Core Viewpoint - Prysmian has officially launched a $63.8 million expansion project at its Du Quoin, Illinois plant, enhancing its commitment to the local community and marking its 60th anniversary [1] Company Expansion - The expansion project has added 100,000 square feet to the existing facility [1] - The project has created 80 new jobs, contributing to local employment [1] Community Commitment - The ceremony highlighted Prysmian's longstanding commitment to Southern Illinois and the greater Perry County community [1]

Core Insights - The article highlights the stark contrast between China's rapid infrastructure development, particularly in energy, and the U.S.'s lagging efforts, emphasizing the implications for technological leadership and energy reliability [1][5][20]. Energy Infrastructure - China has built 42 ultrahigh-voltage transmission lines, while the U.S. has built none, showcasing a significant gap in energy infrastructure development [1][7]. - The U.S. electrical grid has been rated a D+ by the American Society of Civil Engineers, indicating severe deficiencies in maintenance and modernization [4][6]. Investment and Corporate Actions - The U.S. private sector has mobilized $92 billion for energy infrastructure in Pennsylvania, signaling a reactive approach to a long-standing issue [6][7]. - Major companies like Blackstone and Alphabet are investing heavily in data centers and infrastructure, indicating a shift towards self-sufficiency in energy due to grid inadequacies [9][10]. Market Opportunities - Companies involved in energy equipment and infrastructure, such as Hitachi, ABB, and Schneider Electric, are positioned to benefit from the U.S.'s urgent need for modernization [10][12]. - Cable specialists like Prysmian and Nexans are critical players due to supply constraints and high demand for energy cables, presenting investment opportunities [11]. Future Projections - The U.S. Energy Department warns of a potential increase in blackouts by 100-fold by 2030, highlighting the urgency for infrastructure improvements [14]. - Global power-grid investment is projected to reach $594 billion annually by 2030, with a total of $15.8 trillion needed through 2050, indicating a massive market for infrastructure development [17][18].

Core Insights - The copper market is experiencing significant volatility due to tariff disputes, leading to increased competition among buyers for the metal [1] Group 1: Market Dynamics - The scramble among buyers highlights the competitive landscape in the copper market as tariffs impact supply and demand [1] - Tariff-related challenges have intensified the urgency for companies to secure copper, a critical raw material for various industries [1]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **data center power demand** driven by AI and non-AI applications, with a projected growth of **175% by 2030** compared to 2023 levels, equivalent to adding a top 10 consuming country [1][6][20]. Core Drivers of Power Demand 1. **Pervasiveness of AI**: The widespread adoption of AI solutions is critical for long-term demand growth and elasticity in response to energy and compute productivity gains [5][20]. 2. **Productivity of Servers**: New-generation AI chips and efficient compute usage are expected to influence aggregate power demand positively [15][20]. 3. **Electricity Prices**: Rising supply costs for both green and non-green power options are not anticipated to constrain demand significantly due to the strong financial positions of hyperscalers [36][39]. 4. **Policy Initiatives**: The sunsetting of the Inflation Reduction Act incentives may impact future sourcing but is not expected to affect near-term power capacity growth [38][39]. 5. **Parts Availability**: Equipment availability will be a key driver for power capacity growth, particularly in renewables and natural gas [12][48]. 6. **People Availability**: The need for skilled labor in infrastructure construction and maintenance poses a risk to meeting power demand growth [58][60]. Investment Opportunities - Attractive investment opportunities are identified across the power supply chain, particularly in utilities and companies involved in data center power demand ecosystems [2][13][14]. Power Demand Growth Projections - The **US power demand growth** is expected to accelerate to **2.6% CAGR through 2030**, with data centers contributing approximately **11%** of total demand by that year, up from **4%** in 2023 [69][70]. - An estimated **82 GW** of new capacity will be required to meet data center demand, with a split of **60%** from natural gas and **40%** from renewables [70][76]. Emissions and Environmental Impact - Data center emissions are projected to double by 2030 compared to 2023 levels, with a significant increase in carbon dioxide emissions expected [55][56]. Labor Market Implications - An estimated **510,000 jobs** will be needed in the US and **250,000 jobs** in Europe to meet the rising power demand by 2030, highlighting a potential labor shortage in skilled positions [58][62]. Conclusion - The data center power demand landscape is evolving rapidly, driven by AI advancements and increasing energy needs. The interplay of technological, economic, and policy factors will shape the future of power sourcing and investment opportunities in this sector.

