AI power demand stocks

GE Vernova supplies constrained switchgear and transformer equipment needed for transmission and distribution upgrades, creating meaningful upstream capex capture.

GE Vernova directly supplies gas turbines and aeroderivative units increasingly procured for data-center power.

GE Vernova supplies generation and grid-modernization equipment that can alleviate AI data-center power and interconnection constraints.

Eaton benefits from the shortage of transformers and switchgear that is constraining data-center energization and grid expansion.

Growth is driven by the physical upgrades needed to the grid and facilities to handle increased loads.

Eaton is a premier supplier of high-voltage transformers, switchgear, and power distribution systems required for large-scale data center campuses. The deployment of 1,000 MW of new on-site engines requires massive electrical integration, representing a significant volume tailwind for Eaton's record-high order book and specialized electrical equipment segments.

Fuji Electric supplies multiple constrained components required to energize data centers, including transformers, switchgear, UPS, and power-distribution equipment; data-center demand has already contributed to higher orders.

Fuji Electric supplies transformers, switchgear, UPS and power-distribution equipment needed to energize data centers. The revised AI copper-demand outlook is a positive signal for constrained power-equipment demand, subject to manufacturing capacity and customer selection.

Escalating heat loads from ultra-dense AI training clusters directly fuel high-volume orders for Vertiv's liquid-cooling and thermal management systems.

Vertiv is a direct data-center power-infrastructure supplier, although it is less directly exposed to turbine and utility-scale generation equipment than the major OEMs.

Vertiv Holdings Co, headquartered in Columbus, Ohio, is a global provider of essential digital infrastructure technologies and comprehensive lifecycle services. The company specializes in the design, manufacturing, and servicing of critical systems vital for data centers, communication networks, and diverse commercial and industrial applications. Its extensive product range encompasses AC and DC power management, thermal control solutions, integrated rack systems, modular designs, and sophisticated management platforms for monitoring and governing digital environments. These solutions are fundamental to the operation of numerous modern services, including e-commerce, online banking, file sharing, video on-demand, energy storage, wireless communications, the Internet of Things, and online gaming. In addition to its hardware offerings, Vertiv delivers a full spectrum of lifecycle management services. These include professional deployment, ongoing maintenance, and optimization, supported by predictive analytics. Specific service capabilities extend to preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and specialized critical digital infrastructure software. Vertiv's products are marketed under prominent brands like Liebert, NetSure, Geist, E&I, Powerbar, and Avocent. The company serves a wide array of sectors such as social media, financial services, healthcare, transportation, retail, education, and government. Its global reach spans the Americas, Asia Pacific, and Europe, the Middle East, and Africa, facilitated by a robust network of direct sales professionals, independent representatives, channel partners, and original equipment manufacturers.

AI server deployment requires high-density thermal management, coolant distribution units and critical power systems. Vertiv is a leading liquid-cooling and data-center infrastructure provider, so sustained hyperscaler capacity investment supports backlog and revenue opportunities.

Schneider addresses both electrical delivery and liquid-cooling constraints, giving it positive leverage to rising AI rack density.

Grid constraints and high-density power requirements increase demand for Schneider’s electrical distribution and cooling systems, while equipment shortages can support pricing and backlog.

Schneider supplies electrical distribution, automation, busway, power-management, and cooling systems used in high-density data centers. The larger buildout expands its addressable market, while equipment scarcity can support backlog and pricing.

Directly provides engines for data center backup power, similar to CAT.

The order reinforces a data-center procurement cycle for rapidly deployable onsite generation. Cummins supplies competing gas and backup generator systems, so it may gain follow-on demand, but no Cummins equipment is identified in this specific award and reciprocating engines compete with aeroderivative turbines.

