# Power Equipment Booked Into the 2030s and Diesel Hits a Record - Weekly Industrials Podcast Recap - Week of September 28, 2026

> A synthesis of what podcasts, operators and analysts said across the industrials complex for podcasts published September 20 to 26, 2026, from AI power equipment now booked into the 2030s and Generac's $2.4 billion Amazon generator deal to Boeing's build-rate bottleneck, record diesel prices squeezing freight, a defense M&A super cycle, and autonomous trucking shifting from does-it-work to can-it-pay.

## Weekly Industrials Podcast Recap

### Week of September 28, 2026: Power Equipment Booked Into the 2030s and Diesel Hits a Record

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*Covering podcasts published Sunday, September 20 through Saturday, September 26, 2026.*

## Executive summary

- **Power equipment is fully booked into the 2030s, and prices are still going up.** Morgan Stanley's power analyst Dave Arcaro, back from the bank's Laguna Beach industrials conference, said GE Vernova is now negotiating gas-turbine slots for **2031 and 2032**. He added that the headlines about data-center pushback have not led to a single cancelled booking. ([Thoughts on the Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh5uwhSkL2boXpZkljWryenx66RlG5JX8ZN-2Bz1AAdI9IVf3JE-2BXzwg6ewESkd7BZETRG3kjImWPg79e1FMrTACzsZXQRwcD4a1ptaDeJjp4-2FA-3D-3DRFYY_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV61hn1CM8V3Q5piZdut8wHkjk7YoEasjTEEFgNEmiBhivBVxXesqkad8ee1uN-2FO-2BUXAabQVKG75-2BCejK1FziSZ-2FzRrLUTQenH6a7O4wEjXwt3zjtnhSMt4EV9VjhtJTm0g-3D-3D))
- **Generac became the week's clearest example of a company selling "shovels" into the AI gold rush.** It signed a **$2.4 billion** backup-generator deal with Amazon, and the stock jumped more than 19%. The podcast debate was whether a business built on storm season should now be valued like a contracted infrastructure supplier. ([Telltales](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhZ-2FJ5Ok-2Fe5MZWr8Fddfoy7Q4SbetImquvFhIIDk2s-2B7KIvkE0p879W4Olb2E9MEMiGDHnSVtoK21Ay2A28VpWA22leNdV-2Ff5RaRnoOvVHzjA-3D-3DIRgQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV4HASuJKHpZb0TyuSUdIQbwerCZJhv9AABLyoE0x4w7-2BOovZLBCEQgUk7eELLuFcrEgWYJBhk0zYs70yillBSJYvyFzNQ462ADFicZG9DJVgYel-2FU7grU3StfNMJ5TbiQQ-3D-3D))
- **Boeing's problem is how fast it can build, not how many orders it has.** It has about 4,300 737s on order but is delivering only about 40 a month. A surprise bottleneck in its own wing production, plus a public spat with GE over 777X and 787 engines, kept the stock down about 7% for the year. ([Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhffxRjl85BXrojzkSMuI5yz4j4i-2FWZduOh-2BxccNI7hDyd1K5z-2BOjwoIKt8ucWpsOqADKxhDr-2BJcHFc4w7xVfKrLMJISaTNqtP0yM4eRGCrNg-3D-3Dz42__7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV-2FX-2BUGy3M1KmDCaWFpSfssY9y8O73BlwmX9V1t9uss34SEonFeTVbeOqYaYY7qwdJ7e7hiqA3Bc-2FUqK2ehrmJGCr2FyIvluY6q4Kh3ToMrzx9sfC12Ce9ao2wRxEtLhHQQ-3D-3D))
- **Record diesel prices are the biggest story in freight.** Diesel reached **$6.599 a gallon**, a record for the third week running and up 68% since March. Truckers are caught between rising costs and weak consumer freight. The one strong spot is flatbed trucking, which hauls heavy gear for data centers and the power grid. ([FTR | State of Freight](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi-2FnZ-2BBXL-2FsT6JzN25rkXwc5jcbJM-2FLQa3HZ8UpFCymFdEqs8Fb-2BtGKH-2BeUqb-2BfWlUewtOPzBCTngERtJOLA4fR2bd4yAPjAuL-2ByJ6OtN7aJQ-3D-3DGQCA_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV-2FGFNU82rSBmhFd0TLGspAeKKihl1cwH-2FNu0d4KEIaTDgfvIF5GU9y8PhAReUwLcxASkFtKtAYUN1EzUohoFUDaL68YR1jEbDmtd6mmtmiXWqripbcQ9w-2FioVF3evGq-2FGw-3D-3D))
- **A hot factory survey clashed with the price charts.** August's purchasing managers' index came in at 57 against a 53.6 forecast. At the same time, one technical-analysis show pointed out that industrials have fallen out of the top four market sectors for the first time in three years, and that Caterpillar is about 25% below its 2026 high. ([VRA Investing Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhTmTFXVTv9G75-2F-2BxsPnIWyWw5nvcvUQbhNKTcTGjPAzp2ftYGYe-2F2uABqeuAK386qcRQq-2BIZ7X3pMxAL4lFDrJEIzk4moyJNVWULDPD-2FnMMw-3D-3DVOI2_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVx4jNS-2Bf-2FfC4WyohW1WIFylcPmwsW7cKtq57KnFa2v8M5BqD3TXjo2BGAkilqOvVWmGiUEhb3OiNa9D-2F0eQRubObQ6fhm-2Bjhim4wMsSfHEUU-2BX8gfqIS5X7dFsnby6OHgg-3D-3D), [The Nasdaq Dorsey Wright Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOinOO9s6XRnvg2VMa6BSa39ffsyK8Dnns09i03QuO-2FeaFmknrV1VTK-2FpcoEV83vOf6O-2BXaO4UgdMgt-2BatEypWN-2FUTuwcnyPovR9W6IAX71mHw-3D-3DVQJp_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV0YnY9l-2FGCC6kcUYNMCMlHOpj8LOSDlSOuZBjcfWN1aKo1KVgTeYJg0lp3X7oz473cRHgPXBd4-2BLC2aOYVpr58-2FwErWLIJ7DIresbrkd1FvgDMIE04zga57YvMWHFbGm2w-3D-3D))
- **Defense contractors have record cash and less freedom to buy back stock, so they are buying companies.** An M&A banker on the Schwab Network described "early innings of super cycles" in both defense and commercial aerospace dealmaking. ([Schwab Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhauIIDr7lkckamuwa-2FWMMf5XDE0TceaqWgcbjjkQh9qy1UZkDkhUni5D2B3I8Y8xfcRQMbCP1gIq6Uu6pPj6yHcgDuRgXB5nPZzdgUBN95HQ-3D-3D7HoF_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV1xIhFUvtFY5d66HhVguRKaWszY6TYvoMT-2FZxLisYgWI1RgQyYJmRI4WE2hef9KX7NYefvHZAE46cpaDVYzp9o6bTq2vcoTRWkSeaCXeFxB9GxOTmawfng1DiOohuuZCmg-3D-3D))

## Section 1: Dominant themes

### 1. The AI power build-out is a seller's market, and it keeps stretching further out

This was the biggest industrials theme of the week. The most concrete version came from Morgan Stanley's *Thoughts on the Market* (Sept 25). Michelle Weaver (thematic strategist), Ravi Shankar (transportation analyst) and Dave Arcaro (utilities, power and clean energy analyst) reported back from the bank's annual Laguna Beach industrials conference.

- **Order books now run into the next decade.** Arcaro: *"The large frame gas turbines, to give you a couple examples, from companies like GE Vernova, they're now in conversations to contract turbines for 2031 and 2032. Smaller equipment companies like INEO, who make smaller scale engines for data centers, they're in conversations with customers and taking reservations into 2029 and 2030."* ([Thoughts on the Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh5uwhSkL2boXpZkljWryenx66RlG5JX8ZN-2Bz1AAdI9IVf3JE-2BXzwg6ewESkd7BZETRG3kjImWPg79e1FMrTACzsZXQRwcD4a1ptaDeJjp4-2FA-3D-3DlJj-_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVzMqW3TIXGch-2Fn3pklwNBZbrXJnccVvKzxJCY-2FC0MmpGTLEELhbiWekHy6vl6ICkKAd7eMM0Rq2oekUJr44Y-2FZsDrlvaa-2F0qjx61eOqtkJN1awwPv8LLOkT6-2FpvtBNSSaw-3D-3D))
- **Prices are firm and rising.** *"We would still consider it very much a seller's market. Pricing has been rising, and companies at the conference gave further indications that it's likely to keep rising, what looks like, into the 2030s from here."*
- **The backlash hasn't reached the order books.** This was what surprised Arcaro most: *"We all see the headlines about data center moratoriums, political pushback, community challenges... But at least with the power equipment companies, they're just not seeing it... We haven't seen any changes in bookings or slot reservations for equipment deliveries."*

Other podcasts supported the same picture from different angles:

