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 |
|---|---|---|---|---|---|---|---|---|
| NEE NextEra Energy |
Largest generation and transmission developer | US | $85.29 | −0.81% | +8.8% | +8.6% | −11.6% | |
| TSLA Tesla |
Megapack storage, Optimus and autonomy | US | $397.4 | +1.69% | +8.2% | −11.6% | −18.9% | |
| TLN Talen Energy |
Nuclear-adjacent campus power | US | $386.7 | +2.10% | +7.9% | +3.2% | −11.7% | |
| EQIX Equinix |
Global interconnection and colocation | US | $1,072.8 | +0.44% | +7.7% | +42.1% | −3.4% | |
| DLR Digital Realty |
Powered shells and hyperscale campuses | US | $183.5 | +1.29% | +6.6% | +21.0% | −8.8% | |
| CORZ Core Scientific |
Power-rich sites converted to AI hosting | US | $14.38 | −1.30% | +6.4% | −1.2% | −50.7% | |
| PEG Public Service Enterprise Group |
Nuclear fleet in PJM | US | $74.80 | +0.69% | +6.0% | −4.4% | −11.7% | |
| AEP American Electric Power |
765kV transmission and large-load interconnects | US | $128.9 | −0.23% | +3.0% | +15.2% | −5.6% | |
| NKT.CO NKT |
HVDC cable | Denmark | kr 885.0 | +1.84% | +2.7% | +10.8% | −20.4% | |
| LR.PA Legrand |
Data-center busway, PDUs and power distribution | France | €138.2 | −0.32% | +2.1% | +10.3% | −12.3% | |
| NEX.PA Nexans |
HV and subsea cable | France | €132.9 | +4.15% | +1.4% | +7.6% | −19.4% | |
| CEG Constellation Energy |
Largest US nuclear fleet; hyperscaler PPAs | US | $282.4 | +2.79% | +1.0% | −19.7% | −25.1% | |
| RR.L Rolls-Royce |
SMR programme plus power systems | UK | 1,369.6p | +2.01% | +0.6% | +19.1% | −12.8% | |
| EQT EQT Corp |
Largest US natural gas producer | US | $52.36 | −0.63% | −0.4% | −1.1% | −22.2% | |
| ENR.DE Siemens Energy |
Gas turbines and grid technology | Germany | €132.5 | −0.18% | −2.0% | +10.5% | −29.4% | |
| ET Energy Transfer |
Gas supply to data-centre power | US | $19.42 | −0.15% | −2.4% | +26.4% | −9.0% | |
| NXE NexGen Energy |
Large development-stage uranium mine | Canada | $7.87 | −5.41% | −2.6% | −14.5% | −43.5% | |
| GNRC Generac |
Large gensets for data centres | US | $192.9 | −0.58% | −2.6% | +41.4% | −34.7% | |
| KMI Kinder Morgan |
Gas pipelines into power demand | US | $32.01 | +1.33% | −3.2% | +20.8% | −6.2% | |
| DNN Denison Mines |
Athabasca uranium development | Canada | $2.09 | −4.57% | −3.2% | −21.4% | −52.2% | |
| MYRG MYR Group |
Transmission and electrical construction | US | $278.4 | −0.80% | −4.4% | +27.4% | −44.4% | |
| WMB Williams Companies |
Gas pipelines and power-innovation projects | US | $69.44 | +0.75% | −4.6% | +18.1% | −11.3% | |
| MTZ MasTec |
Power delivery and pipeline construction | US | $185.1 | −2.16% | −4.8% | −14.8% | −57.7% | |
| VRT Vertiv |
Power and liquid-cooling chain for AI racks | US | $209.6 | +1.52% | −5.9% | +29.5% | −44.2% | |
| JCI Johnson Controls |
Building systems and data-centre cooling | US | $142.6 | −1.42% | −6.5% | +20.1% | −10.2% | |
| PRY.MI Prysmian |
HV/HVDC and subsea cable leader | Italy | €111.8 | +4.29% | −6.6% | +30.4% | −28.7% | |
| EOSE Eos Energy |
Zinc-based long-duration storage | US | $1.81 | −9.05% | −7.2% | −84.2% | −90.1% | |
| HUBB Hubbell |
Utility and campus electrical products | US | $438.0 | −1.24% | −7.5% | −0.5% | −21.0% | |
| BWXT BWX Technologies |
Naval reactors, fuel and components | US | $124.0 | −1.34% | −7.8% | −27.9% | −47.8% | |
| PWR Quanta Services |
Grid construction and craft labour at scale | US | $606.2 | −0.29% | −8.2% | +43.7% | −22.8% | |
| SU.PA Schneider Electric |
Switchgear, power and cooling for data centres | France | €242.5 | +3.04% | −8.3% | +4.8% | −22.0% | |
| PRIM Primoris Services |
Power and utility construction | US | $71.55 | −0.93% | −8.3% | −42.2% | −64.7% | |
| TT Trane Technologies |
Chillers and thermal systems | US | $424.1 | −0.19% | −10.0% | +9.7% | −15.6% | |
| ABBN.SW ABB |
Electrification, drives and robotics | Switzerland | CHF 70.42 | −0.40% | −10.7% | +20.7% | −20.5% | |
| EME EMCOR Group |
Electrical and mechanical contractor | US | $662.8 | −0.60% | −11.0% | +8.6% | −29.7% | |
