price": 317.05, "latest_currency": "USD", "latest_market_cap_usd": 62027000000.0, "latest_market_cap_usd_b": 62.027, "latest_ytd_return_pct": 63.15, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/COHR/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 56.5, "ai2027_trend_bonus_score": 6.8, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +6.8 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "FN", "company": "Fabrinet", "country": "Cayman Islands / Thailand", "exchange": "NYSE", "theme": "Connectivity & Photonics", "latent_ai_asset": "Contract manufacturing for optical communications products", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 23, "discovery_gap": 4, "valuation_gap": 5, "catalyst_density": 17, "execution_quality": 10, "hype_penalty": 5, "alpha_score": 62.9, "conviction": "Medium", "thesis": "Fabrinet makes optical equipment for AI/datacom supply chains, but it is already widely owned as an optical AI beneficiary.", "catalysts": "800G/1.6T manufacturing; customer demand; margin stability.", "risks": "Customer concentration; Thailand geopolitics/supply chain; crowding.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 40, "global_rank": 86, "base_alpha_score": 52.9, "latest_price": 480.07, "latest_currency": "USD", "latest_market_cap_usd": 22110000000.0, "latest_market_cap_usd_b": 22.11, "latest_ytd_return_pct": 0.14, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/FN/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 52.9, "ai2027_trend_bonus_score": 10.0, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +10.0 after cap/YTD discipline." }, { "region": "US", "ticker": "VSH", "company": "Vishay Intertechnology", "country": "United States", "exchange": "NYSE", "theme": "Power & Components", "latent_ai_asset": "Passives, discretes, sensors and power components", "market_cap_bucket": "Mid", "ai_visibility": "Latent", "latent_fit": 20, "discovery_gap": 18, "valuation_gap": 17, "catalyst_density": 13, "execution_quality": 9, "hype_penalty": 2, "alpha_score": 62.7, "conviction": "Medium", "thesis": "AI power chains still need mundane passives and discretes; Vishay offers cheap cyclicality and broad power-component exposure.", "catalysts": "Inventory normalization; power-electronics demand; buybacks/capital allocation.", "risks": "Commodity pricing; sluggish auto/industrial cycles; lower structural margins.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 47, "global_rank": 87, "base_alpha_score": 75.0, "latest_price": 42.19, "latest_currency": "USD", "latest_market_cap_usd": 6466000000.0, "latest_market_cap_usd_b": 6.466, "latest_ytd_return_pct": 175.93, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/VSH/", "price_rerating_penalty_score": 6.3, "ai2027_price_adjusted_score": 68.7, "ai2027_trend_bonus_score": -6.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus -6.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "LR.PA", "company": "Legrand", "country": "France", "exchange": "Euronext Paris", "theme": "Power & Grid", "latent_ai_asset": "Electrical infrastructure, racks and building systems", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 21, "discovery_gap": 7, "valuation_gap": 8, "catalyst_density": 16, "execution_quality": 13, "hype_penalty": 7, "alpha_score": 62.3, "conviction": "Medium", "thesis": "Data-center electrical and building systems are core to Legrand, but the market increasingly recognizes this exposure.", "catalysts": "Data-center products; building electrification; energy efficiency.", "risks": "Large-cap discovery; valuation; European construction cycle.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 41, "global_rank": 88, "base_alpha_score": 58.0, "latest_price": 143.075, "latest_currency": "EUR", "latest_market_cap_usd": 42504796846.93, "latest_market_cap_usd_b": 42.505, "latest_ytd_return_pct": 11.95, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/LR.PA/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 58.0, "ai2027_trend_bonus_score": 4.3, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +4.3 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "CLS.TO", "company": "Celestica", "country": "Canada", "exchange": "TSX/NYSE", "theme": "Connectivity & Services", "latent_ai_asset": "High-complexity electronics manufacturing and AI server supply chain", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 23, "discovery_gap": 3, "valuation_gap": 5, "catalyst_density": 18, "execution_quality": 10, "hype_penalty": 6, "alpha_score": 61.9, "conviction": "Medium", "thesis": "Celestica has strong AI server exposure, but that is precisely why it is now a discovered trade.", "catalysts": "Hyperscaler programs; networking/server mix; margin expansion.", "risks": "Crowd discovery; customer concentration; inventory cycles.