BEAD program

Clearfield trades at attractive 1.7x sales ex-cash with 16% growth, 33% margins, and $85M buyback. BEAD broadband funding provides structural tailwind.

Five overlooked AI infrastructure companies manufacturing circuit boards, power systems, and fiber networks are positioned for 2026 outperformance driven by data center expansion and government spending programs.

AI investment enters Phase 2, shifting from chip hype to infrastructure validation. Keysight and Calix positioned to benefit from data center validation and rural broadband deployment.

The shift from tech to real-economy sectors broadens. Clearfield and Belden emerge as infrastructure plays positioned to capture government broadband spending and industrial digitization trends.