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 |
|---|---|---|---|---|---|---|---|---|
| TLN Talen Energy |
Nuclear-adjacent campus power | US | $342.2 | +4.34% | +12.4% | −8.7% | −21.9% | |
| KMI Kinder Morgan |
Gas pipelines into power demand | US | $33.97 | −1.35% | +10.5% | +27.1% | −1.4% | |
| AEP American Electric Power |
765kV transmission and large-load interconnects | US | $129.7 | 0.00% | +9.6% | +15.1% | −5.8% | |
| NEE NextEra Energy |
Largest generation and transmission developer | US | $82.31 | +0.26% | +8.2% | +4.8% | −14.7% | |
| PEG Public Service Enterprise Group |
Nuclear fleet in PJM | US | $72.30 | +0.38% | +7.9% | −7.6% | −14.7% | |
| 373220.KS LG Energy Solution |
Non-China cells incl. US LFP | Korea | ₩375,000 | −2.09% | +6.5% | +1.8% | −27.0% | |
| TSLA Tesla |
Megapack storage, Optimus and autonomy | US | $394.3 | +5.94% | +6.0% | −12.3% | −19.5% | |
| EQT EQT Corp |
Largest US natural gas producer | US | $53.77 | −3.34% | +5.8% | +1.2% | −20.4% | |
| 3653.TW Jentech Precision |
Heat spreaders and cold-plate parts | Taiwan | NT$6,070.0 | 0.00% | +4.8% | +122.5% | −15.8% | |
| WMB Williams Companies |
Gas pipelines and power-innovation projects | US | $71.89 | +0.26% | +3.8% | +22.2% | −8.1% | |
| VST Vistra |
Nuclear and gas fleet with data-centre offtake | US | $143.1 | +2.11% | +3.4% | −10.9% | −28.6% | |
| ET Energy Transfer |
Gas supply to data-centre power | US | $20.59 | +0.71% | +2.0% | +31.6% | −5.2% | |
| 6501.T Hitachi |
Hitachi Energy transformers and HVDC | Japan | ¥5,533.0 | −0.52% | +1.2% | +14.1% | −5.3% | |
| TT Trane Technologies |
Chillers and thermal systems | US | $457.1 | +2.75% | +0.6% | +18.3% | −9.0% | |
| CMI Cummins |
Gensets and engines for backup and prime power | US | $526.0 | +1.67% | +0.2% | +4.1% | −27.4% | |
| HUBB Hubbell |
Utility and campus electrical products | US | $460.6 | +2.80% | −1.3% | +4.6% | −16.9% | |
| WRT1V.HE Wärtsilä |
Recip engine power plants | Finland | €28.63 | +5.14% | −1.7% | −2.6% | −27.0% | |
| JCI Johnson Controls |
Building systems and data-centre cooling | US | $147.6 | +2.52% | −1.7% | +24.3% | −7.0% | |
| DLR Digital Realty |
Powered shells and hyperscale campuses | US | $173.0 | +0.35% | −3.1% | +14.1% | −14.0% | |
| CEG Constellation Energy |
Largest US nuclear fleet; hyperscaler PPAs | US | $254.7 | +0.49% | −3.3% | −27.6% | −36.2% | |
| 6230.TW Nidec Chaun-Choung |
Vapor chambers and heat pipes | Taiwan | NT$108.0 | 0.00% | −3.6% | −6.1% | −40.8% | |
| EQIX Equinix |
Global interconnection and colocation | US | $966.1 | +1.16% | −4.2% | +28.0% | −13.0% | |
| BWXT BWX Technologies |
Naval reactors, fuel and components | US | $130.7 | +2.78% | −5.6% | −24.0% | −45.0% | |
| LR.PA Legrand |
Data-center busway, PDUs and power distribution | France | €126.0 | +1.53% | −6.6% | +0.6% | −20.0% | |
| PRIM Primoris Services |
Power and utility construction | US | $67.73 | +4.15% | −6.7% | −45.3% | −66.6% | |
| 2421.TW Sunonwealth Electric |
Server fans and liquid-cooling pumps | Taiwan | NT$155.0 | 0.00% | −6.9% | −0.2% | −15.4% | |
| 3017.TW Asia Vital Components |
Cold plates and liquid cooling modules | Taiwan | NT$3,145.0 | 0.00% | −7.9% | +109.5% | −14.7% | |
| GNRC Generac |
Large gensets for data centres | US | $190.9 | +2.12% | −8.3% | +40.0% | −35.4% | |
| NXE NexGen Energy |
Large development-stage uranium mine | Canada | $8.29 | +1.66% | −9.8% | −9.9% | −40.5% | |
| CCJ Cameco |
Uranium, conversion and Westinghouse stake | Canada | $79.31 | +0.90% | −9.9% | −13.3% | −40.9% | |
| MYRG MYR Group |
Transmission and electrical construction | US | $263.4 | +3.49% | −10.0% | +20.5% | −47.4% | |
| 3324.TWO Auras Technology |
Liquid-cooling components | Taiwan | NT$1,360.0 | 0.00% | −10.5% | +36.2% | −20.5% | |
| NKT.CO NKT |
HVDC cable | Denmark | kr 821.0 | +1.86% | −10.6% | +2.8% | −26.2% | |
| GEV GE Vernova |
Gas turbines, grid equipment and SMRs | US | $856.1 | +5.04% | −10.6% | +31.2% | −27.1% | |
