# Sources

Sources used in the research snapshot. See `assets/data/source_map.json` for machine-readable form.

## M_IEA_POWER: IEA: data centre electricity use surged in 2025; AI-focused data centres climbed faster

Type: macro

Macro evidence for power, cooling, and grid bottlenecks.

URL: https://www.iea.org/news/data-centre-electricity-use-surged-in-2025-even-with-tightening-bottlenecks-driving-a-scramble-for-solutions

## M_MS_POWER: Morgan Stanley: Energy Markets Race to Solve the AI Power Bottleneck

Type: macro

Forecasts U.S. data center demand could reach 74 GW by 2028 with a large power-access shortfall.

URL: https://www.morganstanley.com/insights/articles/powering-ai-energy-market-outlook-2026

## M_CBRE_DC: CBRE North America Data Center Trends H1 2025

Type: macro

Data center primary market supply and vacancy evidence.

URL: https://www.cbre.com/insights/reports/north-america-data-center-trends-h1-2025

## M_SP_GLOBAL_DC: S&P Global: 2026 Trends in Data Center Services & Infrastructure

Type: macro

Highlights AI training infrastructure needs for energy and efficient cooling.

URL: https://www.spglobal.com/energy/en/news-research/special-reports/energy-transition/2026-trends-in-data-center-services-infrastructure

## M_CORNING_REUTERS: Reuters: Corning partners with Nvidia to expand U.S. fiber optic output for AI growth

Type: news

Shows the optical infrastructure theme moving from hidden to mainstream.

URL: https://www.reuters.com/business/media-telecom/corning-partners-with-nvidia-expand-us-fiber-optic-output-ai-growth-2026-05-06/

## M_JCI_REUTERS: Reuters: Johnson Controls raises annual profit forecast on data center cooling demand

Type: news

Shows the data-center cooling theme moving into earnings revisions.

URL: https://www.reuters.com/business/johnson-controls-raises-annual-profit-forecast-data-center-cooling-demand-2026-05-06/

## M_SCHNEIDER_REUTERS: Reuters: Schneider Electric to launch Southeast Asia training hub in Malaysia

Type: news

Shows energy management/cooling suppliers increasingly linked to AI infrastructure.

URL: https://www.reuters.com/world/asia-pacific/schneider-electric-launch-southeast-asia-training-hub-malaysia-2026-05-06/

## BELDEN_IR: Belden investor overview and 2025 results

Type: company

Belden describes itself as a data networking infrastructure company at IT/OT convergence.

URL: https://investor.belden.com/overview/default.aspx

## POWELL_IR: Powell Industries investor relations and annual reports

Type: company

Electrical energy distribution and control equipment.

URL: https://powellindustriesinc.gcs-web.com/annual-reports

## ENERSYS_IR: EnerSys FY2025 results

Type: company

Energy systems/batteries with record FY2025 adjusted EPS.

URL: https://investor.enersys.com/news/news-details/2025/ENERSYS-REPORTS-FOURTH-QUARTER-FISCAL-YEAR-2025-RESULTS-05-21-2025/default.aspx

## ITRON_IR: Itron FY2025 financial results

Type: company

Utility energy/water management and grid data infrastructure.

URL: https://na.itron.com/w/itron-announces-fourth-quarter-and-full-year-2025-financial-results

## MODINE_AI: Modine secures $180 million in AI infrastructure developer cooling orders

Type: company

Direct data center cooling orders for an AI infrastructure developer.

URL: https://investors.modine.com/news/news-details/2025/Modine-Secures-180-Million-in-Orders-for-Data-Center-Cooling-Systems/default.aspx

## VIAVI_IR: VIAVI investor overview

Type: company

Test, monitoring and optical technology for data-center and communication networks.

URL: https://investor.viavisolutions.com/overview/default.aspx

## IPGP_IR: IPG Photonics investor overview

Type: company

Fiber laser technology for manufacturing and advanced applications.

URL: https://investor.ipgphotonics.com/overview/default.aspx

## ROGERS_IR: Rogers Corporation investor relations

Type: company

Materials technology that helps power, protect and connect.

URL: https://www.rogerscorp.com/Investors

## ATKORE_IR: Atkore products and infrastructure overview

Type: company

Electrical conduit, cable management, safety and infrastructure products.

URL: https://www.atkore.com/

## AZZ_IR: AZZ FY2025 results

Type: company

Metal coatings and precoat metals infrastructure exposure.

URL: https://www.prnewswire.com/news-releases/azz-inc-reports-fourth-quarter-and-fiscal-year-2025-full-year-results-302433674.html

## SPX_IR: SPX Technologies corporate overview

Type: company

Engineered products with HVAC, detection and measurement positions.

URL: https://spx.com/

## HAMMOND_IR: Hammond Power Solutions Q4 2025 results

Type: company

Record annual sales, with growth driven partly by data centre expansion and electrification.

URL: https://americas.hammondpowersolutions.com/news/2026/march/Quarter-4-2025-Financial-Results

## VOLEX_DC: Volex data centres page

Type: company

High-speed copper interconnects for 400G/800G/emerging 1.6T tiers.

URL: https://www.volex.com/markets/complex-industrial-technology/data-centres

## VOLEX_RESULTS: Volex FY2025 record results

Type: company

FY2025 revenue above $1B and operating profit above $100M.

URL: https://www.volex.com/news/latest-news/volex-announces-record-results-for-fy2025

## XPPOWER_IR: XP Power reports and presentations

Type: company

Power converter specialist with 2025 results and recovery commentary.

