Andrew, Ben, and Tom discuss the industrial demand train continuing to roll with ISM Manufacturing accelerating to 55.6 and employment turning positive for the first time in 33 months, Caterpillar raising guidance and surging 10% on data center engine and turbine demand, Palantir soaring 15% with US commercial revenue up 149% and Karp declaring the &quot;revolution for AI sovereignty&quot; is underway, ON Semi up 8% on silicon carbide AI data center revenue growing 60%, Entegris beating estimates, TransDigm +3% on double-digit aerospace and defense growth, Cummins raising outlook on data center power gen, healthcare beats from MRK and PFE potentially masking channel stuffing, McDonald&#x27;s +2% on better-than-feared comps with a new US president appointed, ADM +5% on the EPA biofuel mandate, and Snap +6% on the World Cup boost. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Industrial Demand Rips: ISM 55.6, CAT +10%, PLTR +15% as Data Centers Drive Growth | August 4, 2026 – Morning Market Briefing

The Morning Market Briefing

Hey everybody, welcome to the Morning Market Briefing. It's Tuesday, August 4, 2026. Hope you're doing well out there. A little traffic situation. Schools are back. Chaos ensuing. Super Producer Hicks, 20 minutes of traffic. Tough times. But he's here. But still half an hour early.

Still here in plenty of time. Seems like the volume is working, which I think is a favorable bit of feedback. I did hear from one Super User over the weekend that was very concerned about would Hicks actually be welcomed back or was he terminated? But he's back. So, was back yesterday too. I was not back. So, let's jump in. Ben, ISM Manufacturing. You used the illustration of a train picking up some steam and rolling forward last week or the week before.

That certainly seems to be the case. And it seems like this thing is going to be quite difficult to derail. Yeah, everything is coming up roses right now for the industrial side of the economy. The real question now becomes is, is this strength? Is everyone feeling this strength or is this crowding out from the data centers? We talked about last week the gentrification of memory ships. Are we seeing the gentrification of industrialization? And by that I mean all of this

capital is being used for data center applications rather than other applications like construction or residential construction because that is the highest and best use. We use the illustration about if you see a gentrifying neighborhood, all of a sudden that real estate is more valuable to build a nice home or an apartment complex or, you know, truest park.

Industrial Demand Rips: ISM 55.6, CAT +10%, PLTR +15% as Data Centers Drive Growth | August 4, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Industrial Demand Rips: ISM 55.6, CAT +10%, PLTR +15% as Data Centers Drive Growth | August 4, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.