Market Overview - International equities showed mixed results in Q3 2025, with the MSCI EAFE Index rising 4.8%, driven by Asian markets and Canada, while Europe Ex U.K. underperformed [3] - The MSCI Emerging Markets Index advanced 10.6%, supported by a 20.7% rally in China, which constitutes 30% of that benchmark [3] - European markets experienced a slowdown in momentum due to inflation remaining above the European Central Bank's target, with a September reading of 2.2% [4] Economic Conditions - Japan's GDP grew modestly in Q2, aided by tourism, while manufacturing activity remained restrained [5] - The People's Bank of China cut key lending rates in July to address weaknesses in the real estate sector and sluggish consumer demand, with Q2 GDP growth at 5.2% year over year [5] Investment Strategy - The MSCI EAFE Value Index outperformed the MSCI EAFE Growth Index by over 500 basis points in Q3, with value stocks leading growth by more than 1,300 basis points year to date [6] - The ClearBridge International Growth Strategy maintained pace with its core MSCI EAFE benchmark, with sector positioning in IT and financials creating headwinds [12] Company Performance - London Stock Exchange faced a decline due to AI concerns impacting its desktop and data business, while Adyen's revenue missed expectations [13] - Banco Santander was acquired for its streamlined operations and cost-cutting measures, expected to improve profitability [14] - HSBC is well-positioned for growth in Asian wealth management, benefiting from inflows of mainland Chinese money [15] - KBC Group's strong capital position allows for capital distributions or acquisitions, with growing assets under management [16] Sector Contributions - Health care sector saw solid contributions, particularly from European biotechs Argenx and UCB, driven by strong sales and positive clinical trial results [20] - The strategy expanded into the Chinese biotechnology sector with the purchase of WuXi AppTec, known for efficient drug development [21] Portfolio Adjustments - The strategy added 10 positions while exiting 13, with significant purchases in financials and health care, including Prysmian, which is poised for growth in the power cables industry [22] - Softbank trades at a discount to its NAV, holding stakes in key technology companies [23] - Celestica is positioned for growth in AI infrastructure, with expected annual revenue growth of over 20% [24] Outlook - The regions of investment are making progress on growth and equity-friendly policies, with forecasts for double-digit EPS growth in the pan-European Stoxx 600 [27] - Emerging markets are outperforming developed markets, with a focus on China’s growth potential in AI and biotechnology [28][32]

Britain's power transmission owners SP Transmission and National Grid Electricity Transmission have selected Italy's Prysmian as the preferred bidder for a proposed link between England and Scotland, ... ...

Summary of Key Points from the Capex Tracker Industry Overview - The Capex Tracker indicates a trend of capital expenditure (Capex) cuts across various industries, with notable exceptions in Technology and Utilities [3][4]. Core Observations - General Industrial Capex is projected to have a compound annual growth rate (CAGR) of 5.5% for the period 2024-2028, which is a slight decrease of 0.4 percentage points compared to the previous update in July [3][4]. - Positive growth in Capex is observed in the following sectors: - **Datacenters**: 26.5% CAGR, an increase of 3.5 percentage points from July [4]. - **Pulp & Paper**: Improvement noted, but specific growth figures not provided [3]. - **Conventional Power Generation**: Positive outlook with companies like Wartsila and Accelleron showing growth [3]. - **Mining**: Companies such as Epiroc and FLSmidth are expected to benefit [3]. - Conversely, significant declines are noted in: - **Vehicles/Autos**: Negative growth, with a decrease of 1.8 percentage points to 2.0% CAGR [4]. - **Pharma and Biotech**: Both sectors are experiencing negative trends, with Biotech showing a decline of 8.6% [4]. Detailed Capex Growth by Sector - **Datacenters**: - 2025 Capex growth projected at 51.7%, a significant increase of 15.2 percentage points [4]. - **Renewables and T&D**: - 2025 Capex growth at 17.5%, down by 8.0 percentage points [4]. - **Semiconductors**: - 2025 Capex growth at 15.7%, a decrease of 1.2 percentage points [4]. - **Healthcare**: - 2025 Capex growth projected at 0.0%, indicating stagnation [4]. - **Consumer Sector**: - 2025 Capex growth at 0.7%, reflecting a decline of 1.1 percentage points [4]. Additional Insights - The Capex Tracker highlights a robust growth trajectory in Datacenters, Renewables, and Mining, while traditional sectors like Vehicles and Pharma are facing headwinds [4]. - The report emphasizes the importance of monitoring these trends for potential investment opportunities and risks in the respective sectors [3][4]. Conclusion - The Capex Tracker serves as a critical tool for understanding industry trends and making informed investment decisions, particularly in identifying sectors poised for growth versus those facing challenges [3][4].

Group 1 - Prysmian, an Italian cable maker, has secured a contract to construct a submarine power cable linking Italy and Tunisia [1]

Group 1 - The focus is on long-term investment strategies in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [1] - The investment approach is informed by an interdisciplinary background in Economics, Classical Philology, Philosophy, and Theology, enhancing both quantitative analysis and market narrative interpretation [1] Group 2 - The goal of investment is to ensure sufficient assets for freedom in work and life, rather than to escape work entirely [1]

While solid share price performance from Prysmian ( OTCPK:PRYMF ) ( OTCPK:PRYMY ) was anticipated, a gain of over 70% since our last update exceeded our expectations (Fig. 1). We had turned more constructive ahead of the Capital Markets Day withBuy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed as t ...