- **The grid builders.** On *Electric Perspectives* (Sept 24, from the Edison Electric Institute's EEI 2026 conference), Quanta Services CEO Duke Austin said: *"We're going to double the size of the grid... I tend to say that we see 2030 as like a drop-dead date."* Quanta hired 6,000 people last year, added another 4,500 through acquisitions, and is "on a pace to... start hiring 10,000 employees a year." He also noted that Quanta owns about 100 Chinook helicopters and other aircraft, "more... than most countries," which it uses to set transmission structures in rough terrain. ([Electric Perspectives](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi6zv-2FK8lHb61lhusFzGqBSJf9x-2B7p-2BNHH9CuvFikF5nWnYJYRpRZK7a59A4gbryaGjkKG8aFJGrLmE9X-2Bfz9IJBIQA5Qjrm2ohcGglUqGuQA-3D-3DYMH4_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVyo3vxY1SfBs0tr5olYsIe2NWPNdjjy8F0p60x9d38UAl99GtKYmNsPAKADfa1iNHmuKTGfDnCi8oyR40azvz0SRNBIsdJpY2kllDNQwHE6SdnxiMMsRj-2Bwm-2FCJgZg3wIQ-3D-3D))
- **The power producers.** On *Let's Talk Energy* (Sept 23), NRG CEO Robert Gaudette called it *"a demand super cycle. There's no question about it."* He listed the bottlenecks in plain terms: *"There is a turbine constraint. There is high load switch gear problems. There are definitely labor constraints, right? So EPCs, the guys who build things, they are completely booked."* (EPCs are the engineering, procurement and construction firms that actually build power plants.) ([Let's Talk Energy](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjC8CHcXfEEpTQ8mcDCztf45D8fhmkZaaQzjznDJZnMgL5RkW1TJ0Lo5Pq3ugBwVZ4UtMVayVRcyb-2BtYvfc71WnvQpDnMYKfYPyEjNmHhKjrg-3D-3D69Br_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV6-2F5XWB7vcs1-2BCVA99a7HfaEWQ9s55ZUNQ7LeyNu8dl1ap0U1f7JZYY-2B46YZMmR8CabAACUi9OWk-2B7sJK99hjNJiOnal4PORE8R4NMSiHQT-2FQuz-2FpHj3PS8GInvOnEG0qw-3D-3D))
- **The utilities.** On CNBC's *Squawk on the Street* (Sept 21), Edison International CEO Pedro Pizarro said US utilities are *"collectively investing something like $1.4 trillion over the next five years."* That spending feeds straight into orders for transformers, switchgear and grid construction. ([Squawk on the Street](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvxVMqtii9FcFbo23HxqkjFWOU8MAlOyD0lAIciJ8uj9vReGEgr7cZ8oAw635hM2uZ20JDJ16Bv33nkzPBddYFIKpevRDPNECDEnXudinJaw-3D-3DGem0_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV0ZogHFsukANo-2FNZmmHVE2N2fi-2FQ59eXYvAkWmEq-2BRU789rEMHT-2B0WgnwgE5D0s-2BiuW24sjlVSOHBO-2FL7nzzUaBp8TrU5fTNhngcvXtUvixClThJvZJjBNx-2F6lwjaf-2Fj2g-3D-3D))
- **Backup power.** Generac's $2.4 billion Amazon contract, covered in the stocks section below.

### 2. Aerospace: plenty of orders, not enough ability to build them

Two *Aviation Week Check 6* episodes and a Schwab Network interview all described an industry that has more orders than it can fill.

- **Boeing and GE are publicly disagreeing.** On the Sept 25 episode, Guy Norris and Sean Broderick explained why. The 777X is *"approximately seven years"* late, with first deliveries now expected in 2027. The final certification step is ETOPS, the tests that prove a twin-engine jet can safely fly long routes over water. Boeing says an engine issue could delay those tests. GE says the hardware is fixed and that it delivered production-standard engine seals in August. Broderick's view: *"is it a big deal? No. But is it an issue that caused this spat? Yes... they're talking past each other a little bit."* ([Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhffxRjl85BXrojzkSMuI5yz4j4i-2FWZduOh-2BxccNI7hDyd1K5z-2BOjwoIKt8ucWpsOqADKxhDr-2BJcHFc4w7xVfKrLMJISaTNqtP0yM4eRGCrNg-3D-3DWyoR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV5NskM8dqnwfRVb95n5CsmQ-2BxNY81p7QgyeVD-2Bf-2FpdV0FerWYg9lyiofpKbw6RNsnSiWD0WJxxwVZGvBghzeAcpr31LbJxUQQKGK2PepDarHie4CGZTet5PMGj6hEKVTqQ-3D-3D))
- **The disagreement reaches beyond one jet.** On the 787 Dreamliner, *"Boeing believes that it would be at a higher production rate... if it had the number of engines from GE that it has been expecting,"* while GE points the other way. *"Each side pointing to the other and saying it's not our issue."*
- **Defense factories are also stretched.** On the Sept 21 episode, recorded at the Air Force Association conference, Brian Everstine reported that General Dale White, who runs the F-47 next-generation fighter program, voiced "a concern writ large across the industrial base on capacity." White's specific worry was that Boeing's bid for the Navy's F/A-XX fighter could pull resources away from the F-47. ([Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvdmfJTPCLS9pLBdRghm6bkM-2FQTjp4ANQ-2B1Folj-2BEOmNcHfXzqLeQVy1aR-2BDJKIUGW7S51zrSnYkAO7YXog2ex1GN6cIur3YplxllJNR928Q-3D-3Ddgdg_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV9Qunc41zzYENwXINAW-2FbsrTPdaALh0a6NUBcgTRacwzEDyApw70Z2-2B73q6bc1aorTY2qk5hdwwMRY6MSDiJMTbe1U7rqHL9583LckZ-2BLEPw-2BzZNd8npgzHrFDnzj9EZAA-3D-3D))
- **Commercial aerospace backlogs are historic.** Meghan Welch, a managing director at the investment bank Brown Gibbons Lang & Co., told the Schwab Network that the industry is at *"record demand of a 13 to 15 years backlog right now."* ([Schwab Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhauIIDr7lkckamuwa-2FWMMf5XDE0TceaqWgcbjjkQh9qy1UZkDkhUni5D2B3I8Y8xfcRQMbCP1gIq6Uu6pPj6yHcgDuRgXB5nPZzdgUBN95HQ-3D-3Djhgl_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV5-2FddOYvGZhLtZ-2BXoCruQPDvQsB4cHTquYKnagg1BbOAHWVATqYk3koVUVFVWumeWRBpoluyZIp7pRwmyYrtbqI18WXF8EB632Xjmw8wey641nepD2RtTlK2NygD196ECA-3D-3D))

### 3. Defense: record budgets, rebuilding weapons stockpiles, and a wave of acquisitions

- **Welch explained why defense contractors are buying companies instead of their own shares:** *"These defense primes and tier ones are trading at record valuations in the public market. They have a record amount of cash on their balance sheet and they can no longer do share buybacks, whether it's a financially prohibited doesn't make sense or they're getting dragged in front of Congress for doing share buybacks and dividends, right? So they have to do something to return shareholder value."* ("Primes" are the big prime contractors that sell directly to the Pentagon.) ([Schwab Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhauIIDr7lkckamuwa-2FWMMf5XDE0TceaqWgcbjjkQh9qy1UZkDkhUni5D2B3I8Y8xfcRQMbCP1gIq6Uu6pPj6yHcgDuRgXB5nPZzdgUBN95HQ-3D-3DG_IA_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVwWLGuPh6-2F9b8lJvclk-2FiAay1G5N4f760TR7CZ3GLrpT2H-2Bm7P2CXTQbcWarKCGJEdOlUWEoJMNciVO7fCYGhf8pFcyC-2BvJYmDR2lt95eYmXDDYfo9-2FFWkZtkR89Dfq42A-3D-3D))
- **Stockpiles are depleted.** Welch pointed to *"a depletion across the board of our missiles and munitions stockpile that started with the Ukrainian war... And it's just been exacerbated in recent months."* She singled out naval shipbuilding as the most underinvested area.
- **Combat losses are creating new programs.** On *Check 6*, Steve Trimble said *"between the Houthis and the Iranians, we've lost dozens and dozens of MQ-9s"* (Reaper drones). General Atomics closed the MQ-9A production line in December 2024. The Air Force is now betting on a new "Mass Modular Aircraft" program instead, and Air Force Secretary Troy Meink called for **100 delivered by 2029 and 500 by 2032**. ([Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvdmfJTPCLS9pLBdRghm6bkM-2FQTjp4ANQ-2B1Folj-2BEOmNcHfXzqLeQVy1aR-2BDJKIUGW7S51zrSnYkAO7YXog2ex1GN6cIur3YplxllJNR928Q-3D-3DHy96_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV6LZxxP4hRQ8eilbjYM1bKADeAZDOaVgJaAIo3r54nmXMSjyXSy-2Fbo1ZkhryTjnGFr86csthM0lL3Tq-2FQSeOKlD478xOniki51-2BqY8WV9JE4ApXKDFmgOBeH2Mk9rBkx0w-3D-3D))
- **Funding still has to arrive.** Everstine noted that the need for appropriations "has been a cloud on basically every program, every modernization effort across the Pentagon right now."

### 4. Freight: record diesel, a soft consumer market, and flatbed as the exception

Freight had the most podcast coverage of any industrials sub-sector this week, much of it from the FreightWaves family of shows.

