It has come to my attention that AI trade may not really slow down until 2027-28. I think there is still room to go in energy.
Tier 1 — AI companies are signed, named customers right now:
- $CEG — Microsoft (Three Mile Island restart, ~835 MW) and Meta (Clinton, 1,121 MW), both 20-year nuclear PPAs.
- $VRT — NVIDIA co-development partner + CoreWeave; $15B+ backlog.
- $ETN — NVIDIA 800V architecture role; datacenter orders +240% YoY, record $14.5B backlog.
- $BE — Oracle (up to 2.8 GW fuel cells) and AEP→AWS.
- $GEV — turbines already ordered for OpenAI/Oracle's "Stargate" (via Crusoe), plus Chevron/NRG datacenter JVs.
Tier 2 — Real and named, but forward-looking / not yet material:
- $NVTS — confirmed NVIDIA 800V design win, revenue not until ~2027.
- $OKLO — huge order book (Switch 12 GW, Meta 1.2 GW prepay, Equinix 500 MW) but ~90% non-binding; no reactor live yet.
- $EOSE — datacenter-targeted storage deals, but no named hyperscaler; deployments ~2027.
- $SMR — datacenter is the story, but all exposure is non-binding via ENTRA1, and the flagship deal is contested (active securities-fraud suit).
Tier 3 — No direct AI relationship, thematic only:
- $UUUU and $LEU — uranium/enrichment fuel-cycle plays. They benefit if nuclear-powered datacenters scale, but have zero direct contracts or investments with any AI company.
My Thoughts
Out of all Tier 2 companies only EOSE and NVTS are scaling up (i.e. they have product). So these two I am considering for long term trades.