Energy

The Fuel

Mines and enriches what the reactors burn

CCJ — Cameco

One of the world’s largest uranium miners and a co-owner of Westinghouse — the raw fuel end of the nuclear revival.

market cap $37B · revenue $3B (research snapshot; source date not recorded here)

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The Generators

Own the fleets that make the electrons today

CEG — Constellation Energy

Operates America’s largest nuclear fleet — including the Three Mile Island restart it sold to Microsoft as a 20-year power deal.

market cap $90B · revenue $30B (research snapshot; source date not recorded here)

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VST — Vistra

Texas-based power producer with nuclear, gas, and batteries — a prime beneficiary of datacenter-driven power scarcity.

market cap $52B · revenue $19B (research snapshot; source date not recorded here)

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TLN — Talen Energy

Owner of the Susquehanna nuclear plant — the 1,920 MW co-located power deal with AWS made it the poster child for nuclear-fed datacenters, and PJM’s new co-location rules are the swing factor.

market cap $14B · revenue $2B (research snapshot; source date not recorded here)

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NEE — NextEra Energy

The world’s biggest renewables developer plus a regulated Florida utility — the volume play on new clean electrons.

market cap $185B · revenue $28B (research snapshot; source date not recorded here)

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New Nuclear

Small modular reactors racing to power 2030

OKLO — Oklo

Sam Altman-backed small modular reactor startup selling power (not reactors) straight to datacenter customers — first units targeted late this decade.

market cap $7B (research snapshot; source date not recorded here)

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SMR — NuScale Power

The only small modular reactor design with US regulatory approval — the ticker literally is the thesis.

market cap $3B (research snapshot; source date not recorded here)

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Onsite & Gear

Fuel cells, turbines, cooling, switchgear — and the crews that build the grid

BE — Bloom Energy

Solid-oxide fuel cells that generate power onsite from natural gas or hydrogen — letting datacenters skip the years-long wait for grid connections.

Why it matters: The fastest bridge over the grid bottleneck: when a hyperscaler needs 100MW next year (not in 2030), Bloom is one of the only answers.

Outlook: Revenue growing ~130% YoY on AI datacenter wins (Oracle, AEP among them), and S&P Dow Jones added Bloom to the S&P 500 effective September 21, 2026 — index-fund buying on top of an already huge run. Capacity expansion and fuel-cell cost curves are the things to watch.

market cap $61B · revenue $2B (research snapshot; source date not recorded here)

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GEV — GE Vernova

Gas turbines, grid equipment, and wind — the heavy machinery of the power buildout, with a years-long turbine backlog.

market cap $284B · revenue $39B (research snapshot; source date not recorded here)

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VRT — Vertiv

Power management and liquid cooling for AI datacenters — every rack of GPUs needs Vertiv-class gear wrapped around it.

market cap $111B · revenue $11B (research snapshot; source date not recorded here)

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ETN — Eaton

Electrical switchgear, UPS systems, and power distribution — the unglamorous hardware between the grid and the servers.

market cap $155B · revenue $29B (research snapshot; source date not recorded here)

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PWR — Quanta Services

The biggest US grid-construction contractor — the crews that string transmission lines, build substations, and wire datacenter campuses, sitting on a record $53B backlog.

Why it matters: The AI power gap is a construction problem as much as a generation problem: every new gigawatt still needs someone to physically connect it to the load.

market cap $103B · revenue $34B (research snapshot; source date not recorded here)

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The Load

Hyperscalers signing decade-long power deals

MSFT — Microsoft

Azure’s power appetite is so large it restarted Three Mile Island. The marquee buyer of firm clean energy.

revenue $318B (research snapshot; source date not recorded here)

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GOOGL — Alphabet (Google)

Pioneered corporate renewable buying; now signing next-gen nuclear and geothermal deals to feed AI datacenters.

revenue $400B (research snapshot; source date not recorded here)

