Jeff James

@randgroup Data centers should be uploading power back into the grid, not sucking every last watt out of it!

Every hedge fund I respect is suddenly talking about the same thing, and... it is not the chips. It is the one bottleneck that breaks the entire AI story if it is not solved. Around 20 public companies sit on it. I put them all in one map across 5 layers. Let's dive into it 🧵 Here is the thing nobody priced in two years ago. We spent a decade with flat electricity demand in this country. Utilities planned around it. Then AI showed up asking for gigawatts at a time. The Electric Power Research Institute now thinks data centers could eat 9% to 17% of all US electricity by 2030, up from roughly 4% in 2023. Former Google CEO Eric Schmidt told Congress the sector may need 67 more gigawatts by the end of the decade. That is not a tweak to the demand curve. That is a new industrial revolution landing on a grid built for a different century. Every company below sits somewhere between a power plant and a server rack. This is the map. 🔌 POWER GENERATION & UTILITIES Start at the source. These are the companies that actually make the electrons. For years this was the most boring corner of the market: regulated returns, slow growth, dividend investors only. Then the hyperscalers started signing power contracts directly with generators, and the whole category repriced. $VST Vistra This is the one I watch most closely in the group. Vistra signed Meta to a power purchase agreement for roughly 2,600 megawatts at its PJM nuclear sites, which tells you everything about where this is going: tech giants are now buying nuclear output directly. Q1 2026 adjusted EBITDA hit a record for a first quarter at $1.494 billion. They have hedged almost all of their 2026 generation, and they have bought back about 30% of the company since late 2021. A generator that trades like a buyback machine with an AI tailwind bolted on. $CEG Constellation Energy The largest nuclear fleet in the country, and the company that put nuclear back on the front page when it agreed to restart Three Mile Island for Microsoft. In January it closed the $21.8 billion Calpine acquisition, adding around 23 gigawatts of mostly gas and renewable capacity, and Q1 2026 revenue more than doubled the year before to $11.1 billion. The thesis is simple: when an AI company wants carbon free baseload power tomorrow, there are very few phone numbers to call, and this is one of them. $GEV GE Vernova If you only own one name in this entire map, my honest take is that it should probably be this one. GE Vernova makes the gas turbines and the grid equipment, the literal picks and shovels of the buildout. In a single quarter its Electrification segment booked $2.4 billion in data center equipment orders, more than it booked in all of 2025. Total backlog sits around $163 billion and management pulled forward its $200 billion target to 2027. The gas turbine backlog jumped from 83 to 100 gigawatts in one quarter, and they are raising prices into that demand. This is the cleanest expression of the trade. $BEPC Brookfield Renewable Note the ticker: this is Brookfield Renewable, $BEPC, not the $BE on most charts (that is Bloom Energy). Brookfield operates about 47 gigawatts and is developing a pipeline north of 200. It signed a framework with Microsoft to deliver over 10 gigawatts, roughly eight times the size of the largest single corporate power deal ever signed before it, plus a multi gigawatt hydro deal with Google. It also owns about half of Westinghouse alongside Cameco. The patient, contracted, dividend paying way to play the same wave. ⚛️ SMALL MODULAR REACTORS Now the speculative end. The promise here is clean, firm baseload power in a compact box you can site right beside a data center. The catch: almost none of these are producing commercial power at scale yet, so you are buying a timeline as much as a company. Price that carefully. $OKLO Oklo The most exciting and the most expensive name in the room. In May the NRC approved the principal design criteria for Oklo's Aurora powerhouse in under half the usual review time, a real regulatory step forward. The customer pipeline is around 14 gigawatts, anchored by a 12 gigawatt agreement with Switch and a 500 megawatt deal with Equinix, and it added a research partnership with NVIDIA and Los Alamos. Just remember Oklo plans to build, own and operate its reactors and has essentially no revenue yet. This is a call option on a 2028 plus story. $SMR NuScale Power The one with the regulatory lead. NuScale has NRC design approval for both its 50 and 77 megawatt modules, which genuinely derisks deployment. It is sitting on about $1.2 billion in liquidity and is working toward a definitive power agreement with TVA through its ENTRA1 partner, with its first project tied to RoPower in Romania. Revenue was a rounding error last quarter because the licensing work wrapped up, so this is still a story about getting the first units in the ground. $BWXT BWX Technologies The adult in the room, and the name I would own if I wanted nuclear exposure without buying a lottery ticket. BWXT actually makes money: Q1 2026 revenue of $860 million and net income of $91 million, and it raised full year guidance. It builds reactors for the US Navy, produces medical isotopes, and just acquired Precision Components Group to push into commercial nuclear manufacturing. While the SMR startups sell the future, this one sells into it today. $XE X-energy Brand new to the public market. X-energy IPO'd on April 24 at $23 a share, raised about $1.02 billion, and came out around a $12 billion valuation with Amazon as its anchor backer holding nearly a third of the company before the listing. It pairs an 80 megawatt reactor design with its own proprietary TRISO fuel, and its order book already tops 11 gigawatts including Amazon's commitment to as much as 5 gigawatts by 2039, plus Dow and Centrica. Reality check: it lost about $390 million on $109 million of revenue in 2025, and first deployments are not expected until the early 2030s. ⛏️ CRITICAL MINERALS You can build every reactor on the list above and they are paperweights without fuel. This is the front end of the cycle: mining, enrichment, conversion, and the magnet metals the whole grid runs on. Quick note: I swapped the misfiled Northland slot for Energy Fuels here, which is a genuine US critical minerals producer. $CCJ Cameco The blue chip of the uranium world. Q1 2026 net earnings jumped 87% and adjusted EBITDA rose 44% to $509 million on stronger prices and volumes. The kicker is Westinghouse: Cameco owns roughly half of it alongside Brookfield, so it captures both the fuel and the reactor technology side of the renaissance. When people want uranium exposure without a science project, they buy this. $LEU Centrus Energy The reshoring play, and a fascinating one. Centrus is the only production ready uranium enricher in America, sitting on a $2.3 billion enrichment backlog, a $900 million HALEU award from the Department of Energy, and a notice from the NNSA that it intends to sole source enrichment work to them. It is pouring over $560 million into its Oak Ridge centrifuge factory and is even exploring a fuel joint venture with Oklo. This is a national security story wearing a stock ticker. $UUUU Energy Fuels This is what $UUUU actually is. Energy Fuels runs White Mesa, the only conventional uranium mill operating in the United States, and it is the rare company licensed to produce both uranium and separated rare earth oxides under one roof. Its 2026 uranium guidance implies growth of 50% to 150%, and it is now turning out the dysprosium, terbium and magnet metals that everything from EV motors to grid hardware depends on. Uranium and rare earths, the two supply chains Washington is most desperate to pull back from China, in one company. $NLR VanEck Uranium and Nuclear ETF If you would rather own the whole theme in one line instead of picking a winner, this is the basket. $NLR holds the nuclear value chain end to end: reactors, enrichers, miners and the utilities running the plants. A lot of this very map sits inside it, with Constellation, Cameco, Centrus, BWXT and Energy Fuels all among its largest positions. The lazy way to be right about the sector even if you pick the wrong individual stock. 🔧 POWER INFRA & GRID Between the power plant and the server rack is the least glamorous and maybe most investable layer of all. Transformers, switchgear, cooling, and the crews who build it. The dirty secret of the AI buildout is that the grid itself is the bottleneck. Interconnection queues run years, and the equipment to connect anything is on backorder. $VRT Vertiv The purest grid adjacent winner so far. Q1 2026 sales rose 30% to $2.65 billion, with the Americas up 44% on data center demand, earnings per share up triple digits, and guidance raised twice in two quarters. Vertiv makes the power and thermal systems that keep a data center alive, and it just joined the S&P 500. When the chip names sneeze, this one catches it, but the order book keeps validating the story. $HUBB Hubbell Boring on purpose, and that is the point. Hubbell makes the electrical and utility hardware, the transformers, metering and grid components, that every new data center and every grid upgrade quietly requires. It will never 10x in a year, but it sells into both the AI buildout and the broader grid replacement cycle at the same time. This is the ballast in the basket. $POWL Powell Industries My favorite quiet story in this section. Powell makes custom electrical equipment for utilities, energy and now data centers, and the demand signal is screaming: orders up 97% last quarter, a record $1.8 billion backlog, and right after the quarter closed it landed a single data center order worth more than $400 million, the largest in its history. It did a three for one split this spring and carries no debt. A small cap industrial running into a structural tailwind. $PWR Quanta Services The labor. Quanta physically builds and upgrades the grid, the part of this problem that no software fixes. Q1 2026 revenue rose 26% to $7.87 billion and its backlog hit a record $48.5 billion. If all of the generation and transmission above actually gets built, a meaningful slice of it gets built by crews like these. The pick and shovel play on the wires themselves. 🖥️ DATA CENTER POWER The wild card, and the highest beta corner of the map. These started as bitcoin miners, which means they already owned the one thing everyone now wants: large blocks of interconnected power and the land around it. They pivoted to hosting AI compute, signing leases with the hyperscalers and the neoclouds. Enormous growth, real execution, and serious single customer risk. Size accordingly. $IREN IREN The furthest along. Formerly Iris Energy, IREN has a Microsoft AI cloud partnership worth billions, a power pipeline around 4.5 gigawatts, and high performance computing on track to make up the majority of its revenue by the end of the year. It already trades like an infrastructure company rather than a miner, because increasingly that is what it is. $WULF TeraWulf TeraWulf describes itself as a power company that happens to build digital infrastructure, which I think is exactly the right framing for this whole row. It has locked in over $12.8 billion of contracted compute revenue through long term leases with the Google backed Fluidstack and Core42, anchored by its Lake Mariner site and scaling toward a gigawatt of power. Its leasing revenue more than doubled year over year. Controlled power, leased to AI, on a multiyear contract. $CORZ Core Scientific The contrarian one. CoreWeave tried to buy Core Scientific in an all stock deal, and in a rare moment of shareholder backbone, the holders voted it down in late 2025. So it stays public, and it kept the prize: roughly $10 billion or more of contracted revenue with CoreWeave across about 590 megawatts, while converting its old mining sites into AI colocation. You are betting the company creates more value alone than the buyout offered. $CIFR Cipher Mining The earliest stage of the pivot, rebranding toward AI as it goes. Cipher signed a hosting deal backed by Google's Fluidstack, with Google taking around a 5% stake, plus a 300 megawatt arrangement tied to AWS, building toward a contracted compute backlog around $9 billion. Highest risk, least proven, most torque if the leases convert to cash on schedule. ⚡️FINAL THOUGHTS Step back from the tickers and a pattern jumps out. The market is paying up for the same insight at five different points on the same wire. The stability lives at the bottom and the middle. Cameco, Hubbell, Quanta Services and BWX Technologies make money today and sell into a buildout that is contracted for years. They will not triple overnight, but they do not need a single thing to go right that has not already happened. The growth lives at the edges. GE Vernova is the rare name that has both, scale and acceleration, which is why I keep coming back to it. The reactor startups and the former miners are where the imagination is, and also where the disappointment will be when timelines slip, because timelines always slip in nuclear and in construction. The clearest read of all is that the AI story quietly handed the baton from the chip layer to the power layer, and most people are still watching the wrong race. You cannot run the model without the electrons, and the electrons are the scarce thing now. I will say the obvious part out loud: this is a map, not advice. I am pointing at where the money is moving, not telling you what to buy. Do your own work on every one of these, especially the speculative names where a single contract or a single regulator can move the whole thesis. If this saved you a week of research, do me a favor and bookmark it, then send it to the person in your group chat who only owns Nvidia. The power bottleneck is the second half of that trade.