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 42, "global_rank": 89, "base_alpha_score": 53.6, "latest_price": 510.02, "latest_currency": "CAD", "latest_market_cap_usd": 39298466500.0, "latest_market_cap_usd_b": 39.298, "latest_ytd_return_pct": 22.99, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/CLS.TO/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 53.6, "ai2027_trend_bonus_score": 8.3, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +8.3 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "2395.TW", "company": "Advantech", "country": "Taiwan", "exchange": "TWSE", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Industrial computers, edge devices and IoT platforms", "market_cap_bucket": "Large", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 10, "valuation_gap": 9, "catalyst_density": 15, "execution_quality": 10, "hype_penalty": 6, "alpha_score": 61.2, "conviction": "Medium", "thesis": "Edge AI needs rugged industrial computers; Advantech is well positioned, but it is already a recognized edge-computing supplier.", "catalysts": "Edge AI boxes; factory IoT; industrial PC cycle recovery.", "risks": "Valuation; China/industrial demand; competition.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 43, "global_rank": 90, "base_alpha_score": 57.8, "latest_price": 540.0, "latest_currency": "TWD", "latest_market_cap_usd": 13406840252.1, "latest_market_cap_usd_b": 13.407, "latest_ytd_return_pct": 88.48, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/2395.TW/", "price_rerating_penalty_score": 0.9, "ai2027_price_adjusted_score": 56.9, "ai2027_trend_bonus_score": 4.3, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +4.3 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "ENR.DE", "company": "Siemens Energy", "country": "Germany", "exchange": "Xetra", "theme": "Power & Grid", "latent_ai_asset": "Grid equipment, gas turbines and transmission systems", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 22, "discovery_gap": 6, "valuation_gap": 9, "catalyst_density": 17, "execution_quality": 9, "hype_penalty": 6, "alpha_score": 61.1, "conviction": "Medium", "thesis": "AI power demand helps grid/turbine suppliers, but Siemens Energy has already rerated around grid and power scarcity.", "catalysts": "Grid backlog; turbine demand; power-system bottlenecks.", "risks": "Wind turnaround; valuation after rerating; project execution.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 44, "global_rank": 91, "base_alpha_score": 58.1, "latest_price": 154.96, "latest_currency": "EUR", "latest_market_cap_usd": 147842094152.36, "latest_market_cap_usd_b": 147.842, "latest_ytd_return_pct": 26.19, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ENR.DE/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 58.1, "ai2027_trend_bonus_score": 3.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +3.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "2308.TW", "company": "Delta Electronics", "country": "Taiwan", "exchange": "TWSE", "theme": "Power & Components", "latent_ai_asset": "Power supplies, thermal management and industrial automation", "market_cap_bucket": "Mega", "ai_visibility": "Discovered", "latent_fit": 23, "discovery_gap": 6, "valuation_gap": 7, "catalyst_density": 17, "execution_quality": 13, "hype_penalty": 7, "alpha_score": 59.4, "conviction": "Medium", "thesis": "Delta is deeply relevant to data-center power and cooling, but it is no longer an undiscovered AI-infrastructure supplier.", "catalysts": "AI server power; liquid cooling; industrial automation.", "risks": "Crowd discovery; high expectations; Taiwan/geopolitical risk.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 45, "global_rank": 92, "base_alpha_score": 58.3, "latest_price": 1880.0, "latest_currency": "TWD", "latest_market_cap_usd": 195090300000.0, "latest_market_cap_usd_b": 195.09, "latest_ytd_return_pct": 88.94, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/2308.TW/", "price_rerating_penalty_score": 0.9, "ai2027_price_adjusted_score": 57.4, "ai2027_trend_bonus_score": 2.0, "ai2027_trend_tags": "compute_factory,power_grid", "ai2027_trend_note": "AI 2027/current overlay: compute_factory,power_grid; bonus +2.