Cycle on Jun 22, 2026

I will begin by listing the open threads of interest for this topic and reading the existing notes to understand our current analytical baseline. This will help us identify where there are active threads, what watches have been set, and what findings have already been documented.

I will now read the existing notes for this topic to review our previous findings, slugs, and specific details. This ensures our updates build directly on top of the existing living documentation.

Let's analyze the current landscape. We have active watches on: 1. `Intel Ohio One Construction Timeline and Capex Updates` (ongoing) 2. `TSMC Arizona Fab 3 Equipment Installation and Fab 4 Groundbreaking` (one-shot, fire_date ~Dec 31, 2026) We have prior findings for: - `chips-act-restructuring-intel-equity-and-tsmc-acceleration` - `rockwell-automation-reshoring-and-datacenter-margins` - `eaton-megaproject-and-datacenter-boom` - `emerson-electric-grid-modernization-and-growth-verticals` - `us-manufacturing-construction-spending-plateau` Since our topic is identifying specific companies and sectors that benefit from reshoring, and we have access to public markets data, let's look at the current market views of these core companies (`ETN`, `ROK`, `EMR`, `INTC`, `TSM`) and search for any new developments, earnings, or construction updates, particularly concerning TSMC Arizona, Intel Ohio, Eaton, Rockwell, and Emerson, or other infrastructure and engineering players (e.g. Quanta Services `PWR`, Jacobs `J`, AECOM `ACM`, or Fluor `FLR`). Let's first pull market views for the core electrical/automation companies and semis to see their latest positions, multiples, and news: - `ETN` (Eaton) - `ROK` (Rockwell Automation) - `EMR` (Emerson Electric) - `INTC` (Intel) - `TSM` (TSMC) I will start by pulling the market views for Eaton (ETN) and Rockwell (ROK) to ground our figures.

Eaton has some very interesting news: - "Eaton (ETN) Sells Mobility In $5.1 Billion Dana Deal And Buys Boyd Thermal" (June 20, 2026). - This is a major strategic pivot! They sold their Mobility Group (cyclical vehicle exposure) to Dana for $5.1 billion, and they are buying Boyd Thermal. This is a direct shift to high-margin, high-growth, data center and industrial thermal management, which aligns perfectly with our thesis of following the money and margin. Let's pull the market view for Rockwell Automation (ROK) and Emerson Electric (EMR). This will let us compare.

Let's pull Emerson Electric (EMR) as well to see how it compares.

Let's also look at Intel and TSMC to see how their market views are looking, as they are core semiconductor reshoring players. Let's pull TSM and INTC.

Let's pull TSMC (TSM) market view.

Now let's do a web search on the news we saw. First, let's explore Eaton's $5.1B Mobility Group sale and Boyd Thermal acquisition. This is highly relevant to "where do the capex and the margin actually land?". Eaton is divesting its cyclical vehicle exposure and doubling down on thermal management (which is a massive bottleneck and high-margin component of data centers and industrial power systems). Let's search for: `"Eaton" "Boyd Thermal" 2026` or `Eaton Mobility sale Dana`. Let's run a web search.

Ah! Let's fetch the Yahoo Finance article or the Eaton press release to understand this fully. Let's fetch: `https://www.eaton.com/us/en-us/company/news-insights/news-releases/2026/eaton-completes-acquisition-of-leading-liquid-cooling-solutions-provider-boyd-thermal.html` And `https://www.boydcorp.com/boyd-completes-the-sale-of-its-thermal-business-to-eaton-for-9-5-billion.html` or `https://www.ttnews.com/articles/eaton-buy-boyd-thermal` or `https://finance.yahoo.com/markets/stocks/articles/eaton-etn-using-boyd-thermal-191858959.html`. Let's fetch the Eaton completes acquisition press release and the Yahoo Finance article first.

Let's fetch the Yahoo Finance article `https://finance.yahoo.com/markets/stocks/articles/eaton-etn-using-boyd-thermal-191858959.html` to get more details on how Eaton is integrating Boyd Thermal and selling its Mobility Group. This is a massive strategic move. Let's fetch it.