Cummins Inc. is a global innovator in power solutions, responsible for the design, manufacturing, distribution, and maintenance of a broad array of diesel and natural gas engines, alongside cutting-edge electric and hybrid powertrains, and associated components. Its operations are strategically divided into five segments: Engine, Distribution, Components, Power Systems, and New Power. The company's extensive engine portfolio, available under the Cummins brand and others, powers a vast range of heavy and medium-duty applications, including commercial trucks, buses, recreational vehicles, light-duty automobiles, construction and mining equipment, marine vessels, railway systems, oil and gas operations, defense, and agriculture. Complementing these engines, Cummins provides both new and remanufactured parts and comprehensive servicing. Beyond its core engine offerings, Cummins delivers sophisticated power generation systems, high-horsepower engines, and specialized application engineering. It also offers custom-designed assemblies, retail and wholesale aftermarket components, and expert repair services conducted both in-shop and on-site. The company's technological scope extends to emission control solutions, turbochargers, a variety of filtration systems (for air, fuel, lubricants, and hydraulics), coolants, fuel additives, and advanced electronic control modules, sensors, and supporting software. Fuel systems, both new and reconditioned, are also a key part of their product line, as are automated transmissions. For electrical power generation, Cummins provides standby and primary power generators, complete with controls, paralleling systems, and transfer switches, featuring products like Stamford and AVK A/C alternators. Embracing future energy demands, the company is a frontrunner in electrified power systems, encompassing battery technologies, fuel cells, and hydrogen production. This includes a robust offering of filtration, aftertreatment, control, air handling systems, automated transmissions, electric power generation, and battery solutions. Cummins distributes its diverse product range to original equipment manufacturers, an extensive network of distributors and dealers, and various other clientele worldwide. Founded in 1919 as the Cummins Engine Company, the enterprise adopted its current name, Cummins Inc., in 2001 and maintains its headquarters in Columbus, Indiana.

Caterpillar is a leading supplier of the reciprocating engines and generator systems used for behind-the-meter data-center power.

Data-center developers seeking to bypass delayed utility interconnection may procure Caterpillar reciprocating gas engines, generator sets, and microgrid systems. This creates a positive equipment-demand pathway, though competing technologies and project denials limit certainty.

Mitsubishi Electric’s transformer position gives it direct exposure to the equipment shortage created by grid reinforcement and data-center interconnections.

Accelleron directly supplies high-speed turbochargers for data-center backup and prime-power engines, making it a core component supplier to onsite generation.

Accelleron supplies turbochargers used in medium-speed gas engines and other distributed-generation systems. Expanding HD Hyundai engine output increases potential turbocharger volumes, aftermarket activity, and capacity utilization across the data-center power supply chain.

Wärtsilä supplies modular reciprocating engines used in behind-the-meter data-center generation.

Wärtsilä supplies modular reciprocating gas-engine systems that substitute for delayed utility interconnection. The company has already received a large U.S. data-center power order, making it a credible beneficiary of broader engine procurement, although it is not identified as the supplier in the reported award.

LS Electric directly supplies 345-kV transformers to North American AI-data-center projects, making it materially exposed to the broader substation-equipment demand created by the expansion.

Siemens Energy is directly expanding U.S. manufacturing of transformers, switchgear, and other grid equipment needed to serve data-center load growth.

AI data-center power procurement requires high-voltage transformers, substations, and switchgear even when the electricity is sourced from nuclear generation. Siemens Energy is expanding U.S. manufacturing of those systems, positioning it to capture follow-on grid and data-center electrification spending, without evidence of a direct Alphabet award.

Forgent's backlog growth reinforces demand for the transmission-and-distribution equipment needed to connect data centers and industrial loads. Siemens Energy is directly exposed to heavy T&D, transformers, and high-voltage equipment, where long backlogs can support order visibility and pricing.

Powell supplies custom medium-voltage switchgear used in data centers and substations, a constrained equipment category in the AI-power buildout.

Powell supplies custom-engineered switchgear and power-control equipment and explicitly serves data centers. AQ’s increased data-center transformer and inductor deliveries are a positive read-through for medium- and low-voltage power-distribution demand, with potential backlog and pricing benefits from constrained equipment supply.

Constellation owns firm nuclear generation that can sell long-term power to hyperscalers seeking reliable electricity for AI operations.

