AI data centers consume more power than entire nations. The nuclear renaissance accelerates. Grid infrastructure becomes as critical as semiconductors.
AI's insatiable power appetite triggers a once-in-generation energy supercycle. Nuclear power returns as the only viable baseload solution. Grid infrastructure investment rivals chip investment.
| Ticker | Company | Thesis |
|---|---|---|
| CEG | Constellation Energy | ~$106B market cap; largest U.S. nuclear operator; Microsoft 837MW/20yr + Meta 1.1GW/20yr PPAs; $25.53B FY2025 rev |
| VST | Vistra Corp | ~$51B market cap; Meta 2,600MW/20yr nuclear PPAs; >$6.8B 2026 EBITDA; nuclear + gas diversification |
| NEE | NextEra Energy | ~$160B market cap; 33GW backlog (record); Google 25yr nuclear PPA (Duane Arnold); Q1 2026 revenue $6.7B (+7%) |
| CCJ | Cameco Corp | ~$47B market cap; 36M lbs/yr uranium capacity; $2.6B new India contract; Scotiabank $175 target |
| ETN | Eaton Corp | $7.5B Q1 2026 revenue (record, +17%); Electrical Americas orders +42% organic; 11-year data center backlog |
| VRT | Vertiv Holdings | Power conversion, thermal management, and infrastructure for AI data centers; $7B+ revenue; backlog extending into 2028 |
| NVTS | Navitas Semiconductor | GaN power ICs reduce switching losses by 3-10× vs silicon — every AI data center power supply is a target market; SiC automotive opportunity additional leg |
Educational framework, not financial advice. Tickers and theses are illustrative of each phase's investment thesis, not recommendations.