| Date | Ticker | Direction | Thesis | Source |
|---|---|---|---|---|
| Feb 12, 2026 | LONG | Siemens doubled US manufacturing capacity for data centers. "There might be shortages on power supply." The AI trade is moving from software to hardware/physics. As AI models hit the real world (factories, grid), the bottleneck shifts to power and cooling. Companies that provide the "pipes and infrastructure" (Physical AI) will outperform generic software. Long Industrial Infrastructure and Grid Equipment providers. CapEx cuts by Hyperscalers. | ||
| Feb 12, 2026 | LONG | Siemens raised guidance and reported 37% growth in software revenue. The CEO explicitly stated, "Data center... very strong growth" and "Automation is coming back." Siemens is effectively transitioning from a cyclical industrial manufacturer to a secular growth "Industrial Tech" play. They are capturing the CapEx spend on data centers and electrification, insulating them from the weakness in the automotive sector. Long Siemens as a derivative play on AI infrastructure and grid modernization. Continued weakness in their legacy machine-building segment. |