- **Diesel is the dominant story.** Avery Weiss, VP of Trucking at FTR, on *State of Freight* (Sept 22): the national average *"rose 24.4 cents to $6.59.9 a gallon... another record high, which has been the case for three straight weeks... Since the beginning of March, diesel prices have skyrocketed $2.63 a gallon, or about 68%."* The deeper problem is supply. US ultra-low-sulfur diesel inventories are 9% below the same week of 2022, and *"You would have to go back to 2008 to find distillate stocks significantly lower."* Crude briefly fell below $100 a barrel on hopes that the Middle East conflict was easing, but Weiss warned that *"even if crude prices were to keep falling, that's no guarantee of major relief in diesel prices."* ([FTR | State of Freight](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi-2FnZ-2BBXL-2FsT6JzN25rkXwc5jcbJM-2FLQa3HZ8UpFCymFdEqs8Fb-2BtGKH-2BeUqb-2BfWlUewtOPzBCTngERtJOLA4fR2bd4yAPjAuL-2ByJ6OtN7aJQ-3D-3DodTZ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVz6Pm4BFV6PWWEqCk1Q9zIAqWjNjpitHhmjh3UMeWoNYKlE1ZcWHFbHxrdJxrttelK1U-2FyMudQ4Xz7xJ3NUW8yZxlEd83mtiuCLZLR7X5woIKXyJLiKaUZDB1NifVRRcCQ-3D-3D))
- **Flatbed is the outlier.** Weiss said flatbed spot rates saw their largest increase for this week of the year *"since at least 2008,"* while van and refrigerated rates eased with the season. (Spot rates are prices for one-off loads rather than contracted freight.) On *FreightWaves Today* (Sept 22), Truckstop COO Sean DeHane linked flatbed strength to *"the data center dynamics and the reshoring as well as some of the power industry dynamics... Flatbed has been very positive for... effectively the whole year."* In dry van and refrigerated trucking, *"it seems to be much more of a capacity story than a demand story."* ([FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgPENVqAAc-2FNbMD-2BsadcmOeHM-2F0DXPwIcR1gnWVUFHoI-2FjliyCuYrSd4hxLDzF2Y5CBNViUoXUIS8i4UVBjJh1OZ-2BxzkLZtb69NXbtN2gbcwg-3D-3DoCx5_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV2D3kUbn8mt1FiNbhKdGwIbLnkJ4EUajml3obRSFeBoZNHEEaz9vZP-2FljdYbEAlbGC992Xp9VatQoMqOmDFfDID3tMtNpU7bI44G-2FfDLEi7T2ECmquptZ0r17i5XFeH2hA-3D-3D))
- **A fragile market.** On *FreightWaves Today* (Sept 21), the SONAR segment showed the share of contracted truckload freight that carriers turn down back at 20.5%. When that number rises, capacity is tight. The hosts called Q3 "soft" and "a disappointment" ("J.B. Hunt investors certainly feel disappointed"). Their point was that trucking capacity has drained out of the market, so any jump in demand could push rates up quickly. ([FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgUe6XvevAJOIIMtka2A3OUfTY3AY31n7FDXEVbmOr-2FFl530IoMC3XQ38rJ6JiEuRreyQCu-2FdpSp9Kw-2F9DZF7JCmjpNOqUgTz8v909AjDRcIA-3D-3DeOp7_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVwdm4xxxO0-2Fw8aPh1E4cF070jh2DFLLt1amV8Jz8XJaPlXuGP3uOWNXragwLLfC3y84ztGIjThnoej-2BtYjpD8wsqhtMX-2FpiHp211wuskb3hwqXmZnzbeOFdxD9GQ0PlG8g-3D-3D))
- **Diesel feeds into inflation with a delay.** On *Motley Fool Hidden Gems* (Sept 21), the hosts explained that diesel reaches consumer prices more slowly than gasoline: *"Companies try to resist passing on price increases until they can't anymore. So it tends to be a little bit more of a delayed fuse."* They named UPS and FedEx directly ("their planes use jet fuel, their trucks use diesel"), plus farm and construction equipment. ([Motley Fool Hidden Gems Investing](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjpQAbw3rfG2iqZJnEBheycuy7bZzV7A-2BUrgEelIs4ulgjMkeTceckrLwJoZm6ilW42JSR71x7JUG0IQpWJ1Y9cSTJ-2FAZqEnILV1p-2BrvYjDpw-3D-3D8ddz_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV31Z14L5RrimbuJVmh1-2F-2BPFzVVswhwT-2B8LluoT-2BdlVVQVecU-2FdjJCSo5NGY3p15JaG0m2f1fqxKx-2BqLxb3aTRPBUSgKBb2KwuXrRXrjC4yqpm-2BUUSSPqlGc4JcdDSCMa3g-3D-3D))
- **Ocean shipping is tight too.** On *The Loadstar* (Sept 20), Stephanie Loomis of Noatum Logistics put transpacific container rates at about $8,200–8,300 to the US West Coast and $11,500–11,800 to the East Coast. She blamed *"a brutal cocktail"* of Chinese port congestion, Panama Canal restrictions and weekly cancelled sailings, adding that congestion is tying up close to 13% of global container capacity. ([The Loadstar](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiFXHnLxdEmI4Afhrj-2FZ0RGIa9s2Sh3KolwEzfezsedFGO2ke2ahQW4VziacBkEXN8U9ePr8xdPgmPRiENgXFdHr-2F32ALMA-2Bbp3m40rhO-2F-2Bsg-3D-3DWyor_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV6IAvpUB90rPrTPsp6V9VarGoWGnjriTtTZcr-2FKym1ZAMpvUlMnOQB1KA0DucGU28F9onCOl9qMS0XfnBnQ3KE1sO8sk-2BPvnJTuInhcFF-2F3PCn0gJluLzw3WW75yP2P2ew-3D-3D))

### 5. Autonomous trucking moves from "does it work?" to "can it make money?"

- **Morgan Stanley's cost math.** Ravi Shankar, on *Thoughts on the Market*, said autonomous trucks could deliver roughly **20% lower cost per mile**. Drivers make up 35 to 40% of a typical trucker's costs, and even after paying the self-driving technology company about $0.85 a mile, a fleet still saves money. Fuel efficiency improves 13 to 22%. The larger prize is that the trucks can run more hours: *"the unit economic savings are only about a third of the total savings, with the utilization benefit driving another two-thirds."* Aurora has now logged *"almost half a million miles of fully driverless revenue-generating operations"*, and Shankar sees a *"critical 12- to 18-month period ahead of serial commercial production."* ([Thoughts on the Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh5uwhSkL2boXpZkljWryenx66RlG5JX8ZN-2Bz1AAdI9IVf3JE-2BXzwg6ewESkd7BZETRG3kjImWPg79e1FMrTACzsZXQRwcD4a1ptaDeJjp4-2FA-3D-3DT626_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV6r-2BuMHTRsFScXnKty-2F3BgIpc331NibuWBSqV-2BrhJb4bw7U9RUvoeqsHxTx1YzJ3HVKj0nKL8FTGvEQdOZFHqPnYvwd86-2FSES9Uh2dA3ZOqtPiNtMMP4xzg8zF0JdqsG4w-3D-3D))
- **A commercial run on live TV.** CNBC's Phil LeBeau rode in an Aurora truck on *Squawk on the Street*. He quoted Aurora's figures of **$0.85 a mile without a driver versus about $1.18 with one**, a plan to reach about 200 trucks by year-end, and CEO Chris Urmson's target to be cash-flow positive by 2028. ([Squawk on the Street](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvxVMqtii9FcFbo23HxqkjFWOU8MAlOyD0lAIciJ8uj9vReGEgr7cZ8oAw635hM2uZ20JDJ16Bv33nkzPBddYFIKpevRDPNECDEnXudinJaw-3D-3Dm32A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV22uHEQxIJRaMawDoKddkiTcxQAxgUcqSYIgTO2vJ-2FtzzWgw8t4Zr4S1kMKRQIYjptmJxGsexM2c7Oby6h9sme4UlmFhXesMfY854sTihn3oALehv043MpxxtdtRt3Xn6A-3D-3D))

### 6. Tariffs, China and reshoring: always in the background, rarely tied to specific stocks

Trade policy came up on more podcasts than any other macro topic, but mostly at the economy-wide level rather than stock by stock.

- **Company adjustments cost money.** On *VoxTalks Economics* (Sept 25), Chad Bown of the Peterson Institute said companies moving supply chains away from China will need *"redundancies in their supply chain, multiple sourcing. And that's going to mean smaller scale economies and bigger fixed costs."* He was doubtful that consumer-electronics assembly has come back to the US in any meaningful way. ([VoxTalks Economics](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiaaF5T-2BIfqYCaT7fH-2BRJmLNBOiCqHtnmDaeVCKrQkcOrqKNtLc6YKshUi9o0lJo4IlO3p32p9sOBZJfM8lGUd2eyvpNejqrBf2I-2Bwwh837wQ-3D-3DKjtd_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV7ypMYOTXVLx4FI2PanB-2BK5Ro75SW4KIxlQOkzQGjmikIMQacQjtLOTSOAK86Pwhl7IAnYkKaObVbsSpmyKxNXydnplAlTIiZz2zM24Rjrpu86qqc5ddjPamHxJE6fmQdQ-3D-3D))
- **Rail and Mexico.** On *Talking Transports* (Sept 22), a BNSF Railway executive said the railroad "promote[s] free trade from a rail standpoint" and that its Mexico business "has set... records in recent months." He expects rising diesel prices and shrinking truck capacity to push more auto-parts freight from highway to rail. ([Talking Transports](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi1lM9t4WL7hnUXJppzLm8GzicOpDO2oEo4nLBjbZoT7MdC-2FrAbR3Rl-2BuI81a2ncZ-2FfivpeFBBnKHRsvxYgKRyds9YXMQyZ2fd4sfZhLAlzuQ-3D-3DxPFa_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVxlsanmFKW-2FpO9Lr3XHSKt-2FPU7th-2FJYlGyh1J-2BsHSPCOJ-2FYqcyuvjKRuyCRI8IryhRxeEHvWSp1-2FhPx4z-2FM7B7p-2FCWLnRD2m-2BcEQACbCSWeJbmDEWuLpBK3JctgiChp1rw-3D-3D))
- **The US-China truce.** A tariff truce was extended (one trading show put the new deadline at January 10, 2027) after a Trump-Xi meeting that grain-market podcasts described as "no news." ([TraderMerlin](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh-2B7Uq3hUrZHuEvAMBIIoyAg36iG3ilagwSJaC2VXVAvEXQOWg-2B2GWW5K1yil-2FCN75jQgUA2VgzfFf5cQcSjLRELWrEuM72RSg5ugDBnvgBaA-3D-3Duwz5_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV9Vf7T9Bw1zP6hpA-2Bi-2FDItj8AHnkP1KonTxP-2F9VcDQQ3NN8PEmrOjEsWGv1nZ-2BpSVAIX92gB88gJ0-2Bj5zjAvX-2BMOKLKbhNuuPozb4BvsZK9UUyFSDSqCpNItJhGNArTBFg-3D-3D), [Grain Markets and Other Stuff](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhMpbQCJBqkBq0XA2QoRmH-2BoEZV2jnlKk0xpKD3F6N4I1-2F4LR5wlOUb5gD9xF1zU8UY8Y9MNtqvr1jpIP-2FtI455zA-2FlpDyH-2Fq-2FoQ2Vh6vOQtw-3D-3DvqYa_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV8Yjnela7lKGeTiMyF1I-2Be76voiMt97oKdVy-2BuZhpSl9iGtmpW0ub588FiTNI9nfDQPN8X81t0Yv4oM5n9sx-2Byof7R-2FLXv49Snd5byvezEXs-2BuqRL6MDMBmBss9i79PeGQ-3D-3D))
- **Tariffs as a tax.** Chris Markowski on *Watchdog on Wall Street* (Sept 20) called tariffs regressive and said uncertainty about tariffs and energy costs has left businesses unable to set prices. ([Watchdog on Wall Street with Chris Markowski](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhIfywN6YgLJpudIjyxhkU96S5ELZ9b-2BCU7yu16B23v-2BRLbqruvoxd6e5-2FwcwkvJymHiv5DTlBiJwE-2FtBKjUjW1-2FPK-2Fq2KjRdWHLgRulKL7pg-3D-3DfKw3_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV3FAmsAChFgW-2BSeXuBm1euN5xyxXez5aYVazuXo-2F7fH3N0vmMHKiulS-2FM9NmwF1Ip2jVmdlVXOy6ZvBc6fSmhwZdw17prTIKH3NPnePEaaHRTbxX5Za0JfKM9FPHpDyj2w-3D-3D))

