Nash & Vance Research

Research on eleven public companies building AI compute, robots and the U.S. power grid, written from their filings.

Reports

Each report follows one sector across the companies we cover in it.

Capital expenditures reported for the quarter ended September 30, 2026. Sources: CNBC on Amazon and Alphabet, Microsoft’s Form 10-Q and Meta’s earnings release.

AI Infrastructure: Where the Bottleneck Moves Next

AI compute supply has been gated by one scarce input after another, and the scarce input has collected the profit. Third-quarter filings from the four reporting hyperscalers, the chip suppliers and the grid show the constraint now sitting in memory and electricity, with GPU wafers and packaging easing. The signals that would end the spending cycle are listed.

AI Infrastructure report. Published . Covers NVIDIA, Taiwan Semiconductor, Broadcom, Vertiv and GE Vernova.

Industrial robot installations in 2024, five largest markets. Source: IFR World Robotics 2025.

Physical AI: Who Owns the Robot Floor

Robots are slowly leaving fixed, caged cells for hospitals, warehouses and shared factory floors. The money follows installed base, recurring revenue per machine and service capacity, and only surgery has proven the model at scale. Warehouse automation has a large backlog but a thin recurring layer, collaborative robots are a small share of units, and humanoids remain mostly targets. China now supplies most of its own factory robots.

Physical AI and Robotics report. Published . Covers Tesla, Intuitive Surgical, Symbotic and Teradyne.

GE Vernova gas backlog plus slot reservations, December 2025 to September 2026. Sources: Utility Dive and GE Vernova’s Q3 release.

The Rebuild: Power, Equipment and Crews

U.S. electricity demand is growing again after two flat decades, and the physical inputs to meet it are sold out: gas turbine slots into the early 2030s, large transformers for years, and interconnection slots for five years. The factory leg of the story has faded, with manufacturing construction down sharply. Data centers and the power system carry the cycle. Backlog goes first to the sellers of the scarcest items, and the report sets out what would end the cycle.

U.S. Reindustrialization report. Published . Covers GE Vernova, Eaton and Quanta Services.

Notes