Well, Brian, that's right. I'm here with the CEO of Eolab, Kristoff Beck. Thanks so much for joining us.We're here to talk, of course, water, which is becoming a huge part of your business, especially in support of AI technology and of course, sustainable water. That's what we're here to talk about. Tell us about the new technologies you're developing, which you've recently announced, and why you're leaning so hard into water now as such a big part of your business.Thanks for having me, Diana. Uh, climate w ...

Financial Data and Key Metrics Changes - First quarter net sales were $240.5 million, a decrease of 7% compared to $258.5 million in fiscal 2025, and a sequential decrease of 6% [15] - Adjusted income from operations was $2 million, an increase of $6.7 million year-over-year, and up $23.6 million sequentially [16] - First quarter adjusted EBITDA was $15.7 million, up $5.9 million from the same period last year, and increased $22.8 million sequentially [17] - First quarter free cash flow was $18 million, compared to negative $2.7 million in fiscal 2025, marking an increase of $20.7 million [18] - Net debt decreased by $11.7 million from the fourth quarter to $202.3 million, with a total reduction of $41 million over the last three quarters [19] Business Line Data and Key Metrics Changes - Data center power product sales grew by 12% year-over-year, although sequential sales were lower due to record sales in the previous quarter [8] - EV sales represented 19% of consolidated total sales, an increase from 18% last year, but down from 20% sequentially [7] - The automotive segment experienced weaker sales in North America due to the transition from legacy programs to new ones [16] Market Data and Key Metrics Changes - The company remains optimistic about the long-term megatrend in EVs, expecting a significant rebound in EV sales in fiscal 2027 [8] - The performance in EMEA, particularly in Egypt, has improved significantly, while solid performance continues in Asia [6] Company Strategy and Development Direction - The company is focused on a transformation journey aimed at stabilizing the business and positioning for future growth, with significant organizational changes already implemented [11] - The power solutions segment is seen as a long-term growth engine, with ongoing investments in this area [10] - The company is leveraging its historical expertise in power distribution to capture growth opportunities in data centers, EVs, and military applications [9] Management's Comments on Operating Environment and Future Outlook - Management affirmed guidance for fiscal 2026, expecting to double EBITDA despite a projected $100 million decline in sales due to lower EV demand [5] - The company is confident in its ability to navigate various headwinds and maintain operational improvements [4] - Management highlighted the importance of customer relationships and operational efficiency in driving future growth [39] Other Important Information - The company experienced a delay in reporting first quarter earnings due to a miscalculation of dividend equivalents, which required a waiver from banks [15] - The fiscal 2026 guidance assumes a typical 52-week fiscal year, with expected sales in the range of $900 million to $1 billion [20] Q&A Session Summary Question: How does the automotive segment contribute to EBITDA growth? - Management noted that performance varies by region, with improvements in EMEA and challenges in North America due to program transitions [25] Question: What is the outlook for the Asia market? - The Asia team is leading product development for EV applications, and despite some headwinds, progress is being made [29] Question: What is the status of tariff expectations? - There has been no change in tariff expectations, and the current regime is creating new opportunities for the company [37][39] Question: How far along is the restructuring process? - The company is on track with headquarters consolidation and has reduced headcount by approximately 500 people [40][41] Question: What is the outlook for the commercial vehicle market? - Management expects a rebound in the commercial vehicle space in 2026, with ongoing interest from customers [42] Question: What is the expected growth in the EV market? - The majority of growth is anticipated to come from outside the U.S., particularly in Europe and China [60]

Nvidia's Performance and Market Perception - Nvidia's stock performance is being impacted by exceedingly high market expectations, despite a 56% year-over-year revenue increase [2][3] - Analysts had even higher "whisper" expectations, anticipating revenue to be $1 billion higher than the guidance [4] AI Opportunities Across Sectors - Healthcare presents a significant opportunity for AI due to inefficiencies and fragmentation, with a total addressable market (TAM) of many billions of dollars, including drug formation [4] - AI can revolutionize education by tailoring teaching methods to individual learning styles [5] - AI is crucial for solving climate change through carbon capture technologies [5] Energy and Data Centers - The conversation highlights the growing concern about water usage in data centers [7] - AI data centers could be located in areas with renewable energy sources like hydropower for economic growth [8] - Nuclear energy could play a significant role in powering data centers [8][9] China Market - China is a massive market, and Nvidia aims to maximize its access to it [2]