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "ABBN.SW", "company": "ABB", "country": "Switzerland", "exchange": "SIX", "theme": "Power & Grid", "latent_ai_asset": "Electrification, drives, automation and robotics", "market_cap_bucket": "Mega", "ai_visibility": "Discovered", "latent_fit": 22, "discovery_gap": 4, "valuation_gap": 5, "catalyst_density": 17, "execution_quality": 14, "hype_penalty": 10, "alpha_score": 58.8, "conviction": "Low", "thesis": "ABB is strategically relevant to electrification and automation, but it is too large, too covered and too explicitly linked to automation for early alpha.", "catalysts": "Electrification backlog; drives/robotics; energy efficiency.", "risks": "Mega-cap valuation; global cycle; crowd ownership.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 46, "global_rank": 93, "base_alpha_score": 52.0, "latest_price": 84.68, "latest_currency": "CHF", "latest_market_cap_usd": 196578615495.08, "latest_market_cap_usd_b": 196.579, "latest_ytd_return_pct": 38.28, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ABBN.SW/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 52.0, "ai2027_trend_bonus_score": 6.8, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +6.8 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "AIXA.DE", "company": "Aixtron", "country": "Germany", "exchange": "Xetra", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Deposition equipment for compound semiconductors", "market_cap_bucket": "Mid", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 13, "valuation_gap": 12, "catalyst_density": 13, "execution_quality": 8, "hype_penalty": 5, "alpha_score": 57.9, "conviction": "Speculative", "thesis": "Compound semis can matter to efficient power/optics, but Aixtron remains tied to cyclical SiC/GaN expectations and investor swings.", "catalysts": "SiC/GaN recovery; optoelectronics; data-center power devices.", "risks": "Order volatility; China/EV cycles; technology concentration.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 47, "global_rank": 94, "base_alpha_score": 63.4, "latest_price": 44.62, "latest_currency": "EUR", "latest_market_cap_usd": 7795678500.0, "latest_market_cap_usd_b": 7.796, "latest_ytd_return_pct": 127.77, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/AIXA.DE/", "price_rerating_penalty_score": 3.5, "ai2027_price_adjusted_score": 59.9, "ai2027_trend_bonus_score": -2.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus -2.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "SIE.DE", "company": "Siemens", "country": "Germany", "exchange": "Xetra", "theme": "Industrial Automation & Robotics", "latent_ai_asset": "Automation, digital industries and electrification software/hardware", "market_cap_bucket": "Mega", "ai_visibility": "Discovered", "latent_fit": 22, "discovery_gap": 4, "valuation_gap": 5, "catalyst_density": 17, "execution_quality": 13, "hype_penalty": 11, "alpha_score": 56.8, "conviction": "Low", "thesis": "Siemens owns many AI deployment layers but is already a core global industrial-automation compounder.", "catalysts": "Digital Industries recovery; electrification; industrial software.", "risks": "Large-cap discovery; industrial cycle; conglomerate complexity.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 48, "global_rank": 95, "base_alpha_score": 50.0, "latest_price": 271.7, "latest_currency": "EUR", "latest_market_cap_usd": 238323557700.0, "latest_market_cap_usd_b": 238.324, "latest_ytd_return_pct": 12.69, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/SIE.DE/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 50.0, "ai2027_trend_bonus_score": 6.8, "ai2027_trend_tags": "physical_ai,power_grid", "ai2027_trend_note": "AI 2027/current overlay: physical_ai,power_grid; bonus +6.8 after cap/YTD discipline." }, { "region": "US", "ticker": "LITE", "company": "Lumentum", "country": "United States", "exchange": "NASDAQ", "theme": "Connectivity & Photonics", "latent_ai_asset": "Optical components, lasers and photonics", "market_cap_bucket": "Mid", "ai_visibility": "Discovered", "latent_fit": 23, "discovery_gap": 7, "valuation_gap": 8, "catalyst_density": 16, "execution_quality": 9, "hype_penalty": 5, "alpha_score": 56.8, "conviction": "Medium", "thesis": "Lumentum has clear AI datacom optics optionality, but investors increasingly screen for optical AI suppliers.", "catalysts": "Datacom recovery; coherent optics; cloud transceiver demand.", "risks": "Customer concentration; cyclicality; valuation if hype persists.