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Agentic Utilities '26: Backbone Infra
8 tickers · $764.92B total market cap
Group: Agentic Utilities
The rapid emergence of autonomous AI Agents is driving a fundamental transformation of internet infrastructure, shifting traffic patterns, increasing demand for edge compute, and necessitating new governance and security layers. This creates compelling investment opportunities in the foundational digital plumbing that enables the Agentic Era. The bull case is more compelling due to the early stage of adoption and the structural nature of the demand.
Agentic Utilities '26: Backbone Infra tracks 8 publicly listed stocks in this theme: ATEN, CIEN, CSCO, DLR, EQIX, HLIT, HPE, VNET. See the constituent table for details.
Thesis update: 2026-03-31
Constituents
Build 20260519T212339
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Cisco Systems, Inc.CSCO | 05/13/2026 (AMC) | 05/13/2026 (AMC) | -10.16% | 16.36% | 32.56% | -0.13% | $469.71B | 12.5000 |
Equinix, Inc.EQIX | 04/29/2026 | 04/29/2026 | 10.22% | 0.60% | 13.90% | -3.18% | $104.80B | 12.5000 |
Ciena CorporationCIEN | 03/05/2026 (BMO) | — | -14.37% | — | 84.22% | — | $74.17B | 12.5000 |
Digital Realty Trust, Inc.DLR | 04/23/2026 | 04/23/2026 | 4.23% | -0.43% | 16.54% | -6.86% | $66.24B | 12.5000 |
Hewlett Packard Enterprise CompanyHPE | 03/09/2026 (AMC) | 06/01/2026 (AMC) | -1.74% | — | 54.60% | — | $43.79B | 12.5000 |
VNET Group, Inc.VNET | 03/16/2026 | 05/26/2026 | -0.63% | — | 8.15% | — | $2.82B | 12.5000 |
A10 Networks, Inc.ATEN | 04/28/2026 | 04/28/2026 | 12.27% | -3.83% | 43.43% | 6.21% | $2.02B | 12.5000 |
Harmonic Inc.HLIT | 05/11/2026 (AMC) | 05/11/2026 (AMC) | 1.58% | 1.09% | 17.71% | -5.02% | $1.38B | 12.4998 |
| Average | 0.18% | 2.76% | 33.89% | -1.79% | $95.62B | 12.5000 | ||
| Median | 0.48% | 0.60% | 25.13% | -3.18% | $55.01B | 12.5000 | ||
| Std Dev | 8.58% | 7.01% | 24.19% | 4.58% | $145.90B | 0.0% | ||
| Min | -14.37% | -3.83% | 8.15% | -6.86% | $1.38B | 12.4998 | ||
| Max | 12.27% | 16.36% | 84.22% | 6.21% | $469.71B | 12.5000 | ||
| % Positive Tickers | 50.00% | 60.00% | 100.00% | 20.00% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.