Market Trends & Industry Dynamics - The AI era is driving a new electricity super cycle, shifting Wall Street's focus to electric power stocks [1] - Data centers' electricity demand is surging, with the International Energy Agency projecting a doubling by 2030 to 945 terawatt hours (TWh), equivalent to the annual consumption of 32 TSMC factories [9] - Reshoring of American manufacturing, driven by acts like the "CHIP Act," is increasing electricity demand [10][11] - A global energy transition from fossil fuels to electricity is further boosting demand [11][12] - The annual growth rate of capital expenditures of North American utilities has doubled from 6% before 2021 to 12%, and the total amount is expected to exceed US$200 billion in 2025 [12] GE Vernova's Position & Strategy - GE Vernova's stock price has risen more than 5 times since its independent listing in April 2024 [1] - GE Vernova's backlog of orders has exceeded US$120 billion, more than three times its annual sales [2] - GE Vernova holds approximately one-third share of the global gas turbine market, with over 7,000 installed gas turbines contributing approximately 30% of global electricity [4] - GE Vernova is developing small modular reactors (SMRs) in collaboration with Hitachi, positioning itself for future nuclear energy demand from AI data centers [4] - GE Vernova is providing customized fast power generation solutions for data centers, embedding itself in the AI infrastructure supply chain [4] Risks & Considerations - GE Vernova's high valuation has largely priced in growth expectations driven by AI, posing a potential risk of correction if performance falters [19][20] - The company's close link to the AI sector makes it vulnerable to market concerns about a computing power bubble [20]

Group 1: Company Overview - Cameco's stock has doubled in value over the past year, particularly since a rally began in April, raising questions about its future performance [1] - Cameco provides fuel and services to the nuclear power industry, which is experiencing a significant increase in electricity demand, making it an attractive sector [2][4] Group 2: Market Demand and Supply Dynamics - In the U.S., electricity demand is projected to rise from 21% of end power use in 2020 to 32% by 2050, with substantial increases expected from industries like AI, data centers, and electric vehicles [3] - Demand for nuclear fuel is anticipated to outstrip supply in the 2030s, indicating a strong market for Cameco's products [4][5] Group 3: Industry Challenges - Mining is capital-intensive and complex, posing challenges for Cameco to scale operations in line with industry demand [6][7] - The uranium market is subject to commodity cycles, where high demand can lead to increased prices, attracting new supply that eventually balances the market [8] Group 4: Risk Factors - The nuclear power industry, while generally safe, is susceptible to accidents that can significantly impact investment and uranium prices [10] - Despite positive market conditions, Cameco's recent stock price increase may have already factored in much of the good news, suggesting caution for investors [11]

As AI demand has ramped up exponentially, trillions of dollars have been committed to building data centers. But now a different technology is emerging and it could drive the next leg of real estate growth. Diana Ol joins us now.She has the details in today's property play. Diana. Well, David, until now quantum computers have mostly lived at academic or government facilities because they had limited practical applications, but quantum computing is fast becoming commercially viable.And as a result, it needs ...

Investment Thesis - Dominion Energy is positioned as a growth stock due to its role in supplying electricity to data centers, particularly in Lowden County, Virginia, which handles 70% of global internet traffic [2][8][10] - The company's traditional shareholder base, attracted by its dividend payments, is now joined by investors recognizing the increasing electricity demand driven by AI and data center buildout [9] - The stock is potentially breaking out above historical resistance at around $60-$61, supported by a moving average crossover (golden cross) [6] Growth Drivers - Amazon has invested $52 billion between 2011 and 2021 in the region and committed to spending another $35 billion between now and 2040, with plans to add 42 million square feet of data center space [3] - Dominion Energy experienced nine of its top 10 all-time peak electricity demand days in Virginia this year [4] - Hyperscaler capex is reaccelerating, leading to increased data center and energy needs, indicating a secular trend for utility companies [10] - Natural gas is expected to fill the void in power generation for data center demand, further benefiting utility companies [11] Financials and Catalysts - Dominion Energy affirmed its dividend and earnings outlook for the year, maintaining its creditworthiness [5] - The company has a 45% yield [7] - A rate case decision is expected in September, which could act as a catalyst if regulators approve increased rates for serving data centers [6][7] Risk Management - A break below $50 would be a signal to re-evaluate the investment [7]