URL: https://corporate.xppower.com/investors/reports-and-presentations

## MUNTERS_DC: Munters data-center cooling solutions

Type: company

Energy-efficient air and liquid cooling solutions for data centers.

URL: https://www.munters.com/en-us/

## CAREL_IR: CAREL Industries 2025 financial statements and FY2025 press release

Type: company

HVAC/refrigeration controls and FY2025 revenue growth.

URL: https://ir.carel.com/en/financial-statements/

## TKH_IR: TKH Annual Report 2025 publication

Type: company

Automation and electrification separation plan and strategic sharpened profile.

URL: https://www.tkhgroup.com/news/publication-tkh-annual-report-2025

## SENSIRION_IR: Sensirion investor relations 2025 results

Type: company

Sensor specialist with 2025 revenue growth in challenging markets.

URL: https://sensirion.com/company/investor-relations

## BELIMO_AR: Belimo Annual Report 2025

Type: company

HVAC actuators, control valves, sensors and meters; strong 2025 growth.

URL: https://report.belimo.com/

## ALFA_AR: Alfa Laval 2025 results and data-center order commentary

Type: company

Heat transfer, separation and fluid handling; data-center orders increasing in energy division transcript.

URL: https://www.alfalaval.com/media/news/investors/2026/alfa-laval-publ-fourth-quarter-and-full-year-2025/

## RENISHAW_IR: Renishaw FY2025 results

Type: company

Precision measurement and manufacturing technology.

URL: https://www.renishaw.com/en/investors--22615

## OXFORD_IR: Oxford Instruments 2025 annual report hub

Type: company

Semiconductor and imaging/analysis exposure.

URL: https://www.oxinst.com/investors/financial-reports-and-presentations

## DISCOVERIE_IR: discoverIE FY2025 preliminary results

Type: company

Niche customised electronics for industrial applications.

URL: https://discoverieplc.com/news-centre/news/news-details/2025/Full-Year-Trading-Update-Q4-2025/default.aspx

## DIPLOMA_IR: Diploma FY2025 results

Type: company

Controls division growth and specialist technical distribution.

URL: https://www.diplomaplc.com/news/full-year-results-2025/

## TT_IR: TT Electronics corporate overview

Type: company

Sensors, power conversion and complex electronics assemblies.

URL: https://www.ttelectronics.com/

## MORGAN_IR: Morgan Advanced Materials 2025 financial results

Type: company

Thermal products, performance carbon and technical ceramics; semiconductor exposure.

URL: https://www.morganadvancedmaterials.com/en-gb/news-and-events/news/news-archive/full-year-2025-financial-results/

## ATS_IR: ATS Corporation investor overview

Type: company

Custom automation solutions for sophisticated manufacturing.

URL: https://investors.atsautomation.com/overview/default.aspx

## MDA_IR: MDA Space FY2025 results

Type: company

Record revenue/EBITDA and $4B backlog; satellite, robotics and geointelligence.

URL: https://www.prnewswire.com/news-releases/mda-space-reports-fourth-quarter-and-fiscal-2025-results-302703308.html

## VECIMA_IR: Vecima FY2025 results

Type: company

Cable/fiber access and cloud-native network upgrade exposure.

URL: https://vecima.com/press-release/vecima-reports-q4-and-full-year-fiscal-2025-results/

## KARDEX_IR: Kardex 2025 financial results

Type: company

Warehouse automation; 2025 bookings up strongly.

URL: https://www.tradingview.com/news/eqs%3A65f54a54f094b%3A0-kardex-holding-ag-financial-results-2025/

## FUJIKURA_REUTERS: Reuters: Fujikura rides AI data centre boom

Type: news

Example of a formerly under-the-radar optical stock becoming fully discovered.

URL: https://www.reuters.com/world/asia-pacific/japans-century-old-fujikura-rides-ai-data-centre-boom-become-nikkei-standout-2025-10-24/

## FURUKAWA_IR: Furukawa Electric Integrated Report 2025

Type: company

Optical fiber/cable and data-center product exposure.

URL: https://www.furukawaelectric.com/en/ir/library/annual/2025.html

## SUMITOMO_IR: Sumitomo Electric IR library and multicore fiber announcement

Type: company

Optical fiber and electrification portfolio.

URL: https://sumitomoelectric.com/ir/library

## HAMAMATSU_IR: Hamamatsu investor relations library

Type: company

Photonics, sensors and measurement instruments.

URL: https://www.hamamatsu.com/us/en/investor-relations/ir-library.html

## OMRON_IR: OMRON integrated report 2025

Type: company

Factory automation and sensing/control.

URL: https://www.omron.com/global/en/integrated_report/

## YOKOGAWA_IR: Yokogawa Report 2025

Type: company

Industrial automation, measurement, control and cybersecurity/DX.

URL: https://www.yokogawa.com/about/ir/reports/annual/

## AZBIL_IR: azbil report 2025

Type: company

Building automation, advanced automation and lifeline markets.

URL: https://www.azbil.com/ir/library/annual/index.html

## UBLOX_DELIST: u-blox delisting announcement

Type: exclusion

u-blox would have fit the thesis, but was excluded because delisting is scheduled for May 18, 2026.

URL: https://live.deutsche-boerse.com/news/Cancellation-of-remaining-publicly-held-registered-shares-of-u-blox-Holding-AG-and-delisting-from-the-SIX-Swiss-Exchange-as-of-18-May-2026-88d1c127-ae8f-401f-a54f-ce842762cdbb