Long-term power purchase agreements supporting AI data centers can provide revenue certainty for nuclear and other generation assets. Constellation can benefit from contracted power demand and financing of generation capacity, though the retrieved evidence does not establish a transaction-specific commitment.

Constellation Energy Corporation operates as a U.S.-based firm dedicated to producing and distributing electricity. Its activities are organized across five primary geographical segments: the Mid-Atlantic, Midwest, New York, ERCOT, and various other power markets. In addition to electrical power, the company supplies natural gas, sustainable energy solutions, and an array of associated energy products and services. Possessing a significant generation capability of 32,400 megawatts, its power portfolio incorporates diverse sources such as nuclear, wind, solar, natural gas, and hydroelectric facilities. The company serves a wide spectrum of clients, including utility distributors, local government bodies, cooperatives, along with commercial, industrial, public sector, and household consumers. Founded in 2021, its corporate headquarters are situated in Baltimore, Maryland. Constellation Energy Corporation previously operated as a subsidiary of Exelon Corporation.

Modine can capture thermal-management spending as AI rack density increases and liquid cooling becomes necessary.

Modine is exposed to the thermal-management equipment required by increasingly dense AI racks. Jabil’s AI-related growth guidance supports demand for direct-to-chip and related liquid-cooling systems as data-center deployments move from server procurement into physical installation and fit-out.

Daikin can capture cooling-system demand as AI rack density requires advanced thermal management.

AEP captures regulated grid-investment activity needed to serve power-intensive data centers, though higher copper and equipment costs are a negative offset.

Large AI-data-center loads can create regulated investment opportunities in AEP transmission, substations, and interconnection infrastructure. Benefits are moderated by permitting, transformer costs, regulatory approval, behind-the-meter generation, and the risk that proposed projects do not reach energization.

AEP is a downstream utility purchaser of transformers, switchgear and substation equipment. Stronger utility and data-center demand increases competition for scarce hardware, potentially raising procurement costs and delaying grid upgrades before regulated cost recovery, even though load growth may eventually support rate-base expansion.

Vistra’s nuclear and natural-gas generation assets can provide firm power to AI data centers if the projects use long-term procurement or on-site generation.

Higher load can improve the scarcity value and dispatch economics of Vistra's firm generation if queued data-center demand ultimately connects.

Independent power producers can benefit if AI hosts secure firm electricity through long-term power contracts or on-site generation. Vistra’s nuclear and gas fleet could serve this demand, but no power supplier, PPA or project geography has been disclosed for the Axe Compute capacity.

ABB's electrical distribution and power-management systems are schedule-critical inputs for hyperscale facilities and can benefit from equipment scarcity.

CG Power is positioned in transformers and switchgear, two electrical categories required for data-center buildout and subject to capacity and input constraints.

CG Power participates in transformers and switchgear, both required to energize high-density data centers and subject to long lead times. The revised demand outlook supports indirect electrical-equipment backlog and capacity utilization.

Generac supplies data-center generator equipment and could participate in backup or distributed-generation procurement.

Generac Holdings Inc. specializes in the engineering, manufacturing, and global distribution of diverse power generation systems, energy storage solutions, and related electrical products. The company caters to residential users, light commercial enterprises, and industrial sectors worldwide. At its core, Generac produces vital components such as engines, alternators, batteries, advanced electronic controls, and robust steel enclosures. For homeowners, the company provides a range of automatic standby generators, from 7.5kW up to 150kW, including air-cooled models (7.5kW-26kW) and more powerful liquid-cooled units (22kW-150kW). Many of these residential systems are compatible with Mobile Link, a remote monitoring platform. Generac also offers portable generators, spanning outputs from 800W to 17.5kW, alongside an extensive catalog of outdoor power equipment like trimmers, mowers, log splitters, and pressure washers. Its commitment to sustainable energy is evident through its clean energy offerings, marketed under the PWRcell and PWRview brands. Serving commercial and industrial clients, Generac supplies essential equipment such as light towers, mobile power units, and portable energy storage systems. Its portfolio extends to include commercial mobile pumps, dust-suppression apparatus, and various control systems for gaseous-fueled engines. Light-commercial standby generators, rated from 22kW to 150kW, deliver critical three-phase power to small and mid-sized businesses. For heavy-duty applications, industrial generators with capabilities from 10kW to a formidable 3,250kW are deployed as emergency backup power for vital infrastructure across healthcare, telecommunications, data centers, commercial offices, retail, municipal services, and manufacturing facilities. Beyond direct product sales, the company supports its offerings by supplying aftermarket service parts and product accessories to its vast dealer network. Generac's distribution strategy is multi-faceted, leveraging independent residential and industrial dealers, major national and regional retailers, e-commerce platforms, specialized wholesalers (electrical, HVAC, solar), catalogs, equipment rental firms, and direct engagement with end-users. Founded in 1959, Generac Holdings Inc. is proudly headquartered in Waukesha, Wisconsin.

