Investment theme
AI Power & Critical Minerals
Data centres need round-the-clock power, grid connections and the minerals that wiring, magnets and fuel are made of, and new supply of each takes years to build.
- Evidence
- Gaining support
- Cycles
- Tailwind
- Valuation
- Cheaper than its own past
- Companies
- 10 tracked · 1 potential opportunity · 1 with warnings
Companies riding it
10 tracked| Company | Zone | Valuation vs own history | Warnings | Themes |
|---|---|---|---|---|
| VRT Vertiv Holdings LLC Potential opportunity | Discount | 12th percentile | None | 2 |
| VST Vistra Corp. | Reference | 35th percentile | None | 1 |
| CEG Constellation Energy Corp | Reference | 38th percentile | None | 1 |
| EQT EQT Corp | Above reference | 51st percentile | None | 1 |
| BE Bloom Energy Corp | Above reference | 89th percentile | None | 1 |
| DNN Denison Mines Corp. | Its financial statements are not filed in a form we measure | — | None | 1 |
| FCX Freeport-mcmoran Inc | Above reference | — | None | 1 |
| GEV GE Vernova Inc. | No usable valuation history | — | None | 1 |
| USAR USA Rare Earth, Inc. Re-underwrite / risk | Too little reported history, No usable valuation history, Too little cash-flow data | — | Heavy dilution | 1 |
| UUUU Energy Fuels Inc | Discount | — | None | 1 |
Also in the theme, not tracked here: CCJ, LEU, BWXT, TLN, OKLO, ETN, PWR, WMB, MP, SCCO.
Zones and valuation are measurements against each company’s own history, not buy or sell instructions. See them on the stocks list →
Narratives that test it
Gaining support-
Power constraints are slowing data-centre expansion
Supports the theme if it holds · Recent evidence supports the theme
Evidence increasingly supports the claim as power constraints produce direct financial consequences. NextDC's lowered guidance shows that connection delays and local opposition can directly impair facility timelines and operator earnings, confirming grid friction extends beyond US regional queues. While hyperscalers are funding on-site generation like fuel cells to circumvent backlogs, localized grid and community barriers remain binding. The open question is whether off-grid power can be deployed fast enough to prevent project deferrals.
Latest development: On October 21, 2026, Australian data centre operator NextDC cut its earnings forecast, triggering a 40% drop in its share price, after facing power supply delays and local community opposition at its Melbourne facility.
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Nuclear power is being revived to run data centres
Supports the theme if it holds · Recent evidence supports the theme
Amazon’s backing of a 12-reactor, 960 MW small modular project with AEP and X-energy shows hyperscalers moving beyond power agreements at existing plants into funding new reactor construction. Together with Google and Oracle's recent multi-decade contracts, the evidence forms a clear pattern of tech firms directly underwriting nuclear capacity. However, small modular reactors remain an unproven commercial technology at this scale, and project evaluations face substantial licensing, regulatory, and construction hurdles before generating power.
Latest development: On October 19, 2026, American Electric Power and X-energy agreed to evaluate a 960-megawatt small modular reactor project at a retired coal plant in Indiana, backed by Amazon development funding and a proposed long-term power purchase agreement to cover facility and operating costs.
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Western critical-mineral supply chains are being rebuilt
Supports the theme if it holds · No recent evidence