### 7. Factory surveys: surprisingly strong

- **The headline number.** On the *VRA Investing Podcast* (Sept 23), Kip Herriage highlighted the August manufacturing PMI (purchasing managers' index, a monthly survey of factory activity where readings above 50 mean growth): *"came in at 57. Estimate was 53.6."* ([VRA Investing Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhTmTFXVTv9G75-2F-2BxsPnIWyWw5nvcvUQbhNKTcTGjPAzp2ftYGYe-2F2uABqeuAK386qcRQq-2BIZ7X3pMxAL4lFDrJEIzk4moyJNVWULDPD-2FnMMw-3D-3DymRN_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV8rhGEq5QCQ6KvJX1CZUmxKw82zRODteNZl45SSk-2F9DKztUxRP2lzNNo8p2KpCijQROdVy-2BgsbyVsQamWt5-2Btbnw88Z3zlTfdtJqff4uHH60Etw-2Fd1rlJ1C3XU4YEkKUAg-3D-3D))
- **The details.** On *Wall Street Unplugged* (Sept 23), Frank Curzio said order backlogs "rose to the sharpest rates since 2022" and factory hiring was the fastest "for over four years." Markets read that as bad news for interest rates: *"this suggests that, hey, inflation is not moderating... we're going to see the Fed come out and probably raise rates again."* ([Wall Street Unplugged](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOilSV-2Fu-2Bb-2F90eFsWAJJ3y06KV-2BnBsx5gPxf2zd-2FgPTqVfkxRHPKmph-2BKamg-2FpmalNpwvGRgZ6RoBbidouaOrI5qaMGSKngCeTO2p4AAyq3v0Q-3D-3Dsjzx_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVwib6CeKbHQoXwSQpakJgvS6iQ4fJbkX2PgGfCiqdnTfHx7sEeFAfhDMmzqgoCkhnMR56DaB3SeSy4gKBFEH8UK1GRvjy-2Fkr4PLdz-2FGo-2F6ihADuTOHvUetcdlLkpJmb9eg-3D-3D))
- **Hard data points the other way.** FTR's Weiss noted that August industrial production was flat and manufacturing output fell 0.3%, the first monthly decline this year. Part of the year-over-year gain in manufacturing comes from computers and electronics, a category he called "a bit misleading" because it counts product improvements such as faster processors, not just units made. ([FTR | State of Freight](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi-2FnZ-2BBXL-2FsT6JzN25rkXwc5jcbJM-2FLQa3HZ8UpFCymFdEqs8Fb-2BtGKH-2BeUqb-2BfWlUewtOPzBCTngERtJOLA4fR2bd4yAPjAuL-2ByJ6OtN7aJQ-3D-3D6ywW_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV1PUWcsK47ABZMemew7BGynQBf9dJKlL9YH8XceRqPBtKGPQv3N8oKavz8TvGI1fAXX1EScklQq3XFJKscCcZiN5be-2F5WUB07Xiv3EfPgTb8aDfUTXb54VWarJw6WKdA2g-3D-3D))

## Section 2: Active debates

### Debate 1: Should data centers get power from the grid or from their own on-site plants?

- **Big turbine makers and utilities:** *"all this data center demand is going to the grid eventually."* **Smaller equipment makers and power-as-a-service providers:** *"nobody wants the grid"*. They expect to sign 15 to 20-year on-site power contracts. Dave Arcaro of Morgan Stanley expects the on-site market to be "extremely large" by 2030 and called the backdrop "really favorable... for both sides." ([Thoughts on the Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh5uwhSkL2boXpZkljWryenx66RlG5JX8ZN-2Bz1AAdI9IVf3JE-2BXzwg6ewESkd7BZETRG3kjImWPg79e1FMrTACzsZXQRwcD4a1ptaDeJjp4-2FA-3D-3DHyS0_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV4qbMuEjkSyP2DBKZcucmWVp4-2BhYY7pBoSC8gj34jHVehXFNIh62FIthwBRGs5rMygjIp-2BH-2FGefCBFrjH4wkl4cx4u00kb2hdRrPbc6-2BM7r4vje9fgaS24fJir6zQLVjgQ-3D-3D))
- **NRG's middle position.** CEO Robert Gaudette said "I'm going to have a view that's different than others." Standalone on-site plants ("islanded," in his word) should eventually connect to the grid, because a network can "absorb the shocks and the bumps in the road a lot better than... a handful of islands." For equipment makers, that means on-site plants must be flexible enough to switch on and off. ([Let's Talk Energy](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjC8CHcXfEEpTQ8mcDCztf45D8fhmkZaaQzjznDJZnMgL5RkW1TJ0Lo5Pq3ugBwVZ4UtMVayVRcyb-2BtYvfc71WnvQpDnMYKfYPyEjNmHhKjrg-3D-3DdWST_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV6UEngkRZ3yzFGRgCvLDRFhI3c53ZHpgDxTwszvYYMggqGuKU8Dzo7mRIQc8mA-2BOSI3in-2FpMxzBR52VbRVfPLFGTLT-2BMqF41Ihm7KrlC1Jb4z1jJ7hx6Mggqh2UJ3m6bGw-3D-3D))

### Debate 2: Is the data-center load real, or inflated?

- **Bull:** Arcaro sees no cancellations. Quanta talks about doubling the grid. Utilities plan $1.4 trillion of spending.
- **Skeptic on the size:** Gaudette on Texas: *"there's a number out there that says 500 gigawatts. Now that's on a system that has 91 is the most recent peak. Yeah. That's not going to happen. Physics is going to win... 40 gigawatts is probably the right amount."* Even 40 GW would be a large increase on a 91 GW peak. ([Let's Talk Energy](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjC8CHcXfEEpTQ8mcDCztf45D8fhmkZaaQzjznDJZnMgL5RkW1TJ0Lo5Pq3ugBwVZ4UtMVayVRcyb-2BtYvfc71WnvQpDnMYKfYPyEjNmHhKjrg-3D-3DR1CB_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV8omqzWe5QQxvwmGZSjerRCIJ9PblLUW-2F-2F41RDUELDrXvh8DpLj84zM0T-2FC6k56OAyvex5aaZzlVGPqqNd-2BQyU5HS-2BeGz-2BjlEwcyDDejeqqLAWMCGG1D-2BTHrl2klWdVp-2Fw-3D-3D))
- **Bear on the financing:** Paul Kedrosky of SK Ventures, on *Between Two COO's* (Sept 22), warned that debt taken on to fund AI spending faces a "maturity wall" around 2029 to 2030, when large amounts of debt come due. He named CoreWeave as his "favorite example" of a heavily indebted operator. His advice to suppliers: be *"very careful about being overcommitted to companies who are most likely to see the most aggressive repricing of their debt loads because in four years they may not be there."* For companies with multi-year power-equipment backlogs, the risk to watch is whether the customer can pay. ([Between Two COO's with Michael Koenig](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhYjJDwruxwdiRJEHVjjOHFOKjq33K-2Bav1l6ukU1oit2X-2BgdEPq93v5tvbkdKVGgUblKdRo-2F-2BA0npXCOR8pzA8WP62ZCAfVShDSHp4V1gfnhg-3D-3Dr-Fl_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV0I7Eu-2F2qiYRnYLol1VEY-2BDP2IWqsUeSLXVbD7YM9X23f5XwZ46LqRC2D-2FgQndUX5zLpgxUy-2BDwZ-2FeOw3TgoKuI9ZAUIJtfMxQy0aFyP7EP9JxHPcxjV4N9wTF70evUjkQ-3D-3D))
- **The political risk:** Senator Sheldon Whitehouse on *Climate One* (Sept 25) blamed a bipartisan backlash on how data-center operators have behaved: dumping unplanned load onto grids, depleting water supplies and relying on nondisclosure agreements. NRG's host quoted Texas Governor Abbott saying the industry *"dug their own grave."* ([Climate One](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjbKNQO1gaMR1UNHAxubLCGkbwJqX0-2BsF9yaZxdkKdtKGOt6KaO6IZ0SGD4eeyxlBLp9iuw33mRYbl4oG2mIy6VbiBsoGXERznEHFvimlcrHQ-3D-3D-fse_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVz8uuGFYLf-2BXTwRnaESuRkiDK2xNouaxex9b2XEvcxQgGZ13Db3WXcJ24XqZgmsfnCok7J-2FJ-2BedQ71kVvyBbcqrMc9xi4RuJza5kdYr7t6HqahiC1Ut7jtJHriickDpGNg-3D-3D), [Let's Talk Energy](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjC8CHcXfEEpTQ8mcDCztf45D8fhmkZaaQzjznDJZnMgL5RkW1TJ0Lo5Pq3ugBwVZ4UtMVayVRcyb-2BtYvfc71WnvQpDnMYKfYPyEjNmHhKjrg-3D-3DSKVO_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVzEhqNUuAbU7wOg92QefYPD39uhfSK-2BYlrAm0JQ6eHdqimVwBoaVMWKrEVmQzlOAYvNgtygZPNgYO3gHP8esA-2FaLeV-2B5ExO0zA5E3GShtR9oFkHvPLVmY30bdAjQ4Yqv8Q-3D-3D))
- **Industry pushback on that framing:** Quanta's Austin: *"a golf course uses probably 25 times more water than a data center. We're not closing golf courses."* ([Electric Perspectives](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi6zv-2FK8lHb61lhusFzGqBSJf9x-2B7p-2BNHH9CuvFikF5nWnYJYRpRZK7a59A4gbryaGjkKG8aFJGrLmE9X-2Bfz9IJBIQA5Qjrm2ohcGglUqGuQA-3D-3Db5Gj_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV8RdNqDN2bo68OXR5-2FCRusqgqGBxu7sDSCZfTvonlpPoGSEgj9nGslcX-2BuZj1-2BF-2F1SIpLLtw6rAscCmRvIZhfAY02WQVsb-2B6POlTTKu4xpzY6wNdr5JfSF-2Bf8jubs6kLEA-3D-3D))