This is an excellent development! Under its strategic portfolio restructuring in 2026, Eaton has executed two massive transactions: 1. It completed the acquisition of **Boyd Thermal** for **$9.5 billion** on March 12, 2026. This acquisition brings leading-edge liquid-cooling solutions to Eaton's electrical segment, establishing a "grid-to-chip" power and thermal management architecture for AI-driven data centers. 2. It agreed on June 11, 2026, to combine (sell) its **Mobility business** with **Dana Inc.** in a transaction valuing the unit at **$5.1 billion**. This divests Eaton's cyclical vehicle/automotive exposure and sharpens its focus entirely on high-margin, secular data center, electrical, utility, and aerospace markets. This is a textbook example of "where do the capex and the margin actually land?" Eaton is actively reallocating capital away from cyclical, lower-margin automotive lines (Mobility) and into the mission-critical, high-margin, secular bottleneck of data center power and thermal management (Boyd Thermal's liquid cooling). Let's do a search on other industrial engineering and construction firms or utility-scale automation and electrification to find other beneficiaries of reshoring. Let's see: `Quanta Services (PWR)`, `Fluor (FLR)`, `Emerson Electric (EMR)`, `Rockwell (ROK)`, `Jacobs (J)`, `AECOM (ACM)`. Let's run a search for recent earnings or updates on reshoring, manufacturing construction, or factory build-outs. Let's search: `"Quanta Services" OR "Fluor" OR "Jacobs" reshoring manufacturing 2026` or `manufacturing construction spending 2026`. Let's run a search.

Let's fetch the Yahoo Finance article on Quanta Services' 2026 outlook: `https://finance.yahoo.com/news/quanta-services-forecasts-2026-profit-123404981.html`. Let's also look for Quanta Services' investor presentation pdf or search for details about Quanta's selection by NiSource for a large-load customer: `https://investors.quantaservices.com/news-events/press-releases/detail/386/building-upon-decades-of-power-generation-experience-quanta-expands-its-total-solutions-platform-and-announces-its-selection-by-nisource-to-provide-power-generation-and-grid-infrastructure-solutions-for-a-large-load-customer`. Let's do a fetch of these two URLs.

Let's fetch the other press release from Quanta Services: `https://investors.quantaservices.com/news-events/press-releases/detail/386/building-upon-decades-of-power-generation-experience-quanta-expands-its-total-solutions-platform-and-announces-its-selection-by-nisource-to-provide-power-generation-and-grid-infrastructure-solutions-for-a-large-load-customer`. This shows another concrete contract for a "large-load customer" (often a data center or industrial plant undergoing reshoring/electrification). Let's fetch it.

Let's get Quanta Services' market view to ground its financial metrics. We'll call `market_view(kind=ticker, id=PWR)`.

This is extremely insightful. Quanta Services (PWR) is a massive winner of the convergence of: 1. Utility grid modernization 2. Power generation 3. Large-load demand (data centers, manufacturing, and reshoring) In Q1 2026 (ended March 31, 2026), Quanta reported a stunning EPS beat of $1.45 vs. $1.00 estimated (+45% beat), with revenue growing 26.3% YoY to $7.87 billion, and TTM revenue hitting $30.12 billion. Its 2026 outlook, raised on Feb 19, 2026, forecasts adjusted EPS between $12.65 and $13.35, driven by AI infrastructure, grid modernization, and reshoring. It also expanded its "Total Solutions" platform, and was selected by NiSource to construct a massive 3-gigawatt power generation and grid project for a large-load customer (under a JV with Zachry Group) starting execution in 2026 through 2032. Let's do a search on other construction/engineering firms like Fluor (FLR) or EMCOR (EME) to see how they are capturing reshoring capex. Let's run a search.

This is incredible data. EMCOR Group (EME) is a massive winner here. Let's fetch the Yahoo Finance article on EMCOR and Fluor: `https://finance.yahoo.com/news/emcors-industrial-services-rebound-2026-133800826.html` and the Zacks article on EMCOR: `https://www.theglobeandmail.com/investing/markets/stocks/EME/pressreleases/35256142/can-onshoring-and-manufacturing-projects-fuel-emcors-growth/` (or search for EMCOR Q1 2026 earnings details). Let's fetch `https://finance.yahoo.com/news/emcors-industrial-services-rebound-2026-133800826.html` and `https://www.theglobeandmail.com/investing/markets/stocks/EME/pressreleases/35256142/can-onshoring-and-manufacturing-projects-fuel-emcors-growth/`.

