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Mizuho analyst reports strong data center orders for Q4 2025 and positive 2026 outlook
Thursday, February 12, 2026 at 09:51 AM
Mizuho analyst reports indicate robust data center order momentum for the fourth quarter of 2025 and positive fiscal year 2026 guidance from various companies in the sector.
Context
Mizuho analyst Brett Linzey recently reported a significant surge in data center infrastructure orders following the Q4 2025 earnings cycle. The report highlights broad acceleration across the supply chain, specifically within electrical systems, liquid cooling, and connectivity hardware. This momentum suggests hyperscalers are aggressively front-loading orders to support the next generation of AI compute clusters.
Updated FY26 guidance indicates the capital expenditure cycle is reaching new heights rather than peaking. Key infrastructure firms are reporting record backlogs extending well into next year, with some segments projecting revenue growth exceeding 20%. This shift is largely driven by the transition to high-density racks requiring sophisticated thermal management and advanced power delivery systems.
These findings signal that the physical layer of the AI revolution remains a critical beneficiary of sustained spending. As the industry moves toward 2026, the strength in "gray IT" and power infrastructure serves as a bullish leading indicator for the broader semiconductor and data center markets.
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