| 7011.T Mitsubishi Heavy Industries |
Heavy-duty gas turbines | Japan | ¥3,500.0 | −3.15% | −10.6% | −8.3% | −32.2% | |
| PWR Quanta Services |
Grid construction and craft labour at scale | US | $568.8 | +4.09% | −12.4% | +34.9% | −27.5% | |
| EME EMCOR Group |
Electrical and mechanical contractor | US | $665.9 | +2.82% | −12.6% | +9.1% | −29.4% | |
| ENR.DE Siemens Energy |
Gas turbines and grid technology | Germany | €123.9 | +4.40% | −13.1% | +3.4% | −34.0% | |
| ABBN.SW ABB |
Electrification, drives and robotics | Switzerland | CHF 69.64 | +2.74% | −13.2% | +19.3% | −21.4% | |
| NEX.PA Nexans |
HV and subsea cable | France | €117.0 | +2.99% | −13.7% | −5.3% | −29.0% | |
| ETN Eaton |
Electrical content per data-centre MW | US | $374.9 | +2.39% | −14.8% | +18.7% | −18.5% | |
| CAT Caterpillar |
Recip gensets and Solar Turbines for onsite power | US | $694.6 | +1.11% | −15.4% | +22.0% | −34.6% | |
| PRY.MI Prysmian |
HV/HVDC and subsea cable leader | Italy | €103.3 | +4.31% | −15.6% | +20.5% | −34.1% | |
| POWL Powell Industries |
Custom switchgear and power-control rooms | US | $157.3 | +4.22% | −17.0% | +48.2% | −51.1% | |
| RR.L Rolls-Royce |
SMR programme plus power systems | UK | 1,229.6p | +5.61% | −17.0% | +6.9% | −21.7% | |
| MTZ MasTec |
Power delivery and pipeline construction | US | $176.3 | +3.09% | −17.1% | −18.9% | −59.7% | |
| DNN Denison Mines |
Athabasca uranium development | Canada | $2.19 | +0.69% | −17.6% | −17.9% | −50.0% | |
| 5802.T Sumitomo Electric |
Optical fiber, HV cable and compound semis | Japan | ¥1,768.0 | −3.52% | −18.9% | +14.0% | −48.9% | |
| SU.PA Schneider Electric |
Switchgear, power and cooling for data centres | France | €235.2 | +1.62% | −19.2% | +1.7% | −24.4% | |
| CORZ Core Scientific |
Power-rich sites converted to AI hosting | US | $13.84 | +5.65% | −20.2% | −5.0% | −52.5% | |
| NVT nVent Electric |
Liquid cooling and enclosures | US | $130.6 | +4.16% | −20.4% | +28.9% | −28.9% | |
| UEC Uranium Energy |
US uranium production and conversion plans | US | $7.49 | +1.84% | −20.5% | −35.9% | −62.8% | |
| VRT Vertiv |
Power and liquid-cooling chain for AI racks | US | $200.6 | +3.24% | −20.8% | +23.9% | −46.6% | |
| 300750.SZ CATL |
Largest battery cell maker | China | ¥238.0 | +0.17% | −21.8% | −33.9% | −48.1% | |
| FIX Comfort Systems USA |
Mechanical/electrical for data centres | US | $1,255.3 | +8.14% | −24.3% | +34.7% | −39.2% | |
| 010120.KS LS Electric |
Switchgear and transformers | Korea | ₩152,900 | −2.55% | −26.8% | +66.9% | −52.0% | |
| BE Bloom Energy |
Fuel cells for onsite data-centre power | US | $208.4 | +7.80% | −27.8% | +139.8% | −39.8% | |
| STRL Sterling Infrastructure |
Site development for data centres | US | $368.2 | +3.62% | −28.1% | +20.2% | −63.0% | |
| FLNC Fluence Energy |
Grid-scale storage systems | US | $5.61 | +0.36% | −28.5% | −71.6% | −82.6% | |
| OKLO Oklo |
Advanced fission developer | US | $26.73 | +1.44% | −29.7% | −62.8% | −81.4% | |
| APLD Applied Digital |
High-density AI campuses | US | $18.44 | +1.04% | −29.8% | −24.8% | −62.9% | |
| LEU Centrus Energy |
US enrichment incl. HALEU | US | $101.1 | −1.34% | −31.3% | −58.4% | −74.1% | |
| MOD Modine Manufacturing |
Data-centre chillers and CDUs | US | $133.8 | +0.36% | −32.4% | +0.2% | −56.4% | |
| CRWV CoreWeave |
GPU cloud; large consumer of powered shells | US | $56.69 | +4.53% | −35.3% | −20.8% | −59.5% | |
| SMR NuScale Power |
Licensed SMR design | US | $5.38 | +0.09% | −36.0% | −62.0% | −88.0% | |
| 298040.KS Hyosung Heavy Industries |
Transformers with US plant | Korea | ₩1,853,000 | −1.28% | −36.5% | +4.0% | −59.7% | |
| 267260.KS HD Hyundai Electric |
Large power transformers for US utilities | Korea | ₩447,000 | −4.89% | −37.4% | −41.8% | −68.4% | |
| IREN IREN |
Power-secured campuses pivoting to AI cloud | Australia/US | $26.16 | +5.02% | −40.7% | −30.8% | −65.8% | |
| EOSE Eos Energy |
Zinc-based long-duration storage | US | $1.71 | −1.45% | −46.1% | −85.1% | −91.1% |