Turbines, grid, transformers, nuclear, cooling
Gas turbines, transformers, grid connections, nuclear, onsite power, cooling and electricians decide where the next AI data center can switch on.
Where can a gigawatt campus be energised — and when?
Power & Cooling index vs S&P 500
Equal-weight, rebased to 100 · 1Y15 bottlenecks in Power & Cooling
Sorted by tightness score. Click through for supply chain, dimension scores, names and falsifier.
Gas Turbines
Three OEMs make nearly all heavy-duty gas turbines. Slot reservations stretch years out and set the pace for new firm generation.
Grid Connection & Transmission
Interconnection queues measure in years. Energised megawatts — not empty shells — pace AI buildout, and new lines take the better part of a decade.
Transformers & Switchgear
Large power transformers are hand-built, need grain-oriented steel and copper, and have years-long lead times. Switchgear followed.
Electricians & Contractors
Electricians, pipefitters and commissioning crews are finite. Contractor backlogs are the human bottleneck behind every campus.
Data Center Electrical Gear (UPS, Busway & Distribution)
Inside the hall, every megawatt needs medium-voltage switchgear, UPS, busway and power distribution. A handful of makers supply most of it and backlog…
Uranium & Enrichment
Western enrichment capacity is thin and Russian supply is being phased out. Conversion and enrichment, not mined uranium, are the tightest steps.
High-Voltage & Subsea Cable
HVDC and extra-high-voltage cable comes from a handful of European and Japanese plants with order books reaching into the 2030s.
Liquid Cooling
Rack densities above ~100kW make direct-to-chip liquid cooling the default. CDUs, cold plates and heat rejection scale with GPU power.
Onsite Power (Fuel Cells & Engines)
When the grid can't deliver in time, campuses build their own: recip engines, fuel cells and aeroderivatives as a bridge — at higher cost per MWh.
Nuclear Plants & Restarts
Hyperscalers buy electrons with duration. Existing reactors, uprates and restarts are the only large firm carbon-free supply available this decade.
Thermal Management (Cold Plates & Vapor Chambers)
Each GPU needs a cold plate or vapor chamber, plus fans, manifolds and quick-disconnects. Taiwanese makers supply most of it and content per rack rise…
Data Center Land & Buildings
Powered land, permits and local consent decide when megawatts become racks. Power access now matters more than steel and concrete.
Natural Gas & Pipelines
Most new firm AI power in the US burns gas. Pipeline takeaway, not reserves, limits where it can be delivered.
Grid Batteries
Cell capacity is abundant but concentrated in China. Tariffs and foreign-entity rules make non-China supply the scarce version.
Small Modular Reactors
Small reactors promise factory-built firm power, but first-of-a-kind licensing, HALEU fuel and forging capacity push meaningful volume into the 2030s.
Every stock in Power & Cooling
Sorted by 1-month performance. Roles, not recommendations.
| Name | Role | Region | Last | 1D | 1M | YTD | Off high | Trend |
|---|---|---|---|---|---|---|---|---|
| TSLA Tesla |
Megapack storage, Optimus and autonomy | US | $399.8 | −0.87% | +12.9% | −11.1% | −18.4% | |
| KMI Kinder Morgan |
Gas pipelines into power demand | US | $33.87 | −0.29% | +10.9% | +26.7% | −1.6% | |
| EQT EQT Corp |
Largest US natural gas producer | US | $55.38 | +1.54% | +10.6% | +4.2% | −18.0% | |
| NEE NextEra Energy |
Largest generation and transmission developer | US | $83.71 | +1.91% | +9.6% | +6.5% | −13.2% | |
| PEG Public Service Enterprise Group |
Nuclear fleet in PJM | US | $74.29 | +0.90% | +9.4% | −5.1% | −12.3% | |