The order supports the broader market for rapidly deployable data-center power, where Generac competes in backup and distributed generator systems. The impact is indirect and low confidence because the disclosed equipment is a CFM56 aeroderivative turbine rather than a Generac system.

Quanta captures transmission, substations, and large-load interconnection construction rather than the data-center capex itself.

The reported capacity buildout requires transmission upgrades, substations, grid interconnections, and electrical construction. Quanta can benefit from the resulting utility and large-load infrastructure cycle, although project timing depends on permitting and equipment availability.

ABB supplies switchgear, substations, and electrification equipment upstream of data-center construction and can benefit from constrained electrical infrastructure demand.

ABB supplies switchgear, substations, and electrification systems upstream of data-center and grid construction. LS Electric's transformer backlog and margin performance reinforce the broader scarcity and capex environment that can increase ABB's orders and pricing leverage.

Dominion has substantial contracted and queued data-center load that can translate into regulated generation and grid investment.

Electricity infrastructure investment and data-center-driven demand can support Dominion’s regulated generation, transmission, and substation capital spending in Virginia. Dominion has a large contracted and queued data-center opportunity, but realization depends on interconnection, permitting, and customer commitments.

Duke can capture regulated generation, transmission, substation, and large-load interconnection investment as data-center and industrial demand expands.

Duke can earn regulated rate-base returns from generation, transmission, substations, and large-load interconnections serving new data centers. The benefit is moderated by regulatory approval, equipment costs, project delays, and the possibility that hyperscalers use onsite generation instead of the regulated grid.

Southern's utility businesses capture infrastructure load growth funded indirectly by hyperscaler capital cycles.

As hyperscalers rapidly build out multi-gigawatt AI infrastructure campuses, utilities like Southern Co. stand to capture significant load growth and earnings from building out the required generation and transmission networks.

Talen owns PJM nuclear generation already linked to an AWS power arrangement, creating direct exposure to scarce firm capacity and hyperscaler demand.

Financed AI data centers can increase demand for firm power, capacity-market exposure, and hyperscaler power-purchase agreements. Talen can benefit from constrained power markets, although the opportunity depends on project geography, contracting, and actual energization.

Talen Energy Corporation functions as an independent power producer and infrastructure enterprise, providing electricity, capacity, and essential ancillary services to wholesale energy markets across the United States. The company's diverse generation assets include nuclear, fossil fuel, solar, and coal-powered facilities. Additionally, it is currently engaged in the development of battery energy storage projects. Overall, Talen Energy owns and manages an extensive portfolio of power infrastructure, amounting to approximately 10.7 gigawatts. The firm's headquarters are situated in Houston, Texas.

Capstone Energy+, Inc. provides behind-the-meter energy solutions for commercial, industrial, and data center applications. The company designs and manufactures oil-free microturbine power generation systems to operate on a range of gaseous fuels.

INIO’s Jenbacher engines are the equipment that enables the unnamed customer to supply data-center load behind the meter rather than wait for utility interconnection.

Delta benefits from increasing content per AI rack in power supplies, power distribution, and liquid-cooling systems.

