Firm Power for AI
AI data centers will run into a power wall. Owners and builders of firm, carbon-free generation get repriced.
Holdings
Constellation Energy Corporation CEG · Direct beneficiary 22%Already signing long-term power deals with hyperscalers, including restarting the Crane (Three Mile Island Unit 1) plant for Microsoft.
GE Vernova Inc. GEV · Picks & shovels 18%Sells the gas turbines, grid equipment and BWRX-300 small reactor design that new data center capacity needs.
Talen Energy TLN · Direct beneficiary 16%Owns the Susquehanna nuclear plant, which supplies an Amazon data center campus next door.
Eaton Corporation plc ETN · Picks & shovels 14%Switchgear, transformers and power distribution inside and around every new data center.
BWX Technologies BWXT · Enabler 12%Makes naval reactors, nuclear fuel and components, one of the few US companies with that supply chain.
Oklo OKLO · Next generation 10%High-risk bet on small fast reactors sold as power to data centers.
NuScale Power Corporation SMR · Next generation 8%NuScale's small modular reactor is the first to receive US NRC design approval.