| AEP American Electric Power |
765kV transmission and large-load interconnects | US | $130.2 | +0.67% | +8.7% | +15.5% | −5.4% | |
| WMB Williams Companies |
Gas pipelines and power-innovation projects | US | $74.35 | −0.71% | +7.4% | +26.4% | −5.0% | |
| TLN Talen Energy |
Nuclear-adjacent campus power | US | $343.1 | −1.64% | +6.2% | −8.5% | −21.7% | |
| ET Energy Transfer |
Gas supply to data-centre power | US | $20.91 | +0.14% | +4.0% | +33.6% | −3.8% | |
| DLR Digital Realty |
Powered shells and hyperscale campuses | US | $180.7 | −1.21% | +2.4% | +19.2% | −10.2% | |
| 373220.KS LG Energy Solution |
Non-China cells incl. US LFP | Korea | ₩359,500 | +0.98% | +2.0% | −2.4% | −30.1% | |
| CEG Constellation Energy |
Largest US nuclear fleet; hyperscaler PPAs | US | $262.4 | −0.83% | +1.3% | −25.4% | −31.0% | |
| EQIX Equinix |
Global interconnection and colocation | US | $1,013.7 | −2.22% | +0.1% | +34.3% | −8.7% | |
| VST Vistra |
Nuclear and gas fleet with data-centre offtake | US | $138.4 | −1.83% | −1.0% | −13.8% | −27.9% | |
| JCI Johnson Controls |
Building systems and data-centre cooling | US | $149.0 | −5.84% | −1.8% | +25.5% | −6.1% | |
| CMI Cummins |
Gensets and engines for backup and prime power | US | $500.1 | −3.46% | −3.3% | −1.0% | −31.0% | |
| NKT.CO NKT |
HVDC cable | Denmark | kr 839.0 | −4.00% | −3.3% | +5.1% | −24.6% | |
| BWXT BWX Technologies |
Naval reactors, fuel and components | US | $130.7 | −5.24% | −4.5% | −24.1% | −45.0% | |
| PRIM Primoris Services |
Power and utility construction | US | $72.77 | −3.76% | −4.6% | −41.2% | −64.1% | |
| GNRC Generac |
Large gensets for data centres | US | $197.9 | −2.67% | −4.8% | +45.1% | −33.0% | |
| MYRG MYR Group |
Transmission and electrical construction | US | $282.6 | −0.13% | −5.1% | +29.4% | −43.6% | |
| VRT Vertiv |
Power and liquid-cooling chain for AI racks | US | $232.5 | −5.46% | −5.5% | +43.6% | −38.2% | |
| LR.PA Legrand |
Data-center busway, PDUs and power distribution | France | €131.0 | −2.67% | −6.3% | +4.6% | −16.9% | |
| PWR Quanta Services |
Grid construction and craft labour at scale | US | $620.7 | −2.27% | −6.3% | +47.2% | −20.9% | |
| NXE NexGen Energy |
Large development-stage uranium mine | Canada | $8.27 | −4.39% | −6.8% | −10.1% | −40.6% | |
| 6230.TW Nidec Chaun-Choung |
Vapor chambers and heat pipes | Taiwan | NT$103.5 | −2.82% | −7.2% | −10.0% | −43.3% | |
| 6501.T Hitachi |
Hitachi Energy transformers and HVDC | Japan | ¥5,094.0 | +0.45% | −7.2% | +5.1% | −12.8% | |
| 3653.TW Jentech Precision |
Heat spreaders and cold-plate parts | Taiwan | NT$6,315.0 | −1.41% | −8.4% | +131.5% | −12.3% | |
| WRT1V.HE Wärtsilä |
Recip engine power plants | Finland | €25.64 | −3.39% | −8.9% | −12.8% | −34.6% | |
| 3017.TW Asia Vital Components |
Cold plates and liquid cooling modules | Taiwan | NT$3,095.0 | −0.32% | −9.0% | +106.2% | −16.0% | |
| HUBB Hubbell |
Utility and campus electrical products | US | $422.4 | −3.60% | −9.5% | −4.0% | −23.8% | |
| CCJ Cameco |
Uranium, conversion and Westinghouse stake | Canada | $76.91 | −7.88% | −10.2% | −15.9% | −42.6% | |
| TT Trane Technologies |
Chillers and thermal systems | US | $410.0 | −4.89% | −10.7% | +6.1% | −18.4% | |
| NEX.PA Nexans |
HV and subsea cable | France | €118.6 | −7.63% | −10.7% | −4.0% | −28.1% | |
| ENR.DE Siemens Energy |
Gas turbines and grid technology | Germany | €126.9 | −6.87% | −10.9% | +5.9% | −32.4% | |
| 7011.T Mitsubishi Heavy Industries |
Heavy-duty gas turbines | Japan | ¥3,413.0 | −2.46% | −11.1% | −10.5% | −33.9% | |
| ABBN.SW ABB |
Electrification, drives and robotics | Switzerland | CHF 70.68 | −3.34% | −11.2% | +21.1% | −20.2% | |