High-density AI racks require coolant distribution and thermal-management hardware. Delta is identified as a leading supplier of sidecar coolant distribution units, creating potential demand exposure as MEGA IDC transitions toward AI-ready fit-out.

NuScale directly targets low-carbon, steady electricity for large power users and therefore is highly exposed to the same AI-power demand pool as Oklo.

The rejection of natural gas infrastructure for AI data centers strengthens the case for alternative, grid-independent baseload power like Small Modular Reactors (SMRs). As gas-powered projects face emissions and pipeline roadblocks, SMRs are positioned as the next viable 'behind-the-meter' power solution for hyperscalers.

Greater use of gas-fired reciprocating engines and turbines for AI campuses increases demand for firm natural-gas supply, pipeline transportation, and dedicated delivery infrastructure. Energy Transfer has identified data-center-related pipeline expansion, making it a direct midstream read-through from the power-equipment demand signal.

Anticipating 15 GW increase in peak load specifically driven by data center interconnections.

FirstEnergy Corp. is an American utility company that, through its subsidiaries, provides comprehensive electricity services, encompassing generation, transmission, and distribution throughout the United States. Its operations are structured into Regulated Distribution and Regulated Transmission segments. The company leverages a diverse portfolio of power sources, operating facilities that produce electricity from coal, nuclear, hydroelectric, natural gas, wind, and solar technologies. Its vast infrastructure includes 24,074 circuit miles of overhead and underground transmission lines, complemented by an extensive electric distribution network featuring 273,295 miles of overhead pole lines and underground conduits for primary, secondary, and street lighting circuits. FirstEnergy serves approximately 6 million customers across six states: Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The corporation was established in 1996 and is based in Akron, Ohio.

Trane’s LiquidStack exposure provides meaningful but indirect leverage to the adoption of liquid cooling for dense AI clusters.

AI’s high rack densities increase demand for liquid thermal management. Trane gained LiquidStack, an advanced liquid-cooling provider specializing in generative AI and hyperscale infrastructure, giving it exposure to this incremental facility-capex pathway.

Tongfei supplies liquid-cooling components and systems for high-density compute, giving it moderate second-order exposure to AI data-center expansion.

Sanhe Tongfei Refrigeration Co., Ltd. research, develops, produce, and sells of industrial temperature control equipment in China. The company offers smart equipment manufacturing includes MCO/MCOI chiller, MCW/MCWI water chiller, MCS immersion chiller, MWA air/water heat exchanger, MEO oil/air heat exchanger, MCA temperature and humidity conditioner, MEA heat exchanger for electrical cabinet, HE/HS electrophoretic special heat exchanger; renewable energy storage such as LCI inverter liquid cooling unit, ECA wall mounted industrial air conditioner, ECA cabinet-in mounted industrial air conditioner, LCI PCS-specific cooling equipment, LCI high voltage cascaded/central cooling, ECH industrial dehumidifier; and power transmission and distribution electric, includes HWA air/water heat exchanger, and LWA/LWW pure water cooling unit. It also offers Intelligent Computing Center includes DWW cabinet CDU, DWW in rack CDU, DMF manifold, DTK TANK, DHWA dry cooler, DCW integrated chiller, DWA mini fan wall, DWA Chilled Water Rear Door Heat exchanger, DCA External Cabinet Backpack Aircon, DCA built-in integrated precision aircon, DCA DX rack aircon, DCA DX small precision aircon, DCA DX computer room, precision aircon, DCA DX in row precision aircon, DCA DX small precision aircon, DCA DX computer room precision aircon, DCA DX in row precision aircon, single rack/single-row modular data center, single rack/single-double-row modular date center, and DMDC container. In addition, the company offers semiconductor manufacturing; hydrogen energy; and lasers. Sanhe Tongfei Refrigeration Co., Ltd. was founded in 2001 and is based in Sanhe, China.

Higher-density AI-server deployment requires liquid-cooling and thermal-management systems, creating potential second-order demand for Envicool.

