What's behind the moves
TSMC led the list (+4.9%) after Bloomberg reported on Oct 1 that the company is weighing a multibillion-dollar Texas campus with multiple fabs, each costing at least $20 billion. The plan is early and reportedly hinges on Congress extending the 35% advanced manufacturing investment credit, which expires at the end of 2026. TSMC already has $265 billion committed in Arizona.
Oracle (+3.8%) recovered part of the prior week's Project Jupiter force-majeure drop. Reports that OpenAI is targeting a $30 billion raise at a $1.4 trillion valuation, with annualized revenue near $70 billion, eased concern about Oracle's largest compute customer. Oracle reports $664 billion in remaining performance obligations.
Micron slipped 0.7% despite record fiscal Q4 revenue of $54.23 billion and a raised outlook. The figure that matters for builders is spending: Micron guided about $11.5 billion of capex for fiscal Q1 and about $25 billion for the first half of fiscal 2027, and said most of the increase is construction capex aimed at bringing cleanroom space online from late 2028.
Meta (-3.1%), Intel (-3.0%) and Samsung (-3.3%) gave back gains after strong September runs. Meta's pullback followed a roughly 25% September rally and renewed questions about its capex payback. Samsung fell 4.2% on Sep 28, its first session after Chuseok, as long-dated US Treasury yields jumped and oil approached $100 a barrel.
Rates backdrop: the 10-year Treasury yield touched its highest level since 2002 (about 5.29%) on Oct 1, then eased on Oct 2 after a weak September jobs report (+29,000). Financing costs for large capital projects are moving with it.
The number to watch: data centers made up 24% of all US nonresidential building starts through August, and ConstructConnect counts 65 more projects worth $26.1 billion slated to start before year-end. Average project value has more than doubled since 2025 while floor area grew about 43%, so cost per square foot is rising much faster than size.
Copper eased on the week but remains about 31% above a year ago. Chilean output is at its lowest since 2011 and a decision on US refined-copper tariffs is still pending, both upside risks for wire, cable and busway pricing.
Standing reference figures
Data center construction labor shortfall: about 499,000 workers projected nationally.
Semiconductor manufacturing labor shortfall: about 157,000 workers projected by 2030 (McKinsey/SEMI/NSF), concentrated in Arizona, New York, Texas and Ohio.
Pipeline Watch: What's Breaking Ground
Semiconductors
TSMC is weighing a Texas fab campus. Multiple fabs at $20 billion or more each, still at an early stage and tied to extension of the 35% CHIPS investment credit. It would add a second US hub alongside Arizona. Bloomberg via Insurance Journal
Micron is shifting spend toward construction. First-half fiscal 2027 capex of about $25 billion, with most of the increase going to construction to speed cleanroom availability from late calendar 2028. Stocktwits · Micron FQ4 release
Data Center
Crusoe and Google, Armstrong County, Texas. More than 5,500 workers are now on site near Amarillo, with power from two 265.5 MW wind farms and closed-loop liquid cooling. Crusoe
Meta, Richland Parish, Louisiana. The 5 GW, 3,200-acre campus will need about 7,500 construction workers at peak, with buildout running to 2036. Meta is running a paid five-week training academy for electrical, plumbing and fiber trades. Louisiana Radio Network
Colovore, Fort Worth, Texas. A $430 million, 156,500 sq ft liquid-cooled facility in the AllianceTexas corridor, with construction set to start in December. That is roughly $2,750 per sq ft on announced value, at the top of ConstructConnect's range. Construction Review Online
Lambda, Mayes County, Oklahoma. An AI data center near Tulsa, developed with Cloverleaf Infrastructure, projecting up to 1,000 construction jobs. Lambda
AWS pledges $1 billion to host communities. Five years of funding for education, job training and energy-affordability programs, as local opposition continues to delay projects. Benzinga