Theme
AI Power
Power generation, fuel cells, distribution for AI datacenters.
0.429avg corr (252d)
4stocks
Weak co-movementStocks · key Fib levels
- BE$274.39last$118.00fib+132.5%vs fib$8B backlog1.2 GWanchored by Oracle · Equinix · AT&T · Walmart · Hyperscalers (undisclosed)
- ▸2026-04-09 - Oracle MSA signed: up to 2.8 GW SOFC capacity commitment + warrant for Oracle to purchase 3.53M BE shares
- ▸2026-04 - Initial Oracle contract: 1.2 GW capacity, deployment underway
- ▸2026-05-18 - Aschenbrenner Q1 2026 13F: BE as fund's largest long, 6.5M shares ($879M) + 409K share calls ($55M notional)
- ▸2026-05-19 to 2026-05-22 - Post-13F drawdown: BE down ~17% in 48 hours as the long-book trade unwound across AI-infra names; broader -43% from mid-May $290 peak to ~$164 by 2026-05-26
- ▸Recurring service contracts on installed base: typically 10+ year terms covering O&M, fuel stack replacements, performance guarantees
- ▸Customer base disclosed in SEC filings: Oracle (lead), Equinix, AT&T, Walmart, semiconductor fabs, multiple undisclosed hyperscalers
- ▸Setup tension: structural grid-bypass thesis (multi-year datacenter power constraint) vs near-term execution risk on SOFC manufacturing scale-up to 2.8 GW Oracle commitment; Aschenbrenner conviction signal (largest long) vs the 13F-day-2 tape unwind that took 17% off the stock
- ▸Editorial deep-dives: /articles/bloom-energy-be-explained, /articles/aschenbrenner-day-2-the-longs-broke-first, /articles/datacenter-power-bubble
- NVTS$11.74last$257.00fib−95.4%vs fibanchored by NVIDIA · Hyperscaler PSU vendors · EV OEM Tier-1 suppliers · Mobile fast-charger OEMs
- ▸2026-05: Named $NVDA partner on 800V HVDC reference architecture for next-generation AI GPU rack power distribution; stock re-rated higher on the disclosure.
- ▸2025-08: GeneSiC acquisition closed, adding full SiC product line and combining GaN + SiC under one roof.
- ▸AI data center: 4.5kW and 8.5kW GaN/SiC PSU reference designs targeting hyperscaler PSU vendors.
- ▸EV: 6.6kW and 11kW GaN onboard charger designs with multiple OEM and Tier-1 engagements.
- ▸Mobile / consumer: GaNFast devices shipping in fast chargers across $AAPL ecosystem peers, $XIACY, Oppo, and others.
- VRT$266.18last$192.00fib+38.6%vs fibanchored by hyperscalers (undisclosed) · Equinix · Digital Realty · colocation operators (undisclosed)
- ▸**2026 Q1**: Backlog reported ~$7.9B, +25% YoY; book-to-bill above 1.0x for 8th consecutive quarter
- ▸**2025 Q4**: Announced 360AI partnership reference architecture with $NVDA for GB200 NVL72 liquid-cooled racks
- ▸**2025**: Selected as primary thermal/power partner for multiple GW-scale hyperscaler campuses (customers undisclosed)
- ▸**2025 Q3**: CoolPhase Flex CDU released - targets 1MW+ rack densities for Blackwell/Rubin generation
- ▸**2024**: Acquired CoolTera (UK liquid-cooling IP) to deepen direct-to-chip and rear-door HX portfolio
- ▸**2024**: Multi-year framework agreements signed with top-4 US hyperscalers (names undisclosed in filings)
- VST$149.89last$140.00fib+7.1%vs fib50.0 GWanchored by Meta · Helix Digital Infrastructure (KKR / NVIDIA / KIA) · Hyperscalers (undisclosed)
- ▸2026-01-09 - 20-year PPAs with Meta for 2,609 MW of carbon-free nuclear from the PJM fleet: 1,268 MW Perry and 908 MW Davis-Besse operating (2,176 MW), plus uprates of 213 MW Perry, 80 MW Davis-Besse and 140 MW Beaver Valley (433 MW)
- ▸Delivery schedule - part of the operating volume from late 2026, full operating delivery by year-end 2027; uprate volumes from 2031, full by year-end 2034. Largest nuclear uprates supported by a corporate customer in the US
- ▸2026-06-11 - Helix Digital Infrastructure launched by KKR with the Kuwait Investment Authority and NVIDIA, more than $10B of long-duration capital commitments, led by former AWS CEO Adam Selipsky. Vistra named preferred power provider
- ▸Cogentrix acquisition - 10 gas-fired plants, about 5.5 GW, $4B, lifting the portfolio toward ~50 GW across 18 states
- ▸Nuclear fleet - 6,448 MW: Comanche Peak (TX) plus the four former Energy Harbor reactors (Perry, Davis-Besse, Beaver Valley 1 and 2) in OH and PA. Second-largest competitive nuclear fleet in the US
- ▸Retail - TXU Energy and Dynegy serve about 5M customers, matching wholesale length against a retail book
- ▸Q2 2026 (reported 2026-08-07) - adjusted EBITDA $1.767B, up 30% year over year; FY2026 guidance reaffirmed at $6.8B to $7.6B adjusted EBITDA
Co-movement matrix (252d)
BE | NVTS | VRT | VST | |
|---|---|---|---|---|
| BE | · | 0.47 | 0.57 | 0.43 |
| NVTS | 0.47 | · | 0.41 | 0.27 |
| VRT | 0.57 | 0.41 | · | 0.43 |
| VST | 0.43 | 0.27 | 0.43 | · |
About themes
Themes are editorial groupings - narrative buckets used for technical screens. They exist alongside bubbles, which are validated empirically by capital-flow co-movement.
When a theme's avg correlation is high, the editorial story is also tradeable as a bloc. When it's low, the narrative groups stocks that don't actually move together - useful for thinking, less useful for trading.
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Frequently asked questions
- What are the top stocks in the AI Power theme?
- QuantAbundancia's AI Power theme tracks 4 stocks ranked editorially: BE, NVTS, VRT, VST.
- Do AI Power stocks move together?
- The AI Power theme has a 252-day average correlation of 0.43 across its members - weak co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.