Higher-density AI servers require advanced thermal management and liquid-cooling equipment. Envicool is a named Chinese liquid-cooling supplier serving domestic hyperscale operators, so a multi-year computing-capacity deployment provides a positive second-order demand pathway, without proving a direct order.

Founded in 2005 and headquartered in Shenzhen, China, Shenzhen Envicool Technology Co., Ltd. specializes in the domestic production and sale of advanced thermal management solutions. The company's diverse product portfolio addresses a wide range of cooling needs, including AC and DC-powered air conditioners, heat exchangers, and integrated units for outdoor cabinets. They also deliver specialized cooling systems for telecommunications infrastructure, such as free cooling and split AC/DC air conditioners. Envicool serves industrial sectors with robust air conditioners, fan and filter assemblies, air-to-water heat exchangers, precise thermostats/hygrostats, heaters, and various oil and water cooling apparatus. Their expertise extends to comprehensive cooling solutions for transportation and data centers. Additional offerings encompass door/wall and floor-standing units, along with indoor environmental control devices like ceiling and wall-mounted air units, elevator air sterilizers, and mobile disinfection purifiers. The company leverages both liquid and air cooling technologies throughout its extensive product line.

High-density AI loads require specialized cooling, making precision thermal-management equipment a bottleneck supplier opportunity.

High-density AI servers require specialized thermal management and precision cooling. Blue Star is identified as having a dedicated data-centre cooling vertical, creating a positive equipment-demand pathway if proposed campuses reach construction.

Qingdao TGOOD Electric Co., Ltd. provides extensive electrical power transmission and distribution solutions, operating both within China and across international markets. Their product offerings include various types of substations, such as packaged, mobile (trailer), modular, and skip units. They also supply essential electrical components, including high-voltage (HV) gas-insulated, HV hybrid gas-insulated, and medium-voltage switchgear. Furthermore, the company manufactures a diverse range of transformers, suching dry-type, oil-filled, and amorphous alloy core models. Qingdao TGOOD Electric serves a broad client base across multiple sectors, including mining, oil and gas, railway infrastructure, public utilities, and renewable energy. The firm was established in 2004 and is based in Qingdao, China.

Astor Enerji A.S. engages in the manufacturing of transformers, and medium and high voltage switching products for industrial facilities. The company offers power transformers and special type transformers; and distribution transformers, such as oil type distribution, dry type, special distribution, and grounding, as well as MT shunt reactors and magnetic control shunt reactors. It also provides H.V. equipment, including metal enclosed switchgears, RMU, metal clad switchgears, MV switches and disconnectors, concrete kiosk, mobile substation, and HV live-tank circuit breakers. In addition, the company serves energy generation, transmission, and distribution sectors. Astor Enerji A.S. was incorporated in 1983 and is based in Sincan, Turkey.

Harbin Jiuzhou Group Co.,Ltd., established in Harbin, China, in 1993, operates globally as a manufacturer and supplier of electrical equipment, alongside providing sophisticated energy efficiency management solutions. The company's extensive product range covers a wide array of power-related components. This includes essential power products like batteries and vital power quality management systems, specifically high and low voltage reactive power compensation devices. They also produce core infrastructure equipment such as transformers, reactors, prefabricated substations, busbars, bridges, terminals, and components for distribution automation. Their offerings further encompass a full suite of low and medium voltage switchgear (including both gas and air-insulated types), specialized electrical components like medium voltage switching components and low voltage dual power transfer switches. Additionally, they manufacture high-voltage motor drive systems (comprising soft starters and inverters for various voltages) and new energy grid-connected converters, such as those designed for megawatt-level wind power. Beyond hardware, Harbin Jiuzhou provides comprehensive services, including power engineering installation and construction. Their solution portfolio addresses critical areas like energy saving, overall energy efficiency management, urban and infrastructure development, rail transportation, distribution automation, building technology, industrial and mining applications, new energy integration, data centers, and reactive power compensation. The company, initially known as Harbin Jiuzhou Electrical Co.,Ltd., officially adopted its current name, Harbin Jiuzhou Group Co.,Ltd., in July 2020.