Let's fetch the other article: `https://www.theglobeandmail.com/investing/markets/stocks/EME/pressreleases/35256142/can-onshoring-and-manufacturing-projects-fuel-emcors-growth/` to understand EME's onshoring and manufacturing catalyst.

This is extremely valuable! Let's pull the market view for EMCOR Group (EME) and Comfort Systems USA (FIX) to see their recent financial performance. They are direct beneficiaries of the onshoring and data center build-outs. Let's pull EME first.

Let's pull the market view for Comfort Systems USA (FIX). Let's call `market_view(kind=ticker, id=FIX)`.

This is a gold mine of information! Let's analyze Comfort Systems USA (FIX): - Stock is trading at $1,967.41 (close to its 52-wk high of $2,041). - In Q1 2026 (ended March 31, 2026), FIX reported an absolutely massive earnings beat of **$10.51 vs. $6.81 estimated** (+54.3% beat). - Net income for the quarter was $370.4M on revenue of $2.87B. - The company has a stunning ROE of 53.3%, ROA of 17.3%, and is holding $1.05B in cash against only $339.1M in debt. - The primary driver: "booming AI data center construction market to drive growth in its HVAC and mechanical services" and "strong demand for mechanical and HVAC work on AI data centers and semiconductor projects, leading to higher revenue and a record backlog." Let's fetch `https://finance.yahoo.com/markets/stocks/articles/comfort-systems-usa-fix-171895959.html` or similar. Let's do a quick search for: `"Comfort Systems USA" "data center" OR "semiconductor" 2026` to read a detailed article or transcript quote about how they are capitalizing on this. Let's run a search.

Let's fetch `https://finance.yahoo.com/news/comfort-systems-usa-taps-data-231102905.html` and `https://www.tikr.com/blog/comfort-systems-stock-climbs-47-in-2026-as-data-center-demand-drives-record-11-94-billion-backlog` (or `https://www.theglobeandmail.com/investing/markets/stocks/FIX/pressreleases/612349/is-comfort-systems-scaling-modular-capacity-for-the-data-center-boom/`). These look highly relevant and rich in details! Let's fetch the first two.

Let's fetch the other article: `https://www.tikr.com/blog/comfort-systems-stock-climbs-47-in-2026-as-data-center-demand-drives-record-11-94-billion-backlog` to see the details of their backlog and Q1 2026 results. Let's fetch it.

This is an incredible, extremely deep data point. Let's synthesize what is happening: 1. **Comfort Systems USA (FIX)** is the premier MEP (Mechanical, Electrical, Plumbing) contractor for data centers, factories, and advanced manufacturing. 2. In Q4 2025, FIX reported a backlog that reached **$11.94 billion** as of Dec 31, 2025, which was up **99.3% YoY** (nearly doubled!). This was driven overwhelmingly by "technology customers, overwhelmingly data center hyperscalers," which pushed the segment from 33% to 45% of total FY2025 revenue. 3. In Q1 2026, FIX followed this up with a massive blowout: EPS of **$10.51** (beating estimates of $6.81 by 54.3%), and revenue of $2.87B. 4. To meet this demand, FIX is expanding its prefabrication and modular manufacturing capacity by **30% in 2026** (scaling modular capacity from 3 million to 4 million square feet by the end of 2026). This allows them to build complex cooling, airflow, and electrical systems off-site in controlled environments and ship them pre-assembled, overcoming the construction site labor bottleneck that typically slows down large-scale onshoring and data center projects. 5. This modular off-site prefabrication approach is driving record profitability, with gross margin holding above 25% (highest in company history). Let's check on other companies. Let's do a search on the semiconductor reshoring side, particularly TSMC Arizona and Intel Ohio. We have watches: - `Intel Ohio One Construction Timeline and Capex Updates` (ongoing) - `TSMC Arizona Fab 3 Equipment Installation and Fab 4 Groundbreaking` (one-shot, fire_date ~Dec 31, 2026) Let's do a web search on: `"Intel" "Ohio" 2026 construction timeline` or `"TSMC" "Arizona" 2026 Fab 4` or `"TSMC" Arizona 2026 groundbreaking` to see if there are any recent updates that would trigger or update these watches. Let's run a web search.

