AI Stack/Power · cooling · grid infrastructure

Power · cooling · grid infrastructure

Severe bottleneck

Turbines, transformers, switchgear, behind-the-meter generation, liquid cooling, and the utilities serving new data center load.

The most likely binding constraint on the AI buildout. Transformer lead times, grid interconnect queues, and turbine backlogs determine which campuses actually energize.

Public revenue

$467.26B

Wtd YoY

22%

Wtd GM

35%

Wtd OM

17%

Avg fund

Avg tech

Market structure

Current TAM

$110.00B

5y TAM

$260.00B

5y CAGR

19.0%

Companies

Margin structure

Mixed

Concentration

Moderate

Capex intensity

High

Commoditization

Low

Drivers

What grows the pie

↑AI data center load growth
↑Grid modernization
↑Nuclear PPA momentum

Constraints

What can break the thesis

↓Transformer lead times
↓Turbine backlog
↓Skilled trades shortage

Upstream dependencies

None — this segment sits at the input layer.

Downstream consumers

Data centers

Companies in Power & grid

Ranked by composite score

Company	Mkt Cap	Growth	FCF%	Val	1Y	Tech	Fund	AI	Score	View
SUSchneider Electric	$80.09B	17.5%	13.1%	13x		87	64	78	74	Strategic Compounder
GEVGE Vernova	$275.31B	16.3%	23.7%	42x		84	68	80	69	High-growth Infrastructure Bet
VRTVertiv Holdings	$121.25B	30.1%	18.1%	36x		83	72	85	65	High-growth Infrastructure Bet
SMNEYSiemens Energy	$156.82B	3.3%	11.6%	29x		82	57	65	63	High-growth Infrastructure Bet
MPWRMonolithic Power Systems	$76.31B	26.1%	16.6%	52x		84	73	70	61	High-growth Infrastructure Bet
CEGConstellation Energy	$101.59B	63.8%	-15.0%	21x		28	62	80	60	High-growth Infrastructure Bet
PWRQuanta Services	$106.53B	26.3%	3.4%	43x		84	59	70	59	Strategic Compounder
CORZCore Scientific	$7.37B	44.9%	49.3%	74x		83	62	60	57	High-growth Infrastructure Bet
ETNEaton	$147.43B	16.8%	9.3%	24x		57	59	75	57	Strategic Compounder
BEBloom Energy	$80.30B	130.4%	10.8%	67x		81	66	55	56	Watchlist Only
PRIV-CRSOCrusoe EnergyPrivate	$6.00B	250.0%	-35.0%	—	—	—	54	80	56	Watchlist Only
NEENextEra Energy	$184.10B	7.3%	-66.2%	20x		59	48	55	55	Strategic Compounder
SIEGYSiemens AG (incl. Siemens EDA)	$215.78B	0.0%	-0.4%	21x		58	47	50	54	Strategic Compounder
CATCaterpillar	$401.89B	22.2%	5.3%	29x		85	57	45	53	Strategic Compounder
VSTVistra	$48.55B	43.4%	2.5%	13x		28	63	72	52	High-growth Infrastructure Bet
LINLinde	$234.24B	8.2%	13.5%	26x		67	58	38	52	Strategic Compounder
IRENIris Energy	$18.84B	0.0%	-305.3%	-39x		79	33	45	51	Watchlist Only
FLNCFluence Energy	$3.49B	7.7%	-5.2%	147x		68	49	50	48	Watchlist Only