1) Power grids, transmission & “AI-ready” utilities
Why it’s working: hyperscale data-center buildouts + EV load are forcing record spend on wires, substations and high-voltage equipment.
Who’s growing now
- Quanta Services just printed another double-digit revenue quarter and a record backlog of $35.8B, a direct readthrough on U.S. transmission and substation work (press release). Quanta also raised its 2025 outlook (PRNewswire recap). Quanta Services, Inc.PR Newswire
- Eaton posted record Q2 sales of $7.0B (+11% YoY) and noted data-center orders up ~55% in its Electrical segment, with revenue up ~50% vs. Q2’24 in Electrical Americas (release; deck). Eaton+1
- Prysmian (HV cables) raised 2025 EBITDA guidance and sits on a ~€16B+ backlog, with Transmission the star growth engine (Q2/H1 release PDF; snapshot with context Finimize). prysmian.comFinimize
- Nexans reported +4.9% organic growth H1 led by Electrification (+7.8%) and highlighted a beefed-up transmission backlog with visibility into 2028 (H1 press release; slides). Nexans+1
How to play it: regulated, wires-heavy utilities + “grid picks & shovels” (EPCs, transformers, HV cables).
2) Defense & dual-use industrials (Europe-led)
Why it’s working: NATO re-armament is now multi-year, with ammunition and air-defense capacity expansions.
Who’s growing now
- Rheinmetall: despite some procurement timing noise, the group reaffirmed 25–30% 2025 sales growth and reported a record €63.2B backlog; it also opened Europe’s largest ammo plant in Germany (Reuters wrap; FT plant story; company H1 page). ReutersFinancial TimesRheinmetall
- BAE Systems: H1 sales +11% YoY and backlog £75.4B; management raised FY25 guidance (press/IR; coverage AeroTime). LSEGAeroTime
- Saab: organic sales +32% in Q2, backlog SEK 197.6B; Dynamics saw +73% growth, reflecting munitions/anti-tank demand (press PDF; PR). Start+1
How to play it: Europe-centric munitions/sensors capacity that converts to revenue fast.
3) Semiconductor “picks & shovels” (cap equipment & process control)
Why it’s working: AI + advanced packaging are driving a two-year WFE up-cycle.
Who’s growing now
- ASML delivered Q2 net sales €7.7B and sees ~15% FY25 sales growth, with EUV up ~30% on the year (results; coverage on EUV +30%: Nasdaq). ASMLNasdaq
- Applied Materials posted record Q3 FY25 revenue $7.30B (+8% YoY), with Semi Systems +10%; outlook remains supported by AI, DRAM and advanced packaging (IR release; analysis Futurum). ir.appliedmaterials.comFuturum
- KLA beat expectations with ~24% YoY revenue growth and upbeat guidance into 2H’25, reflecting process-control intensity at leading nodes (Yahoo recap; call highlights). Yahoo FinanceThe Motley Fool
How to play it: diversified toolmakers (litho ecosystem, deposition/etch) + inspection/metrology.
4) Healthcare & “metabolic” adjacencies (enablers)
Why it’s working: GLP-1 demand is expanding the entire supply chain—containers, elastomers, fill-finish, device components.
Who’s growing now
- West Pharmaceutical raised FY guidance after Q2 revenue +9% and called out GLP-1 elastomers as a key growth driver (IR note; recap Investing.com). investor.westpharma.comInvesting.com
- Stevanato (EZ-fill syringes/cartridges) printed Q2 revenue +8–11% YoY and lifted 2025 guidance on GLP-1 and biologics demand (press; news). Stevanato Group S.p.A.Pharma Manufacturing
How to play it: device/packaging suppliers tied to injectable volumes; be selective with big-cap sponsor names where growth is decelerating.
5) Travel & leisure (experiences > goods)
Why it’s working: fares normalized, capacity is catching up, but demand remains resilient—especially in Europe.