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AMZN — Amazon

AWS bought a nuclear-adjacent datacenter campus outright and backs SMR developers — the biggest single load in the queue.

revenue $680B (research snapshot; source date not recorded here)

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ORCL — Oracle

Building gigawatt-scale AI datacenters for OpenAI-era workloads — and buying onsite power from Bloom to energize them fast.

market cap $364B · revenue $67B (research snapshot; source date not recorded here)

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The Ratepayers

Everyone else paying for the grid the AI boom is straining

Homes & Industry

Everyone else on the grid — households and factories now competing with datacenters for the same electrons, and paying rising rates for it.

Relationships on the map

• Cameco supplies Constellation Energy — Uranium fuel (~$1B/yr)
  Cameco supplies the uranium and (via Westinghouse) fuel services that keep the nuclear fleet running.
• Cameco supplies Oklo — Fuel (future)
  Next-gen reactors will need enriched fuel supply chains that trace back to miners like Cameco.
• GE Vernova supplies Vistra — Gas turbines (~$2B/yr)
  GE Vernova’s turbine backlog feeds generators racing to add capacity.
• Quanta Services supplies NextEra Energy — Transmission & renewables EPC (~$3B/yr)
  Quanta crews build the transmission lines and renewable interconnects behind NextEra’s pipeline — regulated utilities are its biggest customers.
• Constellation Energy supplies Microsoft — Nuclear PPA (TMI restart) (~$1B/yr)
  Constellation restarted Three Mile Island Unit 1 on a 20-year power purchase agreement with Microsoft.
• Vistra supplies Amazon — Nuclear & gas PPAs (~$1B/yr)
  Vistra sells firm power to datacenter campuses across Texas and PJM.
• Talen Energy supplies Amazon — Susquehanna nuclear PPA
  A 1,920 MW long-term deal feeding AWS campuses straight off the Susquehanna nuclear plant — the biggest co-located nuclear-to-datacenter contract signed so far.
• Talen Energy competes with Vistra — Nuclear PPAs
  Both sell firm nuclear power to hyperscalers in PJM and are exposed to the same FERC co-location rulings.
• NextEra Energy supplies Alphabet (Google) — Wind & solar PPAs (~$1B/yr)
  NextEra develops the renewable projects behind Google’s clean-energy purchasing.
• Bloom Energy supplies Oracle — Onsite fuel cells (~$1B/yr)
  Bloom deploys fuel cells at Oracle AI datacenters, delivering power in months instead of grid-queue years.
• Bloom Energy supplies Microsoft — Fuel cell capacity (~$500M/yr)
  Bloom supplies onsite generation to bridge datacenter power gaps.
• Vertiv supplies Alphabet (Google) — Cooling & power infra (~$3B/yr)
  Vertiv’s liquid cooling and power management wrap around AI racks.
• Eaton supplies Amazon — Electrical systems (~$2B/yr)
  Eaton switchgear and UPS systems sit between the grid and every AWS server hall.
• Oklo partners with Amazon — SMR pipeline (2028+)
  Hyperscalers are pre-booking small modular reactor capacity for the 2030 power gap.
• Oklo competes with NuScale Power — SMR designs
  Two competing bets on who gets small reactors licensed, built, and sold first.
• Constellation Energy competes with Vistra — Power markets
  The two biggest independent power producers fight for the same datacenter PPAs.
• Bloom Energy competes with GE Vernova — Onsite power vs turbines
  Fuel cells and aeroderivative gas turbines compete to be the fastest behind-the-meter megawatts.
• NextEra Energy supplies Homes & Industry — Regulated electricity (~$20B/yr)
  Florida Power & Light bills millions of households — the regulated cash flow funding the renewables buildout.
• Vistra supplies Homes & Industry — Retail power (TXU) (~$10B/yr)
  Vistra’s retail arm sells power to Texas homes — the same electrons the datacenters are bidding up.