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Boyd has announced a major expansion of its liquid cooling manufacturing facility in Juarez, Mexico, more than doubling capacity from 217,000 to approximately 460,000 square feet. The expansion aims to meet growing demand for AI data centre cooling systems from hyperscalers, colocation providers and enterprise customers. The facility specialises in coolant distribution units ranging from 0.5 to 5 megawatts, with plans to deliver higher performance levels. Boyd Juarez manufactures liquid cooling solutions including CDUs, direct-to-chip liquid cold plates, cooling loops and in-rack manifolds. "We anticipate AI data centre customer needs and market dynamics allowing continuous alignment of our operations, manufacturing capacity, and technology investments for cooling up to 5 MW and beyond," said David Huang, Boyd President of the Thermal Solutions Division.

Eaton to buy Boyd Thermal for $9.5B in data center play. Deal is expected to close in Q2 2026. Eaton power block An Eaton power block. (Eaton Corp.) Eaton Corp. agreed to buy liquid cooling specialist Boyd Thermal for $9.5 billion to capitalize on heavy demand related to artificial intelligence data centers. Eaton, a more than century-old power management company, is acquiring the Boyd Corp. unit from Goldman Sachs Asset Management, according to a statement Nov. 3. The deal is expected to close in the second quarter of 2026. The acquisition gives Eaton a portfolio of thermal-management products designed to control excess heat from data centers or in other applications across the industrial and aerospace sectors. Boyd Thermal's 2026 sales are forecast at $1.7 billion, the majority of which will come from liquid cooling. Eaton shares fell 1.8% as of 7:13 a.m. before regular trading in New York.

MPS egg farms -. Stocks see support from M&A and AI optimism. The S&P 500 Index ($SPX) (SPY) today is up +0.08% the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.41%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.55%. December E-mini S&P futures (ESZ25) are up +0.16%, and December E-mini Nasdaq futures (NQZ25) are up +0.66%. US stocks are trading generally higher today on fresh M&A deals and continued AI optimism after OpenAI bought $38 billion of AI computing power from Amazon. In M&A deals, Kimberly-Clark's announced a $40 billion acquisition of Tylenol-maker Kenvue for stock and cash. Also, Eaton agreed to buy Boyd's thermal business for $9.5 billion. Stocks are being undercut today by a +3.3 bp rise in the 10-year T-note yield. In a dovish statement, Fed Governor Stephen Miran said today, "The Fed is too restrictive, neutral is quite a ways below where current policy is." He added, "Given my rather more sanguine outlook on inflation than some of the other members of the committee, I don't see a reason for keeping policy as restrictive." Mr. Miran recently took a leave of absence from the White House Council of Economic Advisers to take a temporary job as a Governor at the Fed. The markets are discounting a 66% chance of another -25 bp rate cut at the next FOMC meeting on December 9-10. As a supportive factor for stocks, the final-October S&P US manufacturing PMI was revised slightly higher by +0.3 points to 52.5, stronger than market expectations for an unrevised 52.2. On a weaker note, the Oct ISM manufacturing index fell by -0.4 points to 48.7, weaker than expectations for a +0.4 point rise to 49.5. On a more favorable note, the Oct ISM Prices Paid index fell -3.9 points to 58.0, weaker than expectations of +0.6 to 62.5. The markets are looking ahead to oral arguments at the Supreme Court this Wednesday about whether President Trump's reciprocal tariffs are legal. Oral arguments may provide hints about how the Supreme Court might rule. The Supreme Court is expected to issue its ruling by late this year or early in 2026. Lower courts have already ruled that Mr. Trump's reciprocal tariffs are illegal, finding they are based on a specious claim of emergency authority under the 1977 International Emergency Economic Powers Act. If the US Supreme Court upholds those rulings and strikes down the tariffs, then the US government may have to refund the reciprocal and fentanyl-linked tariffs already collected, totaling more than $80 billion, and Mr. Trump's power to impose tariffs will be limited to well-founded sections of US trade law, such as sections 232, 301, and 201. Q3 corporate earnings season continues at a strong clip this week, with 136 of the S&P 500 companies reporting earnings this week. According to Bloomberg Intelligence, 80% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from +6.4% in Q2. The US government shutdown continues into its sixth week, weighing on market sentiment and the US economy. The government shutdown is delaying a host of government reports and is having an adverse effect on the US economy. Overseas stock markets are higher today. The Euro Stoxx 50 is up +0.37%. China's Shanghai Composite on Monday closed up +0.55%. Japan's Nikkei Stock 225 closed up +2.12%. December 10-year T-notes (ZNZ5) today are down -1.5 ticks. The 10-year T-note yield is up +3.3 bp at 4.110%. T-note prices are on the defensive today due to continued strength in stocks, which reduced safe-haven demand for Treasury securities. T-note prices are also being undercut by today's +0.4 bp rise in the 10-year breakeven inflation expectations rate to 2.320%. T-note prices are seeing bearish carry-over from last week, when Fed Chair Powell cautioned against fully expecting another Fed rate cut at its next meeting on December 9-10. Also, several other Fed officials late last week expressed caution about further Fed rate cuts. However, Fed Governor Stephen Miran issued dovish comments today. T-note prices have underlying support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates. European government bond yields are higher. The 10-year German bund yield is up 2.3 bp at 2.656%. The 10-year UK gilt yield is up +1.8 bp at 4.428%. Swaps are discounting a 6% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18. Amazon (AMZN) is up more than +5% after news that it signed a $38 billion deal to provide AWS cloud AI services to OpenAI. Alphabet (GOOG) is trading slightly higher after a Bloomberg report that the company plans to raise $15 billion from a dollar bond sale in as many as eight parts with maturities ranging from 3 to 50 years. Nvidia (NVDA) is up more than +2% after Loop Capital Markets raised its price target on Nvidia to a Street-high, with an implied market-cap target of more than $8.5 billion, up from its current market cap of just over $5 trillion. IREN LTD (IREN) is up more than +20% after news that Microsoft (MSFT) signed a deal with the data-center company to buy AI cloud capacity worth nearly $10 billion. Kenvue (KVUE) is up more than +16% after Kimberly-Clark (KMB) agreed to buy the Tylenol maker and consumer-health company for nearly $50 billion in stock and cash. Cisco Systems (CSCO) is up more than +1% after an upgrade from UBS to buy from neutral. Eaton (ETN) is trading slightly higher after agreeing to buy the Boyd Thermal business of Boyd Corp from Goldman Sachs for $9.5 billion. Clorox Co/The (CLX), Coterra Energy Inc (CTRA), Diamondback Energy Inc (FANG), Eastman Chemical Co (EMN), Hologic Inc (HOLX), IDEXX Laboratories Inc (IDXX), Loews Corp (L), ON Semiconductor Corp (ON), Palantir Technologies Inc (PLTR), Pinnacle West Capital Corp (PNW), Public Service Enterprise Group (PEG), Realty Income Corp (O), SBA Communications Corp (SBAC), Simon Property Group Inc (SPG), Vertex Pharmaceuticals Inc (VRTX), Williams Cos Inc/The (WMB). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.