Who’s growing now
- Booking Holdings reported Q2 revenue +16% YoY and gross bookings +13%, and raised FY outlook (release PDF; Yahoo recap). Q4 CDNYahoo Finance
- Ryanair more than doubled Q1 PAT to €820m, with traffic +4% and fares +21%; capacity expansion is coming as Boeing deliveries accelerate (results PDF; Reuters on deliveries). investor.ryanair.comReuters
- IHG delivered H1 RevPAR +1.8% and fee revenue +7%, with EMEAA still the growth engine (release; detail PDF). IHG Plc+1
How to play it: asset-light platforms + select low-cost carriers with disciplined capacity.
6) Optical & networking plumbing for AI
Why it’s working: back-end networks (Ethernet/optics) are scaling toward 1.6T modules; bandwidth is the new bottleneck.
Who’s growing now
- Broadcom reiterated Q3 FY25 revenue ~$15.8B (+21% YoY) with AI semi revenue guided to $5.1B (+60% YoY)—evidence that networking + custom accelerators are still ripping (company news; analysis Futurum). broadcom.comFuturum
- Arista Networks raised 2025 growth guidance to ~25% and popped after strong Q2 tied to cloud/AI switching (IR PR; coverage IBD). investors.arista.comInvestors
- Fabrinet (optical manufacturing partner) highlighted 800G+ and early 1.6T ramps, with 800G+ revenue +21% YoY / +32% QoQ (AlphaSpread transcript). www.alphaspread.com
How to play it: high-end Ethernet switching, optical DSP/components, and build-to-spec manufacturers leveraged to 800G→1.6T.
7) Financials: capital-markets beta & insurers
Why it’s working: higher-for-longer rates and bouts of volatility keep trading and clearing busy; data/analytics platforms ride secular demand.
Who’s growing now
- Intercontinental Exchange (ICE) posted record Q2 revenue $2.5B (+10% YoY) and EPS +35%, with all segments contributing (IR; Yahoo brief). ir.theice.comFortune
- London Stock Exchange Group (LSEG) delivered H1 total income +7.8% and announced a £1B buyback, citing strength across Markets and Risk Intelligence (press; Reuters). LSEGReuters
- Allianz reported record H1 operating profit with double-digit internal growth and core net income +17.3% (company release). Allianz.com
How to play it: exchanges/clearing and asset-sensitive insurers with capital return.
8) Industrials reshoring & electrification
Why it’s working: factory automation retools supply chains; smart infrastructure rides electrification and data centers.
Who’s growing now
- ABB reported record order intake with orders +14% and U.S. orders +37%, reflecting data-center/electrification demand (news; Q2 slides). Data Centre Magazineresources.news.e.abb.com
- Siemens reaffirmed FY guidance; Smart Infrastructure targets 6–9% growth for 2025 while Mobility guides 8–10% growth on chunky rail wins (press; WSJ). press.siemens.comWall Street Journal
- Rockwell Automation saw reported sales +5% (ARR +7%) and continues to point to strength in e-commerce/warehouse automation even as some process end-markets are softer (release; Q3 deck). rockwellautomation.com+1
- SPX Technologies (transformers/HVAC) posted Q2 revenue +10% YoY and adj. EPS +16%, raising FY25 guidance—a clean proxy for grid bottle-necks like transformer lead times (IR; Seeking Alpha brief). spx.gcs-web.comSeeking Alpha
How to play it: automation + smart-infra vendors; grid-gear specialists (transformers, switchgear).
Quick portfolio framing (not advice)
- Core capex: Quanta / Eaton / Prysmian / Nexans
- Defense Europe: Rheinmetall / BAE / Saab
- Semicap: ASML / AMAT / KLA
- AI plumbing: Broadcom / Arista / Fabrinet
- Travel platform: Booking; LC carrier: Ryanair
- Financial infra: ICE / LSEG
- Industrial electrification: ABB / Siemens / SPX
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