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 48, "global_rank": 96, "base_alpha_score": 53.5, "latest_price": 707.1, "latest_currency": "USD", "latest_market_cap_usd": 55012000000.0, "latest_market_cap_usd_b": 55.012, "latest_ytd_return_pct": 83.13, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/LITE/", "price_rerating_penalty_score": 0.5, "ai2027_price_adjusted_score": 53.0, "ai2027_trend_bonus_score": 3.8, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus +3.8 after cap/YTD discipline." }, { "region": "US", "ticker": "WOLF", "company": "Wolfspeed", "country": "United States", "exchange": "NYSE", "theme": "Power & Components", "latent_ai_asset": "Silicon carbide power semiconductors and materials", "market_cap_bucket": "Small", "ai_visibility": "Special Situation", "latent_fit": 22, "discovery_gap": 17, "valuation_gap": 18, "catalyst_density": 13, "execution_quality": 3, "hype_penalty": 18, "alpha_score": 56.5, "conviction": "Speculative", "thesis": "SiC power devices could support high-efficiency power conversion, but financial distress overwhelms the strategic optionality.", "catalysts": "Restructuring; SiC demand recovery; asset monetization.", "risks": "Balance sheet; dilution/bankruptcy risk; EV demand weakness.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 49, "global_rank": 97, "base_alpha_score": 56.0, "latest_price": 35.86, "latest_currency": "USD", "latest_market_cap_usd": 1864000000.0, "latest_market_cap_usd_b": 1.864, "latest_ytd_return_pct": 89.43, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/WOLF/", "price_rerating_penalty_score": 1.0, "ai2027_price_adjusted_score": 55.0, "ai2027_trend_bonus_score": 1.5, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +1.5 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "ASM.AS", "company": "ASM International", "country": "Netherlands", "exchange": "Euronext Amsterdam", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Atomic layer deposition and epitaxy equipment", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 23, "discovery_gap": 5, "valuation_gap": 6, "catalyst_density": 18, "execution_quality": 12, "hype_penalty": 8, "alpha_score": 56.1, "conviction": "Medium", "thesis": "ASM is a crucial advanced-node tool supplier, but it is already viewed as an AI semicap beneficiary.", "catalysts": "GAA/advanced nodes; ALD intensity; AI chip capex.", "risks": "Valuation; cyclical orders; export restrictions.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 49, "global_rank": 98, "base_alpha_score": 53.8, "latest_price": 923.6, "latest_currency": "EUR", "latest_market_cap_usd": 51022515600.0, "latest_market_cap_usd_b": 51.023, "latest_ytd_return_pct": 66.78, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/ASM.AS/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 53.8, "ai2027_trend_bonus_score": 2.3, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +2.3 after cap/YTD discipline." }, { "region": "US", "ticker": "AEHR", "company": "Aehr Test Systems", "country": "United States", "exchange": "NASDAQ", "theme": "Semi/Advanced Materials", "latent_ai_asset": "Wafer-level burn-in and test systems", "market_cap_bucket": "Small", "ai_visibility": "Emerging", "latent_fit": 21, "discovery_gap": 15, "valuation_gap": 15, "catalyst_density": 12, "execution_quality": 6, "hype_penalty": 3, "alpha_score": 55.3, "conviction": "Speculative", "thesis": "Burn-in/test could matter for high-reliability SiC and power devices around data-center power, but customer concentration is high.", "catalysts": "SiC recovery; AI power devices; new customer wins.", "risks": "Customer concentration; sharp cyclicality; small-cap volatility.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC" ], "region_rank": 50, "global_rank": 99, "base_alpha_score": 64.1, "latest_price": 67.89, "latest_currency": "USD", "latest_market_cap_usd": 2135000000.0, "latest_market_cap_usd_b": 2.135, "latest_ytd_return_pct": 206.36, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/AEHR/", "price_rerating_penalty_score": 7.8, "ai2027_price_adjusted_score": 56.3, "ai2027_trend_bonus_score": -1.0, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus -1.