The mid-year 2026 Vulcan AI Spine Model Portfolio Update

Combining the refreshed Core AI, Physical Buildout, and Power and Utilities article lists into a single model portfolio. The Vulcan AI Spine Model Portfolio. The Core AI refresh covered compute, foundries, memory, semiconductor equipment, networking, custom silicon, and cloud platforms. The Pipes, Power, and Cooling refresh covered the equipment and the labor that turn a data center plan into an operating building. The Power and Utilities refresh covered the generation, transmission, and regulated assets that keep that building energized. Read one at a time, they look like three thematic screens with some overlap. Read together, they are three sections of the same bill of materials. So this is the next step. I have combined the three refreshed Top 10 lists into a single Vulcan AI Spine model portfolio that we will track over the next six to nine months, roughly through January to April 2027. Fair warning before we start: I am going to spend more of this piece on why the weights look the way they do than on why the companies are good, because the company work already exists in the three predecessor articles and the construction work does not. Let's get right to it. Thirty slots become twenty-nine companies The three lists contain 30 total positions and 29 unique companies.