AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Equity Bottom-Up

<ul><li>Schneider Electric makes the electrical and cooling equipment inside data centres.</li><li>More and more of what it sells them now arrives as whole units, assembled and tested in a factory, rather than as separate parts for workers to fit on site.</li><li>The reason is that skilled people on the building site, not just the equipment, now set how fast an AI data centre can switch on.</li></ul>

Schneider Electric makes the electrical and cooling equipment inside data centres.More and more of what it sells them now arrives as whole units, assembled and tested in a factory, rather than as separate parts for workers to fit on site.The reason is that skilled people on the building site, not just the equipment, now set how fast an AI data centre can switch on.

Schneider Electric sells AI data centres the finished system, not the parts

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.</li>
<li>TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.</li>
<li>Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.</li>
</ul>


Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.
TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.
Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.


Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

<ul>
<li>Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.</li>
<li>Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands</li>
<li>Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.</li>
</ul>


Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.
Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands
Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.


Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Conservative (CDU/CSU) chancellor-elect Merz should be able to form a stable coalition with SPD, but his "independence from America" requires massive constitutional amendments by 25Mar'25 allowing huge defense/infrastructure spending boosts. </li>
<li>This is a self-goal: the time for independence from America was 3 years ago, when instead Germany followed Biden's command to self-harm itself with a ban on Russian energy imports. </li>
<li>If Germany successfully leads an EU defense/infrastructure spending boom, Trump would still achieve his goal. But Germany would have missed the easier route to recovery via liberalized Russian energy imports. </li>
</ul>


Conservative (CDU/CSU) chancellor-elect Merz should be able to form a stable coalition with SPD, but his "independence from America" requires massive constitutional amendments by 25Mar'25 allowing huge defense/infrastructure spending boosts. 
This is a self-goal: the time for independence from America was 3 years ago, when instead Germany followed Biden's command to self-harm itself with a ban on Russian energy imports. 
If Germany successfully leads an EU defense/infrastructure spending boom, Trump would still achieve his goal. But Germany would have missed the easier route to recovery via liberalized Russian energy imports. 


Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

OmniVision Integrated Circuits Group / Technical Analysis

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. </li>
<li>$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.</li>
<li>DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. 
$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.
DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials


More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

Germany

Siemens AG is an engineering and manufacturing company. The Company focuses on areas of electrification, automation, and digitalization. Siemens also provides engineering solutions in automation and control, power, transportation, and medical diagnosis.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Siemens (SIE GR)

Schneider Electric sells AI data centres the finished system, not the parts

Schneider Electric makes the electrical and cooling equipment inside data centres. More and more of what it sells them now arrives as whole units,...

The Physical Layer

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...

Prasenjit K. Basu

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Schneider Electric sells AI data centres the finished system, not the parts

Schneider Electric makes the electrical and cooling equipment inside data centres. More and more of what it sells them now arrives as whole units,...

The Physical Layer

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

​Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...

Prasenjit K. Basu

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...