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "SU.PA", "company": "Schneider Electric", "country": "France", "exchange": "Euronext Paris", "theme": "Power & Grid", "latent_ai_asset": "Energy management, data-center power and cooling infrastructure", "market_cap_bucket": "Mega", "ai_visibility": "Discovered", "latent_fit": 24, "discovery_gap": 1, "valuation_gap": 3, "catalyst_density": 19, "execution_quality": 14, "hype_penalty": 15, "alpha_score": 49.0, "conviction": "Low", "thesis": "Schneider is a direct AI infrastructure winner, but the crowd has clearly found it; included as a negative-control for the alpha screen.", "catalysts": "Data-center power/cooling demand; Southeast Asia buildout; services.", "risks": "Crowded trade; premium valuation; no longer hidden.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "M_SCHNEIDER_REUTERS" ], "region_rank": 50, "global_rank": 100, "base_alpha_score": 46.0, "latest_price": 268.25, "latest_currency": "EUR", "latest_market_cap_usd": 169679262600.0, "latest_market_cap_usd_b": 169.679, "latest_ytd_return_pct": 13.16, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/SU.PA/", "price_rerating_penalty_score": 0.0, "ai2027_price_adjusted_score": 46.0, "ai2027_trend_bonus_score": 3.0, "ai2027_trend_tags": "power_grid", "ai2027_trend_note": "AI 2027/current overlay: power_grid; bonus +3.0 after cap/YTD discipline." }, { "region": "Non-US", "ticker": "5801.T", "company": "Furukawa Electric", "country": "Japan", "exchange": "Tokyo", "theme": "Connectivity & Photonics", "latent_ai_asset": "Optical fiber/cable and electrical infrastructure", "market_cap_bucket": "Mid-Large", "ai_visibility": "Emerging", "latent_fit": 22, "discovery_gap": 10, "valuation_gap": 12, "catalyst_density": 16, "execution_quality": 10, "hype_penalty": 5, "alpha_score": 48.7, "conviction": "Medium", "thesis": "Optical fiber and cable are key to AI clusters, but Japanese fiber names have begun to rerate; Furukawa is less crowded than Fujikura.", "catalysts": "Optical products; telecom capex; data-center fiber capacity.", "risks": "Currency; fiber pricing; crowd moving into Japan AI supply chain.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "FURUKAWA_IR" ], "region_rank": 51, "global_rank": 101, "base_alpha_score": 60.0, "latest_price": 3543.0, "latest_currency": "JPY", "latest_market_cap_usd": 17446751640.0, "latest_market_cap_usd_b": 17.447, "latest_ytd_return_pct": 236.15, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/5801.T/", "price_rerating_penalty_score": 9.3, "ai2027_price_adjusted_score": 50.7, "ai2027_trend_bonus_score": -2.0, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus -2.0 after cap/YTD discipline." }, { "region": "US", "ticker": "GLW", "company": "Corning", "country": "United States", "exchange": "NYSE", "theme": "Connectivity & Photonics", "latent_ai_asset": "Fiber, optical connectivity and specialty glass", "market_cap_bucket": "Large", "ai_visibility": "Discovered", "latent_fit": 24, "discovery_gap": 2, "valuation_gap": 3, "catalyst_density": 18, "execution_quality": 13, "hype_penalty": 13, "alpha_score": 40.1, "conviction": "Low", "thesis": "The optical connectivity thesis is now mainstream after Nvidia/Corning news; GLW is strategically strong but not early alpha anymore.", "catalysts": "AI fiber capacity expansion; hyperscaler deals; optical segment growth.", "risks": "Major rerating already occurred; valuation; expectation risk.", "source_keys": [ "M_IEA_POWER", "M_MS_POWER", "M_CBRE_DC", "M_SP_GLOBAL_DC", "M_CORNING_REUTERS" ], "region_rank": 51, "global_rank": 102, "base_alpha_score": 42.5, "latest_price": 184.03, "latest_currency": "USD", "latest_market_cap_usd": 188996000000.0, "latest_market_cap_usd_b": 188.996, "latest_ytd_return_pct": 102.97, "market_data_as_of": "2026-07-09", "market_data_source": "https://finance.yahoo.com/quote/GLW/", "price_rerating_penalty_score": 1.9, "ai2027_price_adjusted_score": 40.6, "ai2027_trend_bonus_score": -0.5, "ai2027_trend_tags": "packaging_memory_test,power_grid", "ai2027_trend_note": "AI 2027/current overlay: packaging_memory_test,power_grid; bonus -0.5 after cap/YTD discipline." } ]