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EquityResearch ThematicInvesting 6June2025 ThematicInvesting ThisWeekinThematics *NEWRESEARCH*exploringelectricianshortages'impactonthedigital/energytransition*NEWSFLOW*BASFstartscommercialblackmassrecycling,USapprovescultivatedsalmon,cyberattackshitNorthFaceandCartier&more... *EVENTS*PoweringAI:StateoftheUnion-MonthlyInvestorcall,10thJune Weappreciateyour5-starvoteinthe2025ExtelAll-AmericaResearchSurveyintheThematicscategory.Viewouranalysts»Vote5StarsforBarclays» 1.Latestthematicresearch: -WillElectricianShortageStunttheDigital&EnergyTransitions?(03.06.25) 2.Thematicnewsflow: -BASFstartscommercialoperationsatblackmassrecyclingplant -RadNetacquiresSee-ModeforAI-poweredultrasoundsolution -PlanetLabsreportsdoublingofordersasdefensespendinggrows -Mixednewsforrecycling,impactingEastman,Agilyx,SikaandBASF -CultivatedsalmonobtainsfullcommercialapprovalintheUS -UKofficiallyembracesoffensivecyberwarfareinstrategicshift -CyberattackshitNorthFaceandCartier,exposingcustomerdata -MicrosoftlaunchesfreeEUcybersecurityprogramforgovernments -France’sfastfashioncrackdownfacessenaterevisions 3.Thematicevents: -10.06.25-PoweringAI:StateoftheUnion(MonthlyThematicInvestorCall–June) 4.Otherrelevantevents: -9&10.06.25–BarclaysEMEATechnologyConference2025 5.Thematiclibrary:Linkstolatestthematicresearch ThematicInvesting HiralPatel +44(0)2031341618 hiral.patel@barclays.comBarclays,UK KatherineOgundiya +44(0)2031341391 katherine.a.ogundiya@barclays.comBarclays,UK LaiaMariniSola,CFA +44(0)2031342531 laia.marin@barclays.comBarclays,UK AmyLian +44(0)2031340179 amy.lian@barclays.comBarclays,UK WilliamThompson +12125268641 william.s.thompson@barclays.comBCI,US HannahGreenberg +12125262457 hannah.greenberg@barclays.comBCI,US SiddharthGupta +912261752540 siddharth.gupta1@barclays.comBarclays,UK BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision. ThisresearchreporthasbeenpreparedinwholeorinpartbyequityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFINRA. Pleaseseeanalystcertificationsandimportantdisclosuresbeginningonpage12. Completed:06-Jun-25,08:48GMTReleased:06-Jun-25,09:00GMTRestricted-External 1.LatestThematicresearch. ChartoftheWeek:WillElectricianShortageStunttheDigital&EnergyTransitions?WhoeverwinstheenergyracelikelywinstheAIrace,asdetailedinTheglobalAIarmsrace.WhileChinahasshowntheabilitytoadd>4,000terawatts(TWh)ofelectricityinthepastdecade,theUSandEuropefacesignificanthurdles,asoutlinedinElectricGrid(Un)lock:Electrification'Pick&Shovel'Players.Oneofbiggesthurdlesisalackofskilledelectricians,accordingtoMicrosoftViceChair&PresidentBradSmithandBlackrockCEO&ChairmanLarryFink(seeElectricianShortageCommentary).WeexploretheelectricianlabormarketwithimplicationsacrossAI/datacenters,electrification,industrialdecarb,andmanufacturingreshoring. ElectricianShortageCouldStuntDigital&EnergyTransitions Thereisagrowingskillgapaswe'vedetailedinHumanCapital:GreenskillsurgestillfallsshortandHumanCapital:Theoverlookedcompanyasset.DuringtheIEA'sEnergy&AIeventinDecember,itwasemphasizedthatthetwinenergyanddigitaltransitionsarereshapingthelabormarkets,with12%and>300%y/ygrowthingreenskillandAI-relatedhiring,butthereisstillanemergingworkforceshortage. Importantly,electriciansarecriticaltonotonlymeetingincreasingpowerdemandforAI/datacenters,broadelectrification(e.g.,electricvehicles,heatpumps),industrialdecarb(e.g.,advancedbiofuels,greenhydrogen),andmanufacturingreshoring,butalsomodernizinggridinfrastructure,renewablesandenergystorage. USBureauofLaborStatisticsforecasts>80kelectricianopeningsintheUSannuallyamidgrowingdemand(datacenters,electrification,renewables,energystorage,etc.)andanageingworkforce. FIGURE1.USBureauofLaborprojects>80kelectricianopeningsperyearbasedon1%employmentgrowth *BLSOccupationalEmployment&WageStatisticssurveyisbasedonMay-Mayemploymentandexcludesselfemployed;**BLSEmploymentProjectionsarecalendaryearemploymentandincludeselfemployed Source:USBureauofLabor&BarclaysResearch TheInternationalBrotherhoodofElectricalWorkers(IBEW)projectsthatthedemandforelectricianswilloutpacesupplywellintothenextdecade.1AccordingtotheUSBureauofLaborStatistics(BLS),theemploymentofelectriciansintheUShasgrown ~2.7%annuallyfrom2010-2024toover740,000excludingselfemployment,asshown inFigure1.Overthenextdecade,theBLSforecastselectricianemploymenttogrow 1Barron's:EnergyExecsWarnElectriciansAreHardtoFind.ItCouldSlowtheAIDataCenterBoom,accessedMay2025 ~1%annually,whichis2xtherateofalloccupations,butcouldprovequiteconservative,inourview,amidaninflectioninpowerdemandgrowth.Eveninthatscenario,theBLSforecastsover80,000electricianopeningseachyear,onaverage,overthenextdecadeamidtheneedtoreplaceskilledworkerswhotransferinto otheroccupationsorleavethelaborforce,includingforretireme