Schneider Electric is paying $205 a share in cash for PTC, the largest deal in its history. PTC's shares rose by a third. Schneider's fell by a tenth, and on Tuesday J.P. Morgan downgraded it.
A domestic supplier now sells into chipmaking equipment and has passed DRAM certification. The crucible that grows the ingot still comes from one town in North Carolina.
The rate schedule changes faster than a supply chain can be rebuilt, so companies have stopped optimising for any particular rate and started paying for optionality.
The statutes passed. The fight moved to parts pairing, diagnostic software, and what a manufacturer may require before a repair will function.
Falling integration costs and capable perception models are bringing automation to mid-sized manufacturers that could never afford it before.
Live simulations of plants, grids, and logistics networks are becoming the interface through which operators run the physical thing.
New plants are landing in regions whose supplier and labor systems run on spreadsheets, and the digital retrofit is its own industrial policy.
The pitch decks gave way to project finance: the sector's defining skill is now building plants, not raising rounds.