Let's fetch the Dispatch article about Intel's firmer completion date plans for 'Ohio One' project from March 2026: `https://www.dispatch.com/story/business/information-technology/2026/03/02/intel-provides-firmer-completion-date-plans-for-ohio-one-project-chip-factory/88943609007/`. This is exactly what our watch `Intel Ohio One Construction Timeline and Capex Updates` is tracking! It's a state progress report or official Intel update from early 2026. Let's fetch it.

The text of that article was cut off because of how it was fetched or paywalled, let's search for the content of that state report. Let's search: `"Intel" "Ohio" "March 2026" timeline` or `"Intel" "Ohio" state report "March 2026"` or `"Intel" "Ohio One" "Dispatch" 2026`. Let's run a search.

These are excellent URLs! Let's fetch: 1. `https://finance.yahoo.com/news/intel-spent-1-53b-ohio-235542966.html` 2. `https://newsroom.intel.com/corporate/ohio-one-construction-timeline-update` (or we can read SemiWiki's thread if we can't fetch Intel's corporate site) 3. `https://www.nbc4i.com/intel-in-ohio/intel-spent-1-4-billion-in-ohio-in-2025-doesnt-anticipate-further-delays/` Let's fetch `https://finance.yahoo.com/news/intel-spent-1-53b-ohio-235542966.html` and `https://www.nbc4i.com/intel-in-ohio/intel-spent-1-4-billion-in-ohio-in-2025-doesnt-anticipate-further-delays/` first.

Let's fetch the NBC4i article: `https://www.nbc4i.com/intel-in-ohio/intel-spent-1-4-billion-in-ohio-in-2025-doesnt-anticipate-further-delays/` to see if there are more details. Let's fetch it.

This is an exceptional update. Let's record the event on the watch: `Intel Ohio One Construction Timeline and Capex Updates`! The watch: - ID: `019eca6e-85c5-723e-bdc6-ce01240860a5` - Title: `Intel Ohio One Construction Timeline and Capex Updates` - Trigger: Fires on any official Intel update or state progress report regarding the Ohio One construction timeline or annual capex. - Cardinality: `ongoing`. Since it's ongoing, we should set `resolves: false`. - Summary of what happened: On Feb 27, 2026, Intel submitted its annual progress report to the Ohio Department of Development, confirming it spent $1.43B to $1.53B in 2025 (bringing total spend to $5.26B), and that it is holding to its delayed timeline of completing Fab 1 in 2030 (operational 2030) and Fab 2 in 2031 (operational 2032), with no further delays anticipated. Let's call `record_event` first! This is perfect. Then we will write a note or update the existing note `chips-act-restructuring-intel-equity-and-tsmc-acceleration` with these new details. Let's do that.

This is awesome. Now let's check TSMC Arizona. Is there any new update about TSMC Arizona Fab 3 or Fab 4? Let's do a web search on: `"TSMC" "Arizona" Fab 3 OR Fab 4 2026` or `"TSMC" "Arizona" groundbreaking 2026` or `"TSMC" "Arizona" equipment installation 2026`. Let's search.

These are outstanding, high-value leads! Let's fetch some of these pages to get the exact details of TSMC Arizona's expansion: 1. `https://tech-insider.org/tsmc-arizona-165-billion-expansion-gigafab-2026/` (or `https://www.bizjournals.com/phoenix/news/2025/12/19/tsmc-moves-up-production-second-fab.html` or SemiWiki thread) 2. `https://en.wikipedia.org/wiki/TSMC_Arizona` 3. `https://www.newelectronics.co.uk/content/blogs/tsmc-accelerates-fab-construction-with-up-to-10-facilities-targeted-for-2026` Let's fetch `https://tech-insider.org/tsmc-arizona-165-billion-expansion-gigafab-2026/` and `https://www.newelectronics.co.uk/content/blogs/tsmc-accelerates-fab-construction-with-up-to-10-facilities-targeted-for-2026`. This is directly related to our second watch and our core semiconductor reshoring thesis. Let's fetch.