@cryptorover Why should anyone believe him?

BREAKING: 🇺🇸 Marco Rubio says "the war in Iran is over."

@randgroup If the Senate doesn't pass the Clarity Act by July 4, heads will be rolling in the midterms!

@LizThomasStrat Always the summer before an election!

Big JOLTS surprise: Job openings surge to 7.62m, highest since mid-2024, significantly above consensus for 6.87m and above the highest forecast of 7.05m (+9 std dev surprise!). Openings per unemployed worker above 1 for the first time in almost a year.

@WatcherGuru Meanwhile, the glue-bucket Senate is wasting precious floor time nominating more judges!

JUST IN: Bitcoin falls under $69,000

@cryptorover Close calendar date, or close to getting 60 votes?

💥BREAKING: 🇺🇸 Coinbase's Chief Policy Officer says Clarity Act is "very close"

@WatcherGuru TradFi finally realized crypto doesn't take weekends off!

JUST IN: CME Group officially launches 24/7 crypto futures & options trading.

@cryptorover Other nations don't have a glue-bucket Senate, that's why they're winning!

🇺🇸 SENATOR LUMMIS: ''Without the Clarity Act, other nations will fill that vacuum & write rules that may never align with American values or interests.''

@cryptorover Good for 12 hours, it's almost bedtime there!

💥BREAKING: 🇮🇱🇱🇧 Trump says Israel will not attack Hezbollah and Hezbollah will not attack Israel. He also says Israeli troops heading toward Beirut have already been turned back.

@cryptorover You know it!

🚨 BIG WARNING: SPACEX INSIDERS MAY DUMP SHARES ON RETAIL FROM DAY 1. SpaceX reportedly plans to reserve up to 5% of IPO shares for employees and executives’ friends and family And those shares could have NO lock-up restrictions. That means this group could potentially sell immediately after listing while retail investors rush into one of the most hyped IPOs ever. SpaceX is targeting a valuation around $1.8 TRILLION which would instantly make it one of the largest public companies in the world. But the actual public float may be extremely small. At a $1.8T valuation with a $75-80B raise, only around 4-4.3% of total shares may trade publicly after listing. So the setup now looks like this: • Tiny float • Massive hype • Heavy retail demand • Insiders with immediate liquidity That creates a very aggressive supply demand imbalance from day one and the selling could be too much for the markets to absorb.