| VST Vistra |
Nuclear and gas fleet with data-centre offtake | US | $134.5 | +0.79% | −11.4% | −16.3% | −25.0% | |
| UEC Uranium Energy |
US uranium production and conversion plans | US | $6.80 | −5.95% | −11.7% | −41.8% | −66.2% | |
| CCJ Cameco |
Uranium, conversion and Westinghouse stake | Canada | $71.78 | −3.42% | −11.9% | −21.5% | −46.5% | |
| ETN Eaton |
Electrical content per data-centre MW | US | $359.0 | −0.44% | −11.9% | +14.0% | −21.7% | |
| WRT1V.HE Wärtsilä |
Recip engine power plants | Finland | €26.22 | +1.83% | −12.0% | −10.8% | −33.2% | |
| GEV GE Vernova |
Gas turbines, grid equipment and SMRs | US | $818.5 | +1.27% | −13.0% | +25.5% | −30.3% | |
| LEU Centrus Energy |
US enrichment incl. HALEU | US | $103.9 | −7.35% | −13.4% | −57.2% | −69.2% | |
| CMI Cummins |
Gensets and engines for backup and prime power | US | $455.4 | −1.70% | −13.4% | −9.9% | −37.2% | |
| 6501.T Hitachi |
Hitachi Energy transformers and HVDC | Japan | ¥4,981.0 | +0.63% | −13.6% | +2.8% | −14.7% | |
| 298040.KS Hyosung Heavy Industries |
Transformers with US plant | Korea | ₩1,837,000 | +2.45% | −14.0% | +3.1% | −60.1% | |
| CRWV CoreWeave |
GPU cloud; large consumer of powered shells | US | $56.60 | −6.86% | −14.0% | −21.0% | −59.0% | |
| 300750.SZ CATL |
Largest battery cell maker | China | ¥240.0 | −2.70% | −14.3% | −33.4% | −47.6% | |
| 7011.T Mitsubishi Heavy Industries |
Heavy-duty gas turbines | Japan | ¥3,155.0 | +0.54% | −15.2% | −17.3% | −38.9% | |
| 3017.TW Asia Vital Components |
Cold plates and liquid cooling modules | Taiwan | NT$2,775.0 | −8.72% | −15.4% | +84.9% | −24.7% | |
| BE Bloom Energy |
Fuel cells for onsite data-centre power | US | $201.9 | −3.60% | −15.6% | +132.4% | −41.6% | |
| OKLO Oklo |
Advanced fission developer | US | $24.45 | −5.45% | −15.8% | −65.9% | −78.1% | |
| POWL Powell Industries |
Custom switchgear and power-control rooms | US | $141.8 | −2.83% | −16.4% | +33.6% | −55.9% | |
| APLD Applied Digital |
High-density AI campuses | US | $16.95 | −5.36% | −16.6% | −30.9% | −65.9% | |
| SMR NuScale Power |
Licensed SMR design | US | $4.82 | −7.84% | −17.3% | −66.0% | −81.4% | |
| CAT Caterpillar |
Recip gensets and Solar Turbines for onsite power | US | $605.3 | +0.61% | −19.0% | +6.6% | −42.9% | |
| 3653.TW Jentech Precision |
Heat spreaders and cold-plate parts | Taiwan | NT$5,605.0 | −9.96% | −19.8% | +105.5% | −22.2% | |
| 6230.TW Nidec Chaun-Choung |
Vapor chambers and heat pipes | Taiwan | NT$87.80 | −1.13% | −20.5% | −23.6% | −51.9% | |
| 3324.TWO Auras Technology |
Liquid-cooling components | Taiwan | NT$1,170.0 | −10.00% | −20.7% | +17.2% | −31.6% | |
| 373220.KS LG Energy Solution |
Non-China cells incl. US LFP | Korea | ₩329,500 | −1.79% | −21.9% | −10.6% | −32.0% | |
| 2421.TW Sunonwealth Electric |
Server fans and liquid-cooling pumps | Taiwan | NT$131.0 | −4.73% | −22.0% | −15.6% | −28.5% | |
| 267260.KS HD Hyundai Electric |
Large power transformers for US utilities | Korea | ₩421,000 | +3.95% | −22.2% | −45.0% | −70.2% | |
| FLNC Fluence Energy |
Grid-scale storage systems | US | $4.74 | −6.79% | −23.8% | −76.1% | −85.3% | |
| NVT nVent Electric |
Liquid cooling and enclosures | US | $115.5 | −1.05% | −24.2% | +14.0% | −37.2% | |
| FIX Comfort Systems USA |
Mechanical/electrical for data centres | US | $1,128.1 | −2.89% | −26.8% | +21.1% | −45.4% | |
| 010120.KS LS Electric |
Switchgear and transformers | Korea | ₩124,500 | +2.13% | −29.7% | +35.9% | −60.9% | |
| 5802.T Sumitomo Electric |
Optical fiber, HV cable and compound semis | Japan | ¥1,555.0 | −1.68% | −32.2% | +0.3% | −55.1% | |
| MOD Modine Manufacturing |
Data-centre chillers and CDUs | US | $106.1 | −0.53% | −32.7% | −20.5% | −65.4% | |
| STRL Sterling Infrastructure |
Site development for data centres | US | $301.6 | −0.74% | −33.4% | −1.5% | −69.7% | |
| IREN IREN |
Power-secured campuses pivoting to AI cloud | Australia/US | $19.48 | −6.53% | −36.3% | −48.4% | −71.3% |