Ah, the Firecrawl scraping timed out. Let's try fetching Wikipedia's TSMC Arizona page or searching for another source on the same topic. Let's try fetching `https://en.wikipedia.org/wiki/TSMC_Arizona` to see if it loads quickly.

This is extraordinary. Let's look at the timeline updates in this Wikipedia page for TSMC Arizona: - Phase 1 (4 nm process): Operational as of 2025. Apple is the first and largest customer, receiving "tens of millions" of chips in 2025 and announcing in February 2026 that it would purchase more than 100 million chips manufactured at TSMC Arizona in 2026. - Phase 2 (3 nm process): Construction is complete. TSMC announced in January 2026 that volume production of 3 nm chips at the second fab would start in the second half of 2027, which is earlier than the previously targeted 2028. Equipment installation is scheduled for the second half of 2026 (or Q3 2026). - Phase 3 (1.6 nm and 2 nm process): Under construction. - Investment: Pledged investment has ballooned to $165 billion (up from $65 billion), with up to six fabs, two advanced packaging lines, and an R&D center planned. Let's do a search on other suppliers mentioned here: - **Amkor Technology (AMKR)**: TSMC holds additional partnerships with Amkor Technology for advanced packaging lines (specifically in Peoria, Arizona). - **Linde plc (LIN)** and **Air Liquide**: For on-site supply of ultra-high-purity industrial gases. - Equipment suppliers: **ASML**, **Applied Materials (AMAT)**, **ASM (ASMI)**, **Lam Research (LRCX)**, **KLA (KLAC)**, **Tokyo Electron**. Let's search for: `Amkor Technology Peoria Arizona 2026` or `Amkor TSMC Peoria 2026` to see how Amkor's Peoria facility is progressing. This is a crucial "unobvious" winner of the onshoring trend. While TSMC makes the wafers, Amkor performs the advanced packaging (CoWoS, etc.) in nearby Peoria, Arizona, completing the domestic "grid-to-chip" or "wafer-to-device" supply chain. Let's search!

Let's fetch the Peoria Economic Development page or Amkor's corporate Pages: 1. `https://amkor.com/amkor-technology-arizona/` 2. `https://www.peoriaed.com/site-selection/featured-projects/amkor-technology` These will give us specific dates, capital expenditure, and construction milestones for Amkor's $2B Peoria facility, which is a major, specific beneficiary of the semiconductor reshoring wave. Let's do that.

This is incredibly rich primary evidence! Let's analyze Amkor Technology Arizona (ATA): - Location: Peoria, Arizona, at the Peoria Innovation Core (PIC). - Proximity: Very close to TSMC's Phoenix Gigafab. - Purpose: Advanced packaging and test technologies for AI, HPC, mobile, and automotive. It provides the crucial "turnkey advanced packaging and test services" that TSMC Arizona's wafers require, preventing the need to ship wafers back to Asia for packaging (completing the domestic supply chain). - Capital Expenditure: It's a **$2 billion** facility. - Timeline: - **Construction of Phase 1** began in **September 2025** and will continue through **mid-2027**. - **Recruiting and hiring** of the workforce (engineers, technicians, operators) is happening in **2026**. - **Tool installation, line verification, and qualification** are scheduled for **2027**. - **Production is expected to start in the early part of 2028**. - Environmental/Water: At least 80% of water will come from reclaimed sources, and they are partnering with the City of Peoria on water reclamation, which is highly critical in water-sensitive Arizona. Let's check the ticker for Amkor Technology (AMKR) using `market_view` to ground their financials and see where their stock stands. This is another highly specific, unobvious beneficiary of reshoring policy money (they received CHIPS Act funding too!). Let's call `market_view(kind=ticker, id=AMKR)`.

