Electrical work is preferable to Dycom's communications-heavy business because it is non-discretionary while carriers delay spending they cannot afford. IES Holdings and Sterling Infrastructure look like better ways to play the data-center scare than neoclouds. Upcoming spectrum auctions may absorb carrier budgets, though Dycom might benefit from the carriers-versus-SpaceX narrative. x.com  x.com  x.com 

Cogent Communications has a liquidity problem, not a solvency problem, making it a well-skewed bet but not a slam dunk. If it terms out its 2027 debt and reaches breakeven, its unique ex-Sprint fiber assets, worth about $3B+ to a buyer against $1.8B of debt, leave real equity value. The business grows 8% on a three-year stack and wavelengths over 60%. Rising 10-year yields and slow data-center ramps hurt, but at 85% debt to capital, any positive is a coiled spring. x.com  x.com  x.com 

Dycom looks compelling because its infrastructure backlog and operating execution position it to benefit from AI's demand for power, fiber, and data centers. Its backlog has grown to $12.2 billion from $8 billion a year ago, Building Systems EBITDA margins exceed 20%, and Power Solutions is running 30% ahead of acquisition expectations. The long-term growth opportunity may be underappreciated as the market focuses on near-term margin pressure. x.com 

Corning now has long-term fiber deals with both Verizon and AT&T, supplying both broadband expansion and links between AI data centers. AT&T announced a multiyear fiber and cable deal exceeding $3B focused on home and business broadband, following Verizon's multibillion-dollar deal for over 80 million fiber miles from 2027 to 2032, including long-haul AI data center links. These deals could improve demand visibility; watch shipment ramps and profit growth versus expansion costs. x.com 

Adtran rides three spending cycles still in their first innings. The US is spending $42.5B to bring fiber to every unserved household through 2028-plus, buying the OLTs, ONTs and optical transport Adtran makes; European telcos are replacing Huawei and ZTE gear, where Adtran has the only optical platforms approved for EU/NATO classified data; and an EU 2030 post-quantum mandate suits its ConnectGuard encryption. Revenue rose 15.5% to $286M, it is GAAP profitable, and it trades at 1.17x sales. … Show more

Dycom Industries posted strong earnings on telecom and infrastructure demand and has pulled back to support at the top of its June value area. x.com