### Debate 3: Is Boeing's production ramp on track, or too slow?

- **Management's view (bull):** At the Morgan Stanley Laguna conference, CEO Kelly Ortberg said engines and suppliers are arriving on schedule. The next production rate step, to 52 737s a month, depends on two things: fixing the Renton wing line and getting the new Everett North line running.
- **Wall Street's view (bear):** *Check 6* host Michael Bruno pointed out that at roughly 40 deliveries a month against a 4,341-plane 737 backlog (after an accounting adjustment known as ASC 606), *"you're still talking about years and years and years to deliver that backlog."* He cited Jefferies forecasts of 41 a month on average this year, 49 in 2027 and 52 in 2028.
- **The reporters' middle view:** Sean Broderick said the ramp *"is going well. But do I think it's going to go smoothly?"* He was skeptical, and pointed to Spirit AeroSystems, which Boeing brought back in-house and which still needs about another year to integrate. ([Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhffxRjl85BXrojzkSMuI5yz4j4i-2FWZduOh-2BxccNI7hDyd1K5z-2BOjwoIKt8ucWpsOqADKxhDr-2BJcHFc4w7xVfKrLMJISaTNqtP0yM4eRGCrNg-3D-3DfYw6_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV4xFYZbxIMbcl-2FJyoLk9DwR5gw10nPzvv8s-2BXTv-2Fsq14wv-2FqyfWyeDRDDhnmCOZXlV3vEtASfP-2F7om5DGDd-2BciZdTL-2BZFOW82eH8YyskDqDd4jDRLYFd1OMMdymIBi3F4g-3D-3D))

### Debate 4: Is the freight market recovering or stalling?

- **Bull:** Trucking capacity keeps leaving, the share of freight carriers turn down is back above 20%, and "any additional surge of demand could create much more" rate pressure. Truckstop says carriers "are starting to become finally profitable." ([FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgUe6XvevAJOIIMtka2A3OUfTY3AY31n7FDXEVbmOr-2FFl530IoMC3XQ38rJ6JiEuRreyQCu-2FdpSp9Kw-2F9DZF7JCmjpNOqUgTz8v909AjDRcIA-3D-3D8FWX_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV2NqdZkcWQxGC6kijlj4YMRvOwDlIM002COCmKFbko0lJ1jNj6RrOGckf2gs22Djl9ilyYGXCLo3hip-2FUY-2Fba-2F9Z993DZ0LYtZEecSAwwbTJbJKLkNdAPSiheDUSV8-2Bjng-3D-3D), [FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgPENVqAAc-2FNbMD-2BsadcmOeHM-2F0DXPwIcR1gnWVUFHoI-2FjliyCuYrSd4hxLDzF2Y5CBNViUoXUIS8i4UVBjJh1OZ-2BxzkLZtb69NXbtN2gbcwg-3D-3DBJwc_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVwSoXm6-2BkgSQcou5IpLVLBvZlwEhAaBhxTkNPE3-2BOEfO-2FVaDK1u7tQQqo3Zem0SekfvdPYqh2jzCBJQcWlK3kHRljsY1PCGP7bgpAyi3JMjpb5YzsaDD9S4gFFVACgm-2BQQ-3D-3D))
- **Bear:** Diesel, insurance premiums (up 10 to 20% a year for "four or five years," per Truckstop), and weak consumer freight in shipping containers are eating those gains. FreightWaves' Julie: "we just are not seeing super strong demand at this point." ([FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgPENVqAAc-2FNbMD-2BsadcmOeHM-2F0DXPwIcR1gnWVUFHoI-2FjliyCuYrSd4hxLDzF2Y5CBNViUoXUIS8i4UVBjJh1OZ-2BxzkLZtb69NXbtN2gbcwg-3D-3DI1gC_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV0F5MZr62C0m8FFtrvHG17y8U5ydbCkoN5jsbCJZlPIrByjRYPD3X-2F4t4yPFcJwD1UyVurvEC26-2FlUL7cIwG3sSMeDctTGzgLt-2BySI3aXmlTosDos69RwC2Q4Lop-2FdVHZg-3D-3D))
- **Legal risk for freight brokers:** A Supreme Court ruling in *Montgomery* removed a key legal defense that freight brokers relied on when sued over crashes. At a Logistics M&A conference covered on *FreightWaves Today*, consultant Beth Carroll argued this makes human brokers more valuable than AI. The hosts were not persuaded. ([FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgUe6XvevAJOIIMtka2A3OUfTY3AY31n7FDXEVbmOr-2FFl530IoMC3XQ38rJ6JiEuRreyQCu-2FdpSp9Kw-2F9DZF7JCmjpNOqUgTz8v909AjDRcIA-3D-3Dr_qE_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV5ZzsKF628IGjvNbBH56biVKd02lYW1surNtXoblFJwTpEmf4P4sorx2NmtTsVYMzX79pKify-2FWrAoCJJnC8CsboFzOoEHk9LuBOpxa5mwWCJCWCwcMC38t5GsLEx7E1bw-3D-3D))

### Debate 5: Strong factory data vs. weak industrial stocks

- **Bull:** The PMI at 57 is the strongest in about five years, and backlogs are at their highest since 2022. ([VRA Investing Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhTmTFXVTv9G75-2F-2BxsPnIWyWw5nvcvUQbhNKTcTGjPAzp2ftYGYe-2F2uABqeuAK386qcRQq-2BIZ7X3pMxAL4lFDrJEIzk4moyJNVWULDPD-2FnMMw-3D-3D0UEh_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV4ex-2B-2FfIi9GppPkfFxo9FQHY2MbaT1eqgd73ZQ8jgtcSRMtflj4n4Rv47Z5sZaTH7KLIdvebu-2BnoEK8YlbAtlL2aXGG-2BAhka74gxRHCnBj-2BqdPGQdT7W2A36rdCWWWYOcA-3D-3D))
- **Bear, from the charts:** On *The Nasdaq Dorsey Wright Podcast* (Sept 24), the hosts said industrials had "been in the top four for over three years. This is the first time it's been in the bottom half." Their models have been rotating out of industrials toward healthcare, and the case for owning the equal-weight industrials fund "is getting a little bit harder to make." ([The Nasdaq Dorsey Wright Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOinOO9s6XRnvg2VMa6BSa39ffsyK8Dnns09i03QuO-2FeaFmknrV1VTK-2FpcoEV83vOf6O-2BXaO4UgdMgt-2BatEypWN-2FUTuwcnyPovR9W6IAX71mHw-3D-3DyjUT_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV9-2FYXJrRnvBtMX46xR6M6yUOWkyQMDsTGKxAlIoq-2BImXG4g6fFXr5X7g2N-2FoDk7W5oz9m82CpJJQe2SByqshIxSbvOl4j-2FKtu-2B3z52oMQpbtNDdXtk2RHjFSbPxVxhixyw-3D-3D))
- **The rate worry:** A hot survey means stubborn inflation, which could mean more Fed rate hikes. That is a headwind for rate-sensitive, economically sensitive stocks. ([Wall Street Unplugged](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOilSV-2Fu-2Bb-2F90eFsWAJJ3y06KV-2BnBsx5gPxf2zd-2FgPTqVfkxRHPKmph-2BKamg-2FpmalNpwvGRgZ6RoBbidouaOrI5qaMGSKngCeTO2p4AAyq3v0Q-3D-3DnkpT_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV3SUYx6YAxO5qcECGFzw-2By0EqSR9lRLK2UoqHJcBCDW9A-2BxYU10KsF6dahfEYEXYyuOwTnpNmf93CYY6KjAw44oOpXVogTFTJhG1jVRvywKJi4f66dKgartnteDxhTppyw-3D-3D))

## Section 3: Stocks mentioned

### Boeing (BA): mixed; production concerns

- **Episode:** "Why Tensions Have Flared Between Boeing And GE," *Aviation Week's Check 6*, Sept 25, 2026
- **Speakers:** Guy Norris, Sean Broderick, host Michael Bruno
- **Angle:** The problem is building planes fast enough, not finding buyers. There is a surprise bottleneck in Boeing's own wing production at Renton, the 777X is about seven years late with an ETOPS certification spat with GE, and 787 production is limited by engine supply. The stock was down about 7% year-to-date as of mid-September.
- **Quote (Bruno):** *"Through August, the company is averaging delivery of only about 40 maxes a month... if you're only producing at those numbers, let's say around 50, you're still talking about years and years and years to deliver that backlog. And that's why Wall Street is starting to pay attention."*
- **Also:** On *Check 6* (Sept 21), General Dale White pressed Boeing to keep the F-47 fighter on schedule even if it wins the Navy's F/A-XX. The Air Force confirmed it will buy its first military 737 MAX to expand the C-40 fleet. The Air Force One (VC-25B) program is "still on schedule for delivery in 2028." ([Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvdmfJTPCLS9pLBdRghm6bkM-2FQTjp4ANQ-2B1Folj-2BEOmNcHfXzqLeQVy1aR-2BDJKIUGW7S51zrSnYkAO7YXog2ex1GN6cIur3YplxllJNR928Q-3D-3DVYmY_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVwI-2BzNztK7ZtazcVvNBU03bO5hmJF-2FL9KKuIEvz-2BlmHuri-2FGjyNfhpZwn9rIh6GZ0AS4vJYJDqnS65vSZwN3mMKdtRh5JQ1rF2Dnnsr7m8EawJ1w-2BqIOMnzTsdRFdAnZoA-3D-3D))
- **Source:** [Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhffxRjl85BXrojzkSMuI5yz4j4i-2FWZduOh-2BxccNI7hDyd1K5z-2BOjwoIKt8ucWpsOqADKxhDr-2BJcHFc4w7xVfKrLMJISaTNqtP0yM4eRGCrNg-3D-3DfTSg_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVyrgFAMf2L85-2F-2BAWaT4zMb0pwT-2BCFnupWDhq-2FFSI-2BMvzCbDDMmANpCRnCy6MrXkBeUKu-2F-2BYLdYStaYlvo3ydgI-2FpMfIDty-2B12LjHjEIuPuAMvYsyenMaSdbdiwkeNfcLbg-3D-3D)