This is absolutely phenomenal. Amkor Technology (AMKR) is trading at its 52-week high of $90.46, up **80.2% over the last 3 months**, with TTM revenue of $7.07B growing at 27.5% YoY, and earnings up **285.6% YoY**. It has beaten EPS estimates in each of the last four quarters. This performance is directly supported by its strategic position as the leading US-based OSAT (Outsourced Semiconductor Assembly and Test) provider, with its core $2B advanced packaging facility in Peoria, AZ breaking ground in Sept 2025 and ramping up to support TSMC Arizona's advanced AI and high-performance computing packaging needs starting in early 2028. Let's look at the remaining open thread: - `TSMC Arizona Fab 3 Equipment Installation and Fab 4 Groundbreaking` (one-shot, fire_date ~Dec 31, 2026) - Wikipedia and news articles showed that Fab 3 (which is under construction as of 2025/2026) is targeted for production in 2029 (or 1.6/2nm process). Equipment installation is scheduled to begin in the second half of 2026. - Let's check if there is any announcement of Fab 4 groundbreaking or Fab 3 equipment installation starting yet. - As of June 22, 2026 (today), let's search: `"TSMC" Arizona "Fab 4" groundbreaking OR construction 2026`. Let's see if it has officially started or is still in planning. Let's search.

This is extremely fascinating! Let's look at the Barchart/Chronicle Journal articles and Dan Nystedt's tweet summarizing TSMC's 2026 Technology Symposium (which took place in mid-2026, around May 2026): - "Fab 4 and first advanced packaging plant (AP1) are in initial construction." (This indicates that initial construction/groundbreaking has occurred!) - "The fact that TSMC's newest Arizona Fab 4 is sold out through late 2027 — before breaking ground — speaks volumes about the intensity of current..." - Let's fetch the Barchart article `https://www.barchart.com/story/news/927456/taiwan-semiconductor-s-new-fab-4-is-fully-booked-before-construction-even-begins` or the Chronicle Journal article `https://markets.chroniclejournal.com/chroniclejournal/article/marketminute-2026-4-15-the-price-of-resiliency-tsmc-braces-for-earnings-as-arizona-expansion-commands-massive-premium` or the buildwcg blog post `https://www.buildwcg.com/blog-posts/semiconductor-fab-construction-boom-2026` to see what's happening. Let's fetch `https://www.barchart.com/story/news/927456/taiwan-semiconductor-s-new-fab-4-is-fully-booked-before-construction-even-begins` to verify.

This is an incredible, extremely deep finding. Let's analyze it: - TSMC's planned fourth fab in Arizona (Fab 4, slated to manufacture advanced 2nm / A16 chips) is **already fully booked through late 2027**, even though **construction has not officially broken ground yet**! - TSMC's biggest clients — Apple, AMD, Broadcom, Nvidia, and Qualcomm — have scrambled for guaranteed U.S.-based supply and have explicitly asked TSMC to expand Arizona production. - These clients are **willingly paying a premium of 25% to 30% higher prices** for chips manufactured in Arizona compared to Taiwan. This is a massive structural validation of our thesis: "where do the capex and the margin actually land?" Customers are absorbing the 25-30% premium to secure a domestic supply chain, allowing TSMC to preserve its 56%+ gross margins despite the 4-5x higher construction costs in the U.S. - This is a huge development that addresses our active watch: `TSMC Arizona Fab 3 Equipment Installation and Fab 4 Groundbreaking` (one-shot). - Let's check: the watch is triggered when TSMC officially announces equipment installation in Arizona Fab 3 or starts construction on Arizona Fab 4. The Barchart article (March 24, 2026) states: "before construction has even started" on Fab 4. And Dan Nystedt's tweet from May 2026 mentions "Fab 4 and first advanced packaging plant (AP1) are in initial construction." - Let's search specifically for the May 2026 TSMC Technology Symposium or Dan Nystedt's tweet content to see if they broke ground or announced initial construction. - Let's search: `"TSMC" "Arizona" "AP1" OR "Fab 4" "Technology Symposium" 2026`. Let's run a search.

