ab 16 September 2025 Global Research HOLT SMID Quantifying Market Expectations on AI and Data Centre Exposed Stocks Elevated CFROI expectations, but SMID AI Infrastructure & Data Centre exposed Industrials trade at a discount vs Large Caps (1) Both SMID and Large Caps exhibit market implied CFROIs at peak levels, with forecast CFROIs remaining elevated. AI & Data Centre exposed SMID industrials trade at a higher Market Implied Yield (MIY) vs Large Caps, indicating a valuation discount. Momentum has generall ...