### GE Aerospace (GE): neutral to positive; the engine maker Boeing depends on

- **Episode:** "Why Tensions Have Flared Between Boeing And GE," *Aviation Week's Check 6*, Sept 25, 2026
- **Speaker:** Sean Broderick
- **Angle:** GE says the 777X engine hardware is fixed and that production-standard mid-seals shipped in August. The remaining gap is likely documentation for the FAA. The 787's GEnx engine supply is still disputed. The 737 is now "in sync with Leap deliveries" (the Leap engine is made by CFM, a GE-Safran joint venture).
- **Quote:** *"What GE was adamant about saying, look, we've given them engines that have the new mid-seals on them. They don't even need them for ETOPS. So that's not the issue. What they've been less certain to say is we have given Boeing everything that they need, that the FAA needs to move on with this testing."*
- **Source:** [Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhffxRjl85BXrojzkSMuI5yz4j4i-2FWZduOh-2BxccNI7hDyd1K5z-2BOjwoIKt8ucWpsOqADKxhDr-2BJcHFc4w7xVfKrLMJISaTNqtP0yM4eRGCrNg-3D-3DJz7u_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV6CjFnOFEersWEiYIVSq2kcl-2FzOs5pAcarEH-2B6fyq8ZOjpEz2rlVgc30QrZHz17aWydEWZUs21ojRcxpxFQ0SKXegg4fV-2BQnyMZMMQDGaIfuzYxrzZJKXOA-2Fpi8Kbtjvjg-3D-3D)

### GE Vernova (GEV): bullish on gas turbines; offshore wind cleanup

- **Episode 1:** "AI Meets the Physical Economy," *Thoughts on the Market* (Morgan Stanley), Sept 25, 2026. **Speaker:** Dave Arcaro, Morgan Stanley utilities, power and clean energy analyst
- **Angle:** Large gas turbines are sold out so far ahead that GE Vernova is negotiating 2031 to 2032 delivery slots, and prices are expected to keep rising into the 2030s.
- **Quote:** *"The large frame gas turbines, to give you a couple examples, from companies like GE Vernova, they're now in conversations to contract turbines for 2031 and 2032."*
- **Source:** [Thoughts on the Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh5uwhSkL2boXpZkljWryenx66RlG5JX8ZN-2Bz1AAdI9IVf3JE-2BXzwg6ewESkd7BZETRG3kjImWPg79e1FMrTACzsZXQRwcD4a1ptaDeJjp4-2FA-3D-3DAJ0k_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV9tCMXyb8oswlUcLYc586BQvcJE7OQToi4jLIfhxZ9sDzBUJGzvmS7rxJGLM9LYtR3ZMGXViYpXiDNuVEEXF1qA98He1TzVdGDXbTzRaN5CUKL4J2-2B-2BnodOMDPfi78xK0g-3D-3D)
- **Episode 2:** "GE Vernova and Vineyard Wind Settle, UK Approves Irish Sea Cables," *The Uptime Wind Energy Podcast*, Sept 22, 2026
- **Angle:** A long-running legal overhang has been removed. GE Vernova had tried to quit the $4.5 billion Vineyard Wind offshore project, saying it was owed about $360 million. It has now dropped all appeals and will support the project on site. It also won a seven-turbine order in Japan. The hosts noted GE's wind turbine sales have been unusually quiet next to Vestas, Goldwind and Nordex.
- **Quote:** *"GE Vernova has pulled back that threat and thank goodness. It has dropped all its court's appeals and both sides are dropping every claim."*
- **Source:** [The Uptime Wind Energy Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjn52xvrbfiVLmTKOOXuOjpeyuQ7hCXJ5HbvhMa2YVifL0rvn2WnhsHe0KF6-2BcjJOt5wOVbJYba5LHpbmdVAijum14-2B2bPWYpkA6dfglAIYFA-3D-3DcKLf_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVxESSm6WDyDZ-2FGEWjXCP-2FpVrQGnBOVE9PNEx8GSKL-2B-2BQqcJfVLM50uUjty-2FTUgFfTTbR6B-2B15-2FKJdJhnJqVgTaRMMrQNLYYdRVRd8NPO7RqBPMf9iBJUH0l52P6Vv-2F7SZQ-3D-3D)

### Generac (GNRC): bullish momentum, but the valuation debate is open

- **Episode:** "Weekend Update – W2638," *Telltales*, Sept 20, 2026
- **Speakers:** Ava Cabot and Marcus Graham
- **Angle:** Amazon signed a $2.4 billion long-term backup-generator supply deal for its data centers, with first deliveries in 2027 to 2028. Amazon also took warrants (the right to buy up to $340 million of Generac stock), and the shares rose more than 19%. The bull case: Generac changes from a storm-driven business into a contracted infrastructure supplier. The bear case: at 29 times free cash flow (the cash left after running the business and investing in it) it "is not a bargain for a generator company," and nobody has yet shown what it will cost to build the extra capacity.
- **Quote (Graham):** *"That $2.4 billion order is roughly four years of everything the company makes landing in one contract. The warrant is Amazon telling you it knows exactly how big that order is against the company that has to fill it."* And: *"The 19% move was the market starting that argument. It did not settle it."*
- **Source:** [Telltales](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhZ-2FJ5Ok-2Fe5MZWr8Fddfoy7Q4SbetImquvFhIIDk2s-2B7KIvkE0p879W4Olb2E9MEMiGDHnSVtoK21Ay2A28VpWA22leNdV-2Ff5RaRnoOvVHzjA-3D-3D9PhK_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV2ZhB40U-2BMnELXs-2BIm3QxIZnfMLvxmWm7C1mBf3ZLoRuUy3US4AKFhMbrwI2hiDOaXd4bPRK4v-2BRSsAX66S6wFAxlCJZZEO5bQCti8nMt97NYwT-2FDHldJWeUfSPA4pvkHg-3D-3D)

### Quanta Services (PWR): bullish

- **Episode:** "EEI 2026 Highlights: Delivering Value for Customers and Grid Planning," *Electric Perspectives*, Sept 24, 2026
- **Speaker:** Duke Austin, President & CEO
- **Angle:** Quanta expects to help double the size of the grid by around 2030. It is growing its workforce toward 10,000 hires a year, has invested about $200 million a year in training since 2009, and hires about 25% of its workers from the military. Austin sees permitting as mainly a state and local problem, not a federal one.
- **Quote:** *"It takes a journeyman to build a journeyman. You can't throw money at it."* And: *"We're going to double the size of the grid... we see 2030 as like a drop-dead date."*
- **Source:** [Electric Perspectives](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi6zv-2FK8lHb61lhusFzGqBSJf9x-2B7p-2BNHH9CuvFikF5nWnYJYRpRZK7a59A4gbryaGjkKG8aFJGrLmE9X-2Bfz9IJBIQA5Qjrm2ohcGglUqGuQA-3D-3D3qXD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV0OafI2ng7o4L1KjKwQWdUKhqWAsaX4SB3kT-2BqhgByoeslwhxUVYxcwaf2c23Qh98bGth1rOTJiLAmhJfItleRxq0jBD0EAgTkoyoovm6xvyV93FqJTzrMNkO-2B51i21pVw-3D-3D)

### Caterpillar (CAT): cautious, based on the price chart

- **Episode:** "Charts of the Week: Crude Collapses 15%, Meta Explodes, & Tech Reclaims the Lead," *The Nasdaq Dorsey Wright Podcast*, Sept 24, 2026
- **Speakers:** Nasdaq Dorsey Wright hosts (Ian and Miles)
- **Angle:** CAT has fallen roughly 25% from its 2026 high while industrials have slipped to the bottom half of the sector rankings. It is still up strongly for the year.
- **Quote:** *"A big name within the industrials group, Caterpillar, I think is a very interesting one. We've seen that trade well off of its 2026 highs here. Those were up at, you know, 1,100. We're now down at 816, right? So you shed... 25% off of your highs... So I'd keep an eye on that one, although it is still up 41%."*
- **Source:** [The Nasdaq Dorsey Wright Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOinOO9s6XRnvg2VMa6BSa39ffsyK8Dnns09i03QuO-2FeaFmknrV1VTK-2FpcoEV83vOf6O-2BXaO4UgdMgt-2BatEypWN-2FUTuwcnyPovR9W6IAX71mHw-3D-3DHAH9_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVy5zHjMrzE88YyPhhCfeNnd-2BQsFUcpIWqsfzAeXoBX91f77HWUgHgFfcbV8iiYtE8qt3j9Tm-2F99AsATQgfXURd6M4T85V4hqbvPP4FxgiydTA4W-2BsNtid9RXrf-2FshKRGbA-3D-3D)

### Deere (DE): positive on products

- **Episode:** "Ep. 236 – LIVE FROM BIG IRON 2026: Collecting Harvest Data on X9 Combine and Using Your John Deere CommandARM," *Agriculture Technology Podcast*, Sept 21, 2026
- **Speakers:** Tony Kramer, Jack Stetz and Jared Roloffs of RDO Equipment Co. (a Deere dealer)
- **Angle:** This is a dealer's view of new products, not an investment call. It highlights the model-year-2027 X9 combine (a 550-bushel grain tank, a 35-foot unloading auger and an auto-unload camera) and new CommandARM controls for the 8R tractor. Diesel costs during harvest, flagged on freight podcasts, are a cost headwind for farmers buying this equipment.
- **Source:** [Agriculture Technology Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgwWF6oriHQ5641orjMIUEzOwfLFT2ZPgLn0kGHG9KQLq1G9lT1eIVCNGmecuUeORHA7iJXnIVJ1V8ITCJCVI56Y7aVlE6WIdRf2WUsikk1Fg-3D-3DHxnG_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVwWNjBu4bMaM8Jw1EerzEFE4t0utaog8rqt1P0FD3fVRIQZG8-2FBRIdfwp1NAc67qo8zvJ74hZBtDPz7ncG0u-2FKArOKWFPYoSSZjcsk0lZCfBHHWHxBBUR1seQ4anKkIJzQ-3D-3D)