Ah! The web search budget is spent. This is a very clear signal to stop searching and synthesize our incredible findings. Let's review what we have: 1. **TSMC Arizona & Amkor advanced packaging partnership**: - TSMC Arizona Fab 4 and its first advanced packaging plant (AP1) have entered "initial construction" as of May 2026 (announced at the TSMC Taiwan Technology Symposium on May 14, 2026). - This directly triggers and resolves our watch: `TSMC Arizona Fab 3 Equipment Installation and Fab 4 Groundbreaking`! Since it has entered initial construction, we can record this event. Let's record it. - Even before breaking ground, TSMC's fourth fab (Fab 4) is **fully booked through late 2027** by major tech giants (Apple, AMD, Nvidia, Broadcom, Qualcomm). - Crucially, these customers are **willingly paying a premium of 25% to 30% higher prices** for chips manufactured in Arizona compared to Taiwan. This is a massive structural validation of our thesis: "where do the capex and the margin actually land?" Customers are absorbing the premium to secure a domestic supply chain, allowing TSMC to preserve its 56%+ gross margins despite the 4-5x higher construction costs in the U.S. - **Amkor Technology (AMKR)**: Amkor is building a **$2 billion advanced packaging and test facility** in Peoria, Arizona (Peoria Innovation Core), very close to TSMC's Phoenix Gigafab. - Construction of Phase 1 began in **September 2025** and will continue through **mid-2027**. - Recruiting and hiring is active in **2026**. - Tool installation is planned for **2027**, with production expected to start in **early 2028**. - This completes the domestic "grid-to-chip" wafer-to-device supply chain, allowing TSMC's Arizona wafers to be packaged locally by Amkor (specifically for Apple devices, as Apple announced in February 2026 that it would purchase more than 100 million chips manufactured at TSMC Arizona in 2026). - Amkor's financials are outstanding: TTM revenue of $7.07B (+27.5% YoY), earnings up **285.6% YoY**, and stock trading at its 52-week high of $90.46 (+80.2% in the last 3 months). 2. **Eaton's massive strategic pivot**: - Eaton completed the acquisition of **Boyd Thermal** for **$9.5 billion** on March 12, 2026. This acquisition brings leading-edge liquid-cooling solutions to Eaton's electrical segment, establishing a "grid-to-chip" power and thermal management architecture for AI-driven data centers. - On June 11, 2026, Eaton agreed to combine (sell) its **Mobility business** with **Dana Inc.** in a transaction valuing the unit at **$5.1 billion**. This divests Eaton's cyclical vehicle/automotive exposure and sharpens its focus entirely on high-margin, secular data center, electrical, utility, and aerospace markets. - This is a textbook example of "where do the capex and the margin actually land?" Eaton is actively reallocating capital away from cyclical, lower-margin automotive lines (Mobility) and into the mission-critical, high-margin, secular bottleneck of data center power and thermal management (Boyd Thermal's liquid cooling). 3. **Comfort Systems USA (FIX) and EMCOR Group (EME)**: - **Comfort Systems USA (FIX)** is the premier MEP (Mechanical, Electrical, Plumbing) contractor for data centers, factories, and advanced manufacturing. - In Q4 2025, FIX reported a backlog that reached **$11.94 billion** as of Dec 31, 2025, which was up **99.3% YoY** (nearly doubled!). This was driven overwhelmingly by "technology customers, overwhelmingly data center hyperscalers," which pushed the segment from 33% to 45% of total FY2025 revenue. - In Q1 2026, FIX followed this up with a massive blowout: EPS of **$10.51** (beating estimates of $6.81 by 54.3%), and revenue of $2.87B. - To meet this demand, FIX is expanding its prefabrication and modular manufacturing capacity by **30% in 2026** (scaling modular capacity from 3 million to 4 million square feet by the end of 2026). This allows them to build complex cooling, airflow, and electrical systems off-site in controlled environments and ship them pre-assembled, overcoming the construction site labor bottleneck that typically slows down large-scale onshoring and data center projects. - This modular off-site prefabrication approach is driving record profitability, with gross margin holding above 25% (highest in company history). - **EMCOR Group (EME)**: EMCOR reported record Q1 2026 revenues of $4.63 billion (+19.7% YoY) and EPS of $6.84 (beating estimates of $5.84 by 17.1%), driven by its role in data center cooling infrastructure and high-tech manufacturing. Its total backlog (RPOs) reached a record $11.9 billion, with manufacturing-related and data center projects remaining key drivers of backlog growth. 4. **Quanta Services (PWR)**: - Quanta Services (PWR) is a massive winner of the convergence of: 1. Utility grid modernization 2. Power generation 3. Large-load demand (data centers, manufacturing, and reshoring) - In Q1 2026 (ended March 31, 2026), Quanta reported a stunning EPS beat of $1.45 vs. $1.00 estimated (+45% beat), with revenue growing 26.3% YoY to $7.87 billion, and TTM revenue hitting $30.12 billion. - Its 2026 outlook, raised on Feb 19, 2026, forecasts adjusted EPS between $12.65 and $13.35, driven by AI infrastructure, grid modernization, and reshoring. It also expanded its "Total Solutions" platform, and was selected by NiSource to construct a massive 3-gigawatt power generation and grid project for a large-load customer (under a JV with Zachry Group) starting execution in 2026 through 2032. 5. **Intel Ohio One state progress report**: - On Feb 27, 2026, Intel submitted its annual progress report to the Ohio Department of Development, confirming it spent $1.43B to $1.53B in 2025 (bringing total spend to $5.26B), and that it is holding to its delayed timeline of completing Fab 1 in 2030 (operational 2030) and Fab 2 in 2031 (operational 2032), with no further delays anticipated. Let's record the event on the second watch: `TSMC Arizona Fab 3 Equipment Installation and Fab 4 Groundbreaking`. - ID: `019eca6e-7a10-76b4-83a3-ce2dc37dcdc8` - Title: `TSMC Arizona Fab 3 Equipment Installation and Fab 4 Groundbreaking` - Trigger: Fires when TSMC officially announces equipment installation in Arizona Fab 3 or starts construction on Arizona Fab 4. - Cardinality: `one_shot`. Since it's one-shot and has been initiated, we should set `resolves: true`. - Summary of what happened: At the TSMC Taiwan Technology Symposium on May 14, 2026, TSMC announced that its fourth Arizona fab (Fab 4) and its first advanced packaging plant (AP1) have entered "initial construction." Let's call `record_event` for this watch.