Core Insights - Tower Semiconductor Ltd. reported second-quarter financial results that exceeded expectations, with a year-on-year revenue growth of 6% to $372.06 million, surpassing the analyst consensus estimate of $370.23 million [1] - The adjusted EPS for the quarter was 50 cents, beating the analyst consensus estimate of 45 cents [1] - The company anticipates third-quarter revenue between $375.25 million and $414.75 million, compared to the analyst consensus estimate of $394.54 million [2] Financial Performance - The second-quarter revenue of $372.06 million reflects a 6% increase year-on-year [1] - Adjusted EPS of 50 cents exceeded the consensus estimate of 45 cents [1] Strategic Initiatives - CEO Russell Ellwanger highlighted the company's strategic initiatives, including repurposing factories for higher capacity in RF infrastructure, which are expected to contribute to growth in upcoming quarters [3] - The company is experiencing momentum in its RF infrastructure business, driven by expansions in data centers and AI, with increasing customer forecasts [3] Market Position - Tower Semiconductor holds a number one market share position in its sector, positioning the company to benefit from market trends [3] - Following the earnings announcement, analysts adjusted their price targets for Tower Semiconductor, with some maintaining a positive outlook [4][9] Analyst Ratings - Susquehanna analyst Medhi Hosseini and Benchmark analyst Cody Acree both maintained a positive rating on Tower Semiconductor, raising their price targets from $60 to $66 [9]

Core Insights - Nvidia has achieved an extraordinary return of 107,479% since its initial recommendation in 2005, significantly outperforming the S&P 500's 726% return during the same period [2][13] - The stock has doubled ten times since 2005, with most of these doubling periods taking 2.5 years or less [5][6] - Nvidia's journey has been marked by volatility, including an 85% drop at one point, yet it has consistently rebounded to achieve remarkable gains [19][22] Performance Metrics - Nvidia's stock has completed ten doubling laps since 2005, with the first doubling taking 9 months and the most recent doubling expected to take 16 months [6] - The stock has had 10 calendar years with gains of 100% or more, compared to only 7 years of losses [9][10] - Nvidia's performance has been so strong that it has outperformed all other Stock Advisor recommendations by over 106,000 percentage points [13] Market Position - Nvidia broke the $4 trillion market cap barrier in July 2023, joining the ranks of other tech giants like Apple and Microsoft [8] - The company has been a foundational stock in the Stock Advisor service since 2022, indicating its strong market position and investor confidence [32] Investment Philosophy - The narrative emphasizes the importance of holding onto winning stocks like Nvidia, as selling too early can lead to significant opportunity costs [23][24] - The investment thesis for Nvidia has evolved over time, reflecting changes in the market and the company's business model, including its expansion into cloud computing and AI [27][29] Stock Splits and Accessibility - Nvidia has undergone multiple stock splits since 2005, making it more accessible to investors and significantly increasing the number of shares held by long-term investors [30][34] - The original cost basis for Nvidia shares is adjusted to $0.16, highlighting the potential for substantial returns from long-term investments [30]

Core Insights - IES reported a significant increase in revenue and net income for Q3 2025, exceeding Wall Street expectations, with revenue growing 16% to $890.2 million and non-GAAP EPS rising 45.2% to $3.95 compared to Q3 2024 [1][2] Financial Performance - Revenue for Q3 2025 reached $890 million, surpassing the consensus estimate of $833 million, and increased from $768 million in Q3 2024, reflecting a year-over-year growth of 15.9% [2] - Non-GAAP EPS was reported at $3.95, significantly higher than the expected $3.55 and up from $2.72 in the prior year, marking a 45.2% increase [2] - Operating income rose to $111.9 million, a 24.1% increase from $90.2 million in Q3 2024 [2] - Net income attributable to IES was $77.2 million, up 24.3% from $62.1 million in the same quarter last year [2] Business Overview - IES operates as a national provider of electrical and infrastructure services across various sectors, including Communications, Residential, Infrastructure Solutions, and Commercial & Industrial [3] - The company has focused on high-growth segments such as technology infrastructure and data centers, investing in capacity and targeted acquisitions [4] Segment Performance - The Communications and Infrastructure Solutions segments benefited from increased demand for data processing and storage, contributing to overall growth [5] - The Residential segment faced challenges, with revenue declining 8% to $346.1 million and operating income decreasing by 24%, attributed to a soft housing market [6] - The Commercial & Industrial segment experienced a 20% revenue growth, driven by activity in education, healthcare construction, and data center projects, although operating income remained flat compared to the previous year [7] Strategic Focus and Investments - IES is investing in technology and infrastructure capabilities, as evidenced by the Qypsys deal in Communications [8] - The company ended the quarter with cash and restricted cash totaling $108.4 million and marketable securities of $66.8 million, maintaining low net long-term debt of $20 million [9] Future Outlook - Management did not provide formal guidance but highlighted a record backlog and strong demand in data center infrastructure as indicators of growth potential [10] - Key areas to monitor include the performance of the Residential segment, margin performance in Commercial & Industrial, and the integration of new acquisitions [11]