JPMorgan's Steve Tusa talks industrials outlook for 2026
December 23, 2025 • 5m 30s
Steve Tusa (Senior Analyst)
00:00.089
there
is
no
pause
in
on
the
ground
activity
when
it
comes
to
building
data
centers
full
stop
it's
actually
better
in
the
last
several
weeks
than
it
was
around
the
quarter
and
a
third
quarter
where
everybody
realized
that
we're
still
kind
of
earlier
in
this
cycle
and
there
was
a
Steve Tusa (Senior Analyst)
00:19.129
wave
of
order
activity
for
the
infrastructure
related
players
i
can't
speak
to
what's
happening
down
at
the
tip
of
the
spear
in
the
next
model
that's
going
to
come
out
and
how
that's
going
to
have
that
leapfrogging
is
gonna
behave
i'm
not
a
tech
analyst
but
when
it
comes
to
on
Steve Tusa (Senior Analyst)
00:33.889
the
ground
order
activity
and
everything
the
hyperscalers
have
said
about
their
supply
demand
position
in
their
most
recent
comments
suggests
we
are
still
early
in
this
cycle
where
supply
is
trying
very
hard
with
little
success
to
catch
up
to
demand
so
i
think
this
discussion
of
Steve Tusa (Senior Analyst)
00:52.129
an
overbuild
again
as
we've
said
before
we
all
die
in
the
end
i'm
an
industrial
analyst
this
is
a
cycle
but
in
year
two
of
a
building
out
that
takes
i
think
a
little
longer
than
just
a
few
months
it's
very
hard
to
overbuild
and
we
still
think
we're
we're
a
ways
away
from
that
i
Steve Tusa (Senior Analyst)
01:10.569
haven't
really
heard
of
any
dark
GPU
lying
around
yet
so
we're
still
pretty
bullish
even
from
a
cycle
timing
perspective
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