Stephanie Link: AI is Not a Bubble, Infrastructure Companies Drive Growth

Market Trends and Stock Watch

• 💡 Novo Nordisk's news is disappointing, but bulls may focus on WGOi pill launch, updated guidance, and lower GLP1 pricing to boost volumes.
• 🎯 Alphabet's stock has performed well, with Mark Benioff suggesting Gemini 3 has surpassed ChatGPT.

The Broader AI Ecosystem

• 🚀 The AI revolution is expected to benefit not just tech giants like Google, Meta, and Amazon, but also industrial companies building data centers, the grid, and utility infrastructure.
• ⚡ Power companies will also benefit due to current underpowering conditions.
• 📈 The entire AI food chain is anticipated to see winners, though some companies will inevitably be losers.

Evidence Against an AI Bubble

• 📊 To counter the idea of an AI bubble, industrial companies' order books and backlogs are examined.
• 📈 Quantis Services saw its backlog increase by 15% to an all-time high.
• 🔌 Eaton's global backlog grew by 20%, with a data center book-to-bill ratio of 1.7, indicating two years of work.
• ⚡ GE Vernova's electrification backlog surged by 33%.
• 🏭 Verdive experienced a 60% increase in orders and a 30% rise in backlog.
• ✅ These substantial figures indicate real revenue streams and infrastructure build-out, suggesting AI is not a speculative bubble.