| PRY.MI Prysmian |
HV/HVDC and subsea cable leader | Italy | €110.4 | −3.92% | −11.6% | +28.8% | −29.6% | |
| EME EMCOR Group |
Electrical and mechanical contractor | US | $679.5 | −1.42% | −11.6% | +11.3% | −27.9% | |
| 2421.TW Sunonwealth Electric |
Server fans and liquid-cooling pumps | Taiwan | NT$144.0 | −9.72% | −11.9% | −7.2% | −21.4% | |
| MTZ MasTec |
Power delivery and pipeline construction | US | $186.1 | +4.63% | −12.9% | −14.4% | −57.5% | |
| DNN Denison Mines |
Athabasca uranium development | Canada | $2.21 | −6.75% | −13.0% | −16.9% | −49.4% | |
| GEV GE Vernova |
Gas turbines, grid equipment and SMRs | US | $857.9 | −3.38% | −13.1% | +31.6% | −26.9% | |
| ETN Eaton |
Electrical content per data-centre MW | US | $370.0 | −6.03% | −15.4% | +17.1% | −19.6% | |
| RR.L Rolls-Royce |
SMR programme plus power systems | UK | 1,239.4p | −3.17% | −15.8% | +7.8% | −21.1% | |
| UEC Uranium Energy |
US uranium production and conversion plans | US | $7.71 | −5.40% | −17.6% | −34.0% | −61.7% | |
| POWL Powell Industries |
Custom switchgear and power-control rooms | US | $156.3 | −7.25% | −18.0% | +47.2% | −51.4% | |
| 3324.TWO Auras Technology |
Liquid-cooling components | Taiwan | NT$1,330.0 | −9.22% | −18.4% | +33.2% | −22.2% | |
| SU.PA Schneider Electric |
Switchgear, power and cooling for data centres | France | €237.5 | −4.08% | −18.8% | +2.7% | −23.6% | |
| CORZ Core Scientific |
Power-rich sites converted to AI hosting | US | $13.25 | −8.18% | −19.0% | −9.0% | −54.6% | |
| 300750.SZ CATL |
Largest battery cell maker | China | ¥232.9 | +1.68% | −22.6% | −35.3% | −49.2% | |
| 5802.T Sumitomo Electric |
Optical fiber, HV cable and compound semis | Japan | ¥1,770.0 | −5.35% | −23.6% | +14.2% | −48.9% | |
| NVT nVent Electric |
Liquid cooling and enclosures | US | $126.0 | −8.81% | −23.9% | +24.3% | −31.5% | |
| FLNC Fluence Energy |
Grid-scale storage systems | US | $5.72 | −6.08% | −24.4% | −71.1% | −82.2% | |
| CAT Caterpillar |
Recip gensets and Solar Turbines for onsite power | US | $622.8 | −3.81% | −24.5% | +9.6% | −41.3% | |
| LEU Centrus Energy |
US enrichment incl. HALEU | US | $103.3 | −6.57% | −25.8% | −57.5% | −73.0% | |
| APLD Applied Digital |
High-density AI campuses | US | $17.82 | −8.22% | −26.3% | −27.4% | −64.1% | |
| BE Bloom Energy |
Fuel cells for onsite data-centre power | US | $203.2 | −8.61% | −26.8% | +133.8% | −41.2% | |
| FIX Comfort Systems USA |
Mechanical/electrical for data centres | US | $1,232.7 | −7.06% | −26.9% | +32.3% | −40.3% | |
| 010120.KS LS Electric |
Switchgear and transformers | Korea | ₩149,600 | −5.56% | −27.0% | +63.3% | −53.0% | |
| SMR NuScale Power |
Licensed SMR design | US | $5.62 | −5.07% | −27.9% | −60.3% | −87.5% | |
| OKLO Oklo |
Advanced fission developer | US | $25.25 | −5.82% | −30.1% | −64.8% | −81.6% | |
| MOD Modine Manufacturing |
Data-centre chillers and CDUs | US | $129.8 | −6.51% | −31.4% | −2.8% | −57.7% | |
| STRL Sterling Infrastructure |
Site development for data centres | US | $345.9 | −7.43% | −31.5% | +13.0% | −65.2% | |
| 298040.KS Hyosung Heavy Industries |
Transformers with US plant | Korea | ₩1,809,000 | −5.34% | −35.5% | +1.6% | −60.7% | |
| 267260.KS HD Hyundai Electric |
Large power transformers for US utilities | Korea | ₩424,500 | −3.63% | −37.7% | −44.7% | −70.0% | |
| CRWV CoreWeave |
GPU cloud; large consumer of powered shells | US | $54.87 | −9.66% | −38.0% | −23.4% | −60.2% | |
| EOSE Eos Energy |
Zinc-based long-duration storage | US | $1.89 | −4.55% | −39.8% | −83.5% | −90.2% | |
| IREN IREN |
Power-secured campuses pivoting to AI cloud | Australia/US | $23.95 | −8.76% | −41.1% | −36.6% | −68.7% |