Podcast episode
Episode 235 – Marks on the Market: The Ground-Level Reality of America’s Infrastructure Boom | Kyle Pieratt
Host Richard Cunningham and Luke Roush of Sovereign’s Capital sit down with Kyle Pieratt, President and CEO of Vermeer Mountain West, for a ground-level look at the infrastructure cycle reshaping American markets. Before a data center goes up, someone has to bring in the water, the power, and the fiber. Kyle’s team sells the equipment that puts those lines in the ground. Right now, they can’t get enough of it.
All opinions expressed on this podcast, including the team and guests, are solely their opinions. Host and guests may maintain positions in the companies and securities discussed. This podcast is for informational purposes only and should not be relied upon as specific investment advice for any individual or organization.
Episode Notes
Before a data center goes up, someone has to bring in the water, the power, and the fiber. Kyle Pieratt, President and CEO of Vermeer Mountain West, sells the equipment that does that work, and right now his mid-size drills are on allocation.
On November’s Marks on the Market episode, Richard Cunningham and Luke Roush of Sovereign’s Capital ask Kyle to follow the money behind the infrastructure boom. Kyle explains why this cycle is more diversified than the Level 3 fiber bubble and why contractors are choosing private hyperscale work over government-funded projects. He also makes the case that power may have a longer runway than data centers, and shares how his team plans in two- to three-year windows while caring for roughly 1,000 team members.
For investors trying to read a generational build-out, this is a view from the front lines. Watch the full episode on YouTube or continue to stream audio on your favorite podcast platform.
CHAPTERS
00:00 Intro
00:39 Welcome to November Marks on the Market
01:50 Kyle Pieratt and a record year at Vermeer Mountain West
03:02 A generational infrastructure investment cycle
03:48 Why Vermeer is really an infrastructure company
04:34 How today differs from the dot-com fiber bubble
06:46 Follow the money: who funds the build-out
09:07 BEAD funding finally hits the ground
09:53 Why government dollars take years to move
12:57 Can Starlink replace fiber?
14:11 Boom, bust, or a long tail?
15:09 Inflation and outdated government bids
15:36 Redundancy: everyone wants their own line
16:34 The best-selling drills right now
18:20 Directional drilling explained
21:01 Five infrastructure categories: where should attention go?
22:28 Data centers run on water and power
23:20 Why power may have the longer runway
24:33 Frozen housing starts
25:31 Drills on allocation and reading real demand
26:15 Prudence in a boom
27:54 Planning in two- to three-year windows
29:49 Culture as the secret sauce
30:30 Prayer requests in every store
31:50 The family table
33:06 A faith-driven leader at the topoct
34:08 Learning to be inquisitive, not judgmental
35:57 Matthew 7:24 and building on the rock
36:39 Closing