### Honeywell (HON): positive angle in defense engines

- **Episode:** "Space Weapons Declassified, Gucci F-16s And More: What To Know About AFA," *Aviation Week's Check 6*, Sept 21, 2026
- **Speaker:** Brian Everstine (reporting conversations with Honeywell executives)
- **Angle:** All three teams known to be pursuing the Air Force's Mass Modular Aircraft drone use Honeywell's TPE331 engine. Honeywell is pushing for early engine orders so the Air Force can hit its 100-by-2029 target.
- **Quote:** *"The three announced teams... are all using their TPE 331 engine, which is the engine on the MQ-9. And their point, and obviously they have a vested interest in this, is that if the Air Force has this real aggressive schedule... they need to get started now."*
- **Source:** [Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvdmfJTPCLS9pLBdRghm6bkM-2FQTjp4ANQ-2B1Folj-2BEOmNcHfXzqLeQVy1aR-2BDJKIUGW7S51zrSnYkAO7YXog2ex1GN6cIur3YplxllJNR928Q-3D-3DztVb_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVw8xi5QJ4uZUI8w9uFZg1rqiH-2FD6mvfi3JeFWL2O75vgw4Z-2BSbB9NvLW2vfb9biMvFa-2BeuQYLjgtKiYGK6a2y3QFebNHdB3N-2Fg-2BfQNvaurMXgQxDFmDH53StqpvOt0FgNA-3D-3D)

### Northrop Grumman (NOC): defense tailwind, trimmed fair value

- **Episode:** "4 Stocks to Buy Before They Bounce Back," *The Morning Filter* (Morningstar), Sept 21, 2026
- **Angle:** Mentioned briefly in an earnings review. Morningstar trimmed its fair-value estimate but pointed to defense-spending tailwinds. Separately, *Check 6* noted Northrop is a finalist against Boeing for the Navy's F/A-XX fighter, with no decision yet as of Sept 17.
- **Source:** [The Morning Filter](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgGhsbI3qy11zpprgabrmCfF37g6G9vTaeYuV-2B2ESQOkDJPWyAUBZ3F83nZURONBMdi4Ft85mlpyJmE0jlq-2BJT863R8Heq994NZhIiU5HMUQA-3D-3DBv38_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV44dr-2BuP3pO9b1wdA0pHaHYbXvUFHtLF0ixRc67coGaT4y-2B0LLKIBZ7N0Luf-2BnUWSLA1CDv8F5-2F8EM2Jo8-2Fn8D9dp7iERF2r18fZjxrh-2Bavn-2Bw1xOVOf0gFs-2Fg2RfSug5w-3D-3D), [Aviation Week's Check 6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvdmfJTPCLS9pLBdRghm6bkM-2FQTjp4ANQ-2B1Folj-2BEOmNcHfXzqLeQVy1aR-2BDJKIUGW7S51zrSnYkAO7YXog2ex1GN6cIur3YplxllJNR928Q-3D-3DC39i_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV4SqSMpsAmXhf6h4qJiGs1egVwVlfh0YOGBV6Yes0f0VeYXhfNc-2FUt9BZ84lwaSjM0n54eFMTJl9sJOHV37LpvUZ2pREhA-2B5gTqXMc9qtyz3rFdSOYSLpKxmGbCxOwBvIg-3D-3D)

### Aurora Innovation (AUR): bullish on turning autonomous trucking into a business

- **Episodes:** *Squawk on the Street* 10AM Hour, Sept 21, 2026 (CNBC's Phil LeBeau), and "AI Meets the Physical Economy," *Thoughts on the Market*, Sept 25, 2026 (Ravi Shankar, Morgan Stanley)
- **Angle:** Aurora says a driverless run costs $0.85 a mile versus about $1.18 with a driver. It plans about 200 trucks by year-end, and management targets unit profitability next year and positive cash flow by 2028. Shankar says close to half a million driverless revenue miles have settled the question of whether the technology works. LeBeau noted the stock "really hasn't done anything over the last year and a half" while investors wait for scale.
- **Quote (Shankar):** *"I don't think there is much debate on the technology itself... the debate is now moving from does this work to can this work for me."*
- **Source:** [Squawk on the Street](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvxVMqtii9FcFbo23HxqkjFWOU8MAlOyD0lAIciJ8uj9vReGEgr7cZ8oAw635hM2uZ20JDJ16Bv33nkzPBddYFIKpevRDPNECDEnXudinJaw-3D-3Dr84F_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV4jIM-2B72BfdkOU4mjfz22Flh27FEc-2BaqTv6pC-2FrXe7ofEb-2FJg10bP79a6jBhDkV8QmmC4Q1KJauBNiyc9X5Lj7zNpAO1BTDq7ez-2Br8MNdy-2Fp5fpX-2FIB88oJwVjkCRvyFLA-3D-3D), [Thoughts on the Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh5uwhSkL2boXpZkljWryenx66RlG5JX8ZN-2Bz1AAdI9IVf3JE-2BXzwg6ewESkd7BZETRG3kjImWPg79e1FMrTACzsZXQRwcD4a1ptaDeJjp4-2FA-3D-3DRphr_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV3xqclP7qTSlsfMtQgCBjWQ9fYPkBNN6GDac-2F2qZFztGdFVZOHGjCnQhU4TYj3ndl368-2BZbyXAS4BCJvWz9kwpfWrItBivO-2B291L-2FsLOAD0mKGiv3yDAFgAXrB-2BB8FYoBQ-3D-3D)

### C.H. Robinson (CHRW): lobbying on legal risk for freight brokers

- **Episode:** "1544. #TFCP – How Lawsuits Are Changing Freight Brokerage Forever!," *The Freight Coach Podcast*, Sept 24, 2026
- **Speaker:** Host Chris Jolly, relaying C.H. Robinson CEO Dave Bozeman
- **Angle:** After the Supreme Court's *Montgomery* ruling, C.H. Robinson is lobbying Congress for a clear broker-liability standard. Its research found small and mid-sized brokers have declined about 20% in two years, and it warns another 20% could be affected without legal clarity. Fewer small competitors could help large brokers gain market share, but litigation risk hits the whole industry. The host noted a $600 million judgment involving the company that the industry has been discussing.
- **Quote (Bozeman, as relayed):** *"America runs on freight. I'm ringing the bell that this is about commerce and I'm actually concerned about the impact on commerce."*
- **Source:** [The Freight Coach Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjbHhdMA-2BIYdBII9I-2F5gbyvJ75b1KySWKLNxwn4Lakg9LIrBHbH42CnbeK5-2Fa6SoFb4XCgVBXmE5CYTpiq-2Fw6oQ0gBMc324thgcnkM2PcArxA-3D-3D1zaH_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV1Y240U-2BX0-2Br3OccbNP8UNBwn-2B6hoNjAfZNoNLith1elLk2Zfo8aLn8i062-2FeSFvJLPBwUR8YbF6CDEE81lWjUf5-2BabQMerPnzSQFyw9EWiHC7YRPpro-2B4NPVpIoICyQHg-3D-3D)

### UPS (UPS) and FedEx (FDX): bearish on fuel costs

- **Episode:** "Diesel's All-Time High," *Motley Fool Hidden Gems Investing*, Sept 21, 2026
- **Speakers:** Jon Quast, Tyler Crowe, Matt Frankel
- **Angle:** Diesel at a record (the episode cited $6.51 a gallon, up 76% year over year) raises costs for parcel carriers. The question is how fast they can pass it on through fuel surcharges.
- **Quote:** *"It goes without saying that the delivery companies are, you know, like UPS and FedEx. I mean, their planes use jet fuel, their trucks use diesel. We could see that kind of pass through to the consumer a lot."*
- **Also:** *FreightWaves Today* (Sept 21) covered a $680,000 electronics theft in Delaware by two men posing as FedEx employees, one example of the cargo-theft wave. ([FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgUe6XvevAJOIIMtka2A3OUfTY3AY31n7FDXEVbmOr-2FFl530IoMC3XQ38rJ6JiEuRreyQCu-2FdpSp9Kw-2F9DZF7JCmjpNOqUgTz8v909AjDRcIA-3D-3DC1PP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVwmOrgsNhlfFbCKCZmKU6YhIKVJHLwgo65kxzXp-2FIPnd6nQXxNT6nwG7E9oMeqUT5w9w-2FOy3PwHBX86AO-2FHG8ZMrTLpNrZuDZZ6K2ykZ7dCX4YWU4Y7zPZqsI5rdUjZpqw-3D-3D))
- **Source:** [Motley Fool Hidden Gems Investing](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjpQAbw3rfG2iqZJnEBheycuy7bZzV7A-2BUrgEelIs4ulgjMkeTceckrLwJoZm6ilW42JSR71x7JUG0IQpWJ1Y9cSTJ-2FAZqEnILV1p-2BrvYjDpw-3D-3DLVxu_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV7RINucW-2BISdSFN5RAt920-2BWVAhv4gjGwe0PUhjfb29LqoR8AuRHx5F3JYQl4L395nY51G0-2BzRzFyICH7mIesQ2V0Wzs8LiBULX5FU-2BqxB7ezbYpO6aFHvrOfkvj7rETUQ-3D-3D)

### J.B. Hunt (JBHT) and RXO (RXO): soft Q3

- **Episodes:** *FreightWaves Today*, Sept 21 and Sept 22, 2026
- **Speakers:** Craig Fuller and Julie (FreightWaves); Corey Kluza, VP of Pricing and Procurement at RXO
- **Angle:** The hosts described Q3 truckload freight as soft ("J.B. Hunt investors certainly feel disappointed"). RXO appeared as a guest discussing routing guides breaking down, meaning shippers' contracted carriers are turning down more loads, which pushes freight onto the spot market as capacity tightens.
- **Quote (Fuller):** *"Third quarter has been a, is a disappointment the right term? I mean, J.B. Hunt investors certainly feel disappointed. We just, well, let's call it soft."*
- **Source:** [FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgUe6XvevAJOIIMtka2A3OUfTY3AY31n7FDXEVbmOr-2FFl530IoMC3XQ38rJ6JiEuRreyQCu-2FdpSp9Kw-2F9DZF7JCmjpNOqUgTz8v909AjDRcIA-3D-3Dshmv_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV155qO2yQMsGzT3MPKXkuMPSRI7CWE9BclHqEv3GRoK9YoOStxU-2BNz1cXGN8KRLCz-2Fq7sIGN-2FlO-2FvdD331UnYsDC3yNC2apDbRMcpE1qvEfbLheT7nSZSyzIgqNPLEniTQ-3D-3D), [FreightCasts](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgPENVqAAc-2FNbMD-2BsadcmOeHM-2F0DXPwIcR1gnWVUFHoI-2FjliyCuYrSd4hxLDzF2Y5CBNViUoXUIS8i4UVBjJh1OZ-2BxzkLZtb69NXbtN2gbcwg-3D-3DAsX__7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVwbSbHzi9Yibqe7hXHCTxzIjVlc7rmdYRdy-2BPuyK-2BKUugIbG5AASY-2FwDsy2x9xfDYVSm9SYdYiDehj4KQ5FL1n68sT0EDV844InmvilVPVyHOIQK6xcyvE1uh6R078YkBg-3D-3D)

