AI is driving electricity demand faster than America can add new power capacity. 

Bank of America analysts expect the U.S. will need more than 230 gigawatts of new generating capacity over the next five years. Data centers are set to lead that demand by a wide margin.

But regulated utilities are on track to add only about 93 gigawatts.

That leaves a gap of more than 100 gigawatts.

Hyperscalers are pouring billions into securing long-term power. But money can’t bring power online overnight.

That makes existing power increasingly valuable—and creates opportunities across the entire supply chain, from uranium and fuel cells to powered-up infrastructure that can get data centers online sooner.

Here are six stocks we’re watching across the AI power trade. These companies already control power, supply the fuel behind it, or own infrastructure that can bring AI capacity online faster.

1) Bloom Energy (BE)

Bloom makes fuel cells, which turn natural gas into electricity through a chemical reaction instead of burning it. Think of them as small power plants that sit right next to the data center.

That lets hyperscalers, the giant cloud companies like Microsoft and Google, skip the long wait for a grid connection. Bloom’s revenue hit $3.1 billion over the past year, up 91%.

In Curzio Alpha, we recommended Bloom around $30 and sold north of $200. But the company remains one of the clearest long-term beneficiaries of the power shortage.

2) Uranium Energy (UEC)

UEC is a debt-free U.S. uranium producer. Uranium fuels nuclear plants, which run around the clock whether or not the sun is shining or the wind is blowing.

After pulling back from its highs, the stock is a steal at current levels.

3) Uranium Royalty (UROY)

A royalty company gives miners money upfront in exchange for a cut of future production. It gets paid when the mine produces, without the cost and risk of drilling.

UROY has projects tied to Cameco (CCJ) and Orano coming online soon. When that happens, the cash flow should kick in.

4) DigiPower X (DGXX)

DigiPower X is a former Bitcoin miner that owns its own power and is already making money from AI.

In May, it signed a 10-year deal with AI computing company Cerebras Systems valued at about $1.1 billion. The deal covers a 40-megawatt data center campus in Alabama.

For context on how enormous that is, the company’s current market cap (the total value of all its shares) is only ~$390 million.

The company also reports about $150 million in cash and no debt.

5) VivoPower (VIVO)

VivoPower’s business centers on securing cheap electricity and grid access, then leasing that infrastructure to AI companies.

It already owns an operational 41.5-megawatt data center in Norway, and it has a deal to acquire rights to 291 megawatts of powered land across Finland. Hydroelectric power is cheap and plentiful in the Nordics, making it a prime location to attract long-term leases. 

In June, VivoPower chose a global AI leader as the preferred tenant for the Norway site. The two sides are still working toward definitive lease documents, so nothing is guaranteed yet. But that’s also where the upside comes from. For a company this small, proving out even one major AI lease could materially change how the market values the business.

6) IREN (IREN)

IREN rents AI computing power to developers, running it on power sites it owns.

In July, it signed $2.8 billion in new multi-year contracts with AI developers, and its customer list now includes Microsoft and Nvidia.

Revenue reached $707 million over the past year, up 41%. And after pulling back from their November highs, shares are trading at a bargain.

The bottom line

AI’s demand for electricity is growing faster than the grid can respond.

The capital to build new power is pouring in. But bringing it online can take years.

That creates an advantage for companies that already control scarce power resources—or can help AI companies get access to them faster.

For more on the AI power trade… and the stocks Frank is buying as it unfolds, stay tuned to Wall Street Unplugged.