This is excellent! We've resolved the TSMC Arizona Fab 4 groundbreaking watch! Now we need to write notes / findings for our living set. Let's see what notes we should write or update: 1. `chips-act-restructuring-intel-equity-and-tsmc-acceleration` (update this existing note with the new TSMC Arizona Fab 4 groundbreaking, fully-booked status, 25-30% premium, and Intel Ohio One state report). 2. `eaton-megaproject-and-datacenter-boom` (update this existing note with Eaton's massive $9.5B Boyd Thermal acquisition and $5.1B Mobility Group divestiture to Dana). 3. We should create a new note for **Comfort Systems USA (FIX) and EMCOR Group (EME)** focusing on their HVAC/MEP modular off-site prefabrication dominance and massive backlogs. Let's name it: `comfort-systems-and-emcor-modular-prefabrication-dominance`. 4. We should create a new note for **Amkor Technology (AMKR)** focusing on the $2B Peoria advanced packaging facility as the "unobvious" domestic supply chain winner. Let's name it: `amkor-technology-arizona-advanced-packaging-supply-chain`. 5. We should create a new note for **Quanta Services (PWR)** focusing on its Total Solutions expansion and 3GW NiSource power generation and grid project. Let's name it: `quanta-services-grid-modernization-and-power-generation-megaprojects`. Let's carefully write these notes. Let's start with updating `chips-act-restructuring-intel-equity-and-tsmc-acceleration`. I will draft the body of the note first. Wait, let's verify if there is any other note we can update. Yes, we have: - `chips-act-restructuring-intel-equity-and-tsmc-acceleration` - `eaton-megaproject-and-datacenter-boom` Let's do a write_note for `chips-act-restructuring-intel-equity-and-tsmc-acceleration` first. Let's review the guidelines for writing notes: - Use the first line as a `# ` header. - Carry 1-2 representative verbatim quotes, copied exactly, each kept with the link it came from. - Cite the market view URL for any market or valuation numbers we mention (e.g. `/markets/TSM/2026/06/22` and `/markets/INTC/2026/06/22`). - Use stable slugs. - No YAML frontmatter. Let's write `chips-act-restructuring-intel-equity-and-tsmc-acceleration`. Let's draft it.