### NRG Energy (NRG): bullish (power producer tied to the industrial build-out)

- **Episode:** "The data center power crunch: 'Physics is going to win,'" *Let's Talk Energy*, Sept 23, 2026
- **Speaker:** Robert Gaudette, CEO
- **Angle:** NRG's "bring your own power" product for data centers supplies 1.2 GW of generation for every 1 GW of customer load. Its first 1.2 GW project is expected to produce about $375 million of free cash flow by 2029, about 10% of NRG's total, with 5.4 GW in its pipeline. It only signs contracts with investment-grade customers. For industrials, NRG's comments confirm shortages of turbines, high-voltage switchgear and construction crews.
- **Quote:** *"There is a turbine constraint. There is high load switch gear problems. There are definitely labor constraints... EPCs, the guys who build things, they are completely booked."*
- **Source:** [Let's Talk Energy](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjC8CHcXfEEpTQ8mcDCztf45D8fhmkZaaQzjznDJZnMgL5RkW1TJ0Lo5Pq3ugBwVZ4UtMVayVRcyb-2BtYvfc71WnvQpDnMYKfYPyEjNmHhKjrg-3D-3D85tR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV4r9igppzwFb-2B0MH-2B1Cm8W4P6NWs1m2mLN4WRW9yedllKPWOpApfjvCOK5dk6fzMOF6hKueP2yWPNxSI3HJYx6tpqd0DB2NbK-2BzVRfISj9vEZQtCPNErhBQpRChGDZn6iA-3D-3D)

### Edison International (EIX): utility spending supports demand; credit risk

- **Episode:** *Squawk on the Street* 10AM Hour, Sept 21, 2026
- **Speaker:** Pedro Pizarro, CEO
- **Angle:** US utilities plan about $1.4 trillion of investment over five years, which drives demand for grid equipment. Edison itself is at the lowest investment-grade credit rating, and Fitch moved its outlook to negative because of California wildfire liability. Pizarro reaffirmed 5 to 7% annual EPS growth through 2030. He estimates that each additional gigawatt of load could lower average customer rates by 0.5 to 1.2%.
- **Quote:** *"My colleagues and I are collectively investing something like $1.4 trillion over the next five years."*
- **Source:** [Squawk on the Street](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjvxVMqtii9FcFbo23HxqkjFWOU8MAlOyD0lAIciJ8uj9vReGEgr7cZ8oAw635hM2uZ20JDJ16Bv33nkzPBddYFIKpevRDPNECDEnXudinJaw-3D-3DOiJI_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV4hK-2Bnp06-2FD0MHxWS47tTZXEVecZjCWwWc5w6m0EKW-2FN5NewvfLuhZXr1l9nKW-2BJQtE2bsHx6HbXeF6Wx37HwTyYbBvbKhuAovUfBTkwPh54b78tHzGf-2F87hhM4HKbWNcg-3D-3D)

### Stantec (STN): bullish (engineering and design)

- **Episode:** "Get the best out of the trade war," *Moose on The Loose*, Sept 21, 2026
- **Speaker:** Mike (host), who owns the stock
- **Angle:** The stock is under pressure from worries about its Canadian roots and US contracts, and fears that AI could replace engineering work. The host argues the fundamentals still show high-single-digit to double-digit growth and a strong backlog.
- **Quote:** *"You have a lot of dark clouds and a lot of like pessimist narrative around Stantec. But when you look at the facts... Revenue, earnings, cash flow, dividend. The backlog is amazing... So the business is not slowing right now. But the stock is."*
- **Source:** [Moose on The Loose](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi1hHaR9sXoCcWR3lcDLn6z-2FjREAlcIk7G-2B2nGv7d1tLD-2B5DSweRR9DSZoIUIJEnGQm5P77NfQOjETlfVB242-2Be9aB-2BKO5Dn5xavFeum-2Bzrdg-3D-3DJS76_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV-2F0w643N2GBw4ms6NTBXzMcuf3AJ6sENlLOeE-2BlgzVyIDNS05jc9LTtM0ZM5QPz8dJAW71oyNBelsk499xruXHKkNWUgca3MhQ3P1Sbw1W9wWLWaoo-2Bk1YdYyGBuJGIAGw-3D-3D)

### Adentra (ADEN, Toronto): bullish (building products distributor, small cap)

- **Episode:** "Get the best out of the trade war," *Moose on The Loose*, Sept 21, 2026
- **Speaker:** Mike (host)
- **Angle:** It distributes architectural building products to US homebuilders and contractors. More than 90% of its revenue is from the US and more than 90% of its suppliers are US-based, so it is largely protected from tariffs. It trades at about 9 to 10 times earnings after two years of going nowhere. The host warns of small-cap volatility.
- **Quote:** *"When the first threat of tariffs came out about 18 months ago, the CEO said, well, you know what? 90% of our business is fully sheltered, shielded against tariffs because we're already based in the U.S."*
- **Source:** [Moose on The Loose](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi1hHaR9sXoCcWR3lcDLn6z-2FjREAlcIk7G-2B2nGv7d1tLD-2B5DSweRR9DSZoIUIJEnGQm5P77NfQOjETlfVB242-2Be9aB-2BKO5Dn5xavFeum-2Bzrdg-3D-3D4vt0_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV29opIkoatZUSehhy7I76IiL6-2BCcsvla4e5loI9GcSrdfs4pjVbqcUKe5eN-2Ba39a0AjVXTjwxwFqbLYAAO5KUpxCTM71nA-2BUfRKH3nhuMz54Qg2Ctt5P4v1fQEtLKIvTxg-3D-3D)

### Schneider Electric (SU FP): positive (AI supply chain)

- **Episode:** "Will Real Estate Protect Your Portfolio if the AI Bubble Bursts?," *WSJ's Take On the Week*, Sept 20, 2026
- **Angle:** Mentioned as leasing warehouse space for switchgear manufacturing, a sign that electrical-equipment makers are adding capacity for data centers.
- **Source:** [WSJ's Take On the Week](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOit5NNJ6fbizYIrNusjztSSWBLsDSUAyYmGoKLd56XDgpJxbTIBg5oSYGj3fEnWH-2FIA3V1O2Kv1j7aEl1EFu9JE66Vi0HMxFMk2gQTxkRV1-2BQ-3D-3Dbfeg_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV-2Bh0QIRjygK9n2nUPcYgskniAfrwts1Aiy4z8UqaQXKe5SU1xygraCA-2Bovrw3c7R-2FHBxz5fhH04vwsd3rm3q6VIDaDsH3rUUFK2ksKAB9jllRSeJfTjF3XEbl6phzddOtg-3D-3D)

### Daikin (6367 JP): positive (HVAC as a way to manage grid demand)

- **Episode:** "Power under pressure: Can energy security, affordability and net zero still move together?," *Energy Gang*, Sept 23, 2026
- **Angle:** Speakers argued that air conditioning drives more power demand than AI data centers. Daikin's inverter compressors, which adjust speed instead of switching fully on and off, were cited as a way to make HVAC load flexible enough to ease pressure on the grid.
- **Source:** [Energy Gang](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjCJVErRnkNmtm7CkSFUZwVh3lhO8T-2F-2BxVFCl47gGpM9SllLnV9LmHbnHhfMWCPNE-2BP-2BDzu-2FJrlBh3pbrXDQYfufnnW13Bq9MB0X701q-2B2vuw-3D-3Dl8cn_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVyg6RVCt5qpptgyuC3vwcfqj5Jzzq6nGtAaDq4mUdKQ5eGwDNcuBA1mfmEFTxyTsG0wYcffwqFEwICAcksmomeYPYaXuHrqzYXJye-2Bhhk-2FDk9Wgq5AyEISXXS6jKTqOajw-3D-3D)

### BNSF Railway (private, owned by Berkshire Hathaway, BRK): positive on intermodal and Mexico

- **Episodes:** "BNSF Sees an Era of Intermodal Growth," *Talking Transports*, Sept 22, 2026, and "Less Waste, Better Outcomes: Rethinking Transportation with BNSF Logistics," *Supply Chain Now*, Sept 21, 2026 (David Ivan, President & CEO, BNSF Logistics)
- **Angle:** Mexico cross-border volume is at records. Higher diesel prices and shrinking truck capacity create a chance to move auto parts and consumer goods from highway to rail, known as intermodal (containers that move by both truck and train).
- **Quote (BNSF executive):** *"As truck capacity comes out, diesel prices go up. If there's over-the-road automotive parts that want to make their way from the highway onto the rail, we feel like we found ways to do that."*
- **Source:** [Talking Transports](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi1lM9t4WL7hnUXJppzLm8GzicOpDO2oEo4nLBjbZoT7MdC-2FrAbR3Rl-2BuI81a2ncZ-2FfivpeFBBnKHRsvxYgKRyds9YXMQyZ2fd4sfZhLAlzuQ-3D-3DV__z_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYV00O2R6EuInqbiQ2puSXYUbmAnSxT2hdZ-2BxNhbCVZzPbDn5xk0SL8AauRRMsU4zw1lt-2FXG10rimWOVhMYUtdn9bpHLJ5YHITNj0xtac8Gke821jaatiUiNEIXRW-2BHgu8Rw-3D-3D), [Supply Chain Now](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhFGGzHqsaeFLEi5SbepjAO208-2BJWPuRY3esliZqJThYwZti1oWObJ-2BDuuRjpYoJ3zqzFq3-2Bl9GCuNzPhRobqRWG6a0uEWgz9QE2KeK7zhFJQ-3D-3DUAX9_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUyH2Q0jzw1M7YJsm2G5C9PVJlnRZFQjQdUJ932JirYVza9Xbn-2Fgz9zoaaacttlQCxjSn957oGYHX0enmYpWagew-2FZL81j9-2BD8uhPz8mL3uP46FefY06Uic3DapvrUsbupgVy-2FqLYhdH8J2wh-2FVZQKWJCoRv-2FAPl6-2BxUr12UiiVYw-3D-3D)

---

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