Datacenter Trade Spreads Beyond Chips as Analysts Rerate Legrand, Micron

Evercore upgraded Legrand, a French electrical-equipment maker, citing growth tied to datacenter construction, while simultaneously cutting its rating on Siemens over margin concerns. The split call suggests analysts are differentiating within the industrial suppliers benefiting from AI infrastructure spending rather than treating the group as a single trade. Separately, CLSA raised its price target on Micron on the back of a stronger outlook for memory chip pricing, a segment that has become a key beneficiary of AI server demand. Nvidia shares also climbed, extending a run that has made the chipmaker the bellwether for the broader AI capital-spending theme. The moves point to investors and analysts looking past the headline AI chip names to find value in the surrounding supply chain, from power equipment to memory. What is unresolved is whether margin pressure flagged at Siemens is company-specific or an early sign that costs are catching up with revenue across the datacenter supply chain.