@randgroup Passive investing with ETFs is definitely safer than betting on one horse!

SpaceX goes public in 11 days at a $1.8 TRILLION valuation and most portfolios have zero space exposure. There are exactly 3 ETFs built for this sector: $NASA, $ORBX, and $UFO. Each one targets the space economy differently. I pulled apart all three so you know what you actually own. This is no longer a niche. And for most investors, the simplest way in is one of three ETFs built specifically for this sector. Each one approaches it differently. Here's what's inside. 🛰️ $NASA: TEMA SPACE INNOVATORS ETF The actively curated fund. Tema handpicks positions based on where they see the most innovation across the space economy. Top holdings: $RKLB 10.8%, $SPCX 10.2%, $PL 6.1%, $LUNR 5.9%, $FLY 5.5%, $ASTS 4.8%, $BKSY 4.1%. This is the most growth oriented of the three. Heavy on pure play names, lighter on legacy telecom and satellite operators. The SpaceX pre IPO allocation makes it unique. If you want concentrated exposure to the companies actually building next generation space infrastructure, this is the fund doing the most active work to identify them. 🌍 $ORBX: GLOBAL X SPACE TECH ETF The concentrated pure play fund. Top holdings: RKLB 21.8%, PL 11.2%, ASTS 8.7%, LUNR 6.0%, FLY 5.8%, $IRDM 5.3%, $VSAT 4.4%, $RDW 4.1%. Rocket Lab at 21.8% is more than double its weight in either of the other two funds. The top three holdings alone account for over 40%. If Rocket Lab has a great quarter, this ETF moves. If it stumbles, same thing. No legacy media. No tangential names. Every holding is directly tied to space operations, launch, or satellite technology. 🚀 $UFO: PROCURE SPACE ETF The revenue weighted, broader exposure play. Top holdings: RKLB 7.1%, PL 6.5%, VSAT 5.9%, FLY 4.9%, $MDA 4.8%, ASTS 4.8%, IRDM 4.6%, $SIRI 4.3%. More evenly distributed. Tilts toward companies with established revenue streams like Viasat and MDA Space, not just high growth pure plays. Also includes Sirius XM, which makes it the most diversified but the most diluted in terms of space purity. Less upside in a breakout. Less downside in a selloff. Now let me walk through the companies that show up across these funds. 🧠 FINAL THOUGHTS Each fund gives you a fundamentally different version of the space economy. Tema Space Innovators is the active conviction bet with pre IPO SpaceX exposure and concentrated growth names. Global X Space Tech is the aggressive pure play where your performance lives and dies with Rocket Lab, Planet Labs, and AST SpaceMobile. Procure Space ETF is the broadest, most diversified take with revenue weighted allocation and established operators in the mix. Across the sector: Rocket Lab's execution is in a different league. Intuitive Machines is quietly building one of the most impressive revenue trajectories in aerospace. AST SpaceMobile is pricing in a future that hasn't arrived yet. And the defense side is underappreciated. Golden Dome alone could be $1.2 trillion over 20 years, flowing directly to names like Rocket Lab, Redwire, and Viasat.

@randgroup Analysts are forecasting a copper deficit of 150,000 tonnes for 2026!

Copper just hit all time highs and almost nobody in your timeline is talking about it because it's not a tech stock with a ticker and a subreddit. Meanwhile every single AI data center, EV, wind turbine, and power grid upgrade on earth needs more of it than we can currently dig out of the ground. Don't sleep on it!

@cryptorover Why is the Senate wasting time nominating more judges? Bring the Clarity Act to the floor!

🚨 SAYLOR JUST NUKED THE MARKET. $90 MILLION worth of Bitcoin longs liquidated in the last hour after reports of Strategy selling BTC.

@WatcherGuru 🟠🟠🟠

JUST IN: Michael Saylor hints at buying more Bitcoin. "Working ₿etter."

@randgroup You might see the 52 week high on Day 1. No need to get FOMO on this one!

Every major IPO in history flagged a brief S&P500 correction. Considering the massive scale of the SpaceX IPO... what could happen next?

@WatcherGuru There's no real Senate business scheduled for next week June 1 - 5. Bring the Clarity Act to the floor!

JUST IN: 🇺🇸 SEC Chair Paul Atkins says he is confident Congress will pass crypto market structure legislation and President Trump will sign it into law.

@WatcherGuru What will he say tomorrow?

BREAKING: 🇺🇸🇮🇷 President Trump says naval blockade in the Strait of Hormuz is now lifted.

@WatcherGuru We live in a world of misinformation!

JUST IN: Elon Musk says reports that SpaceX lowered its IPO valuation target are "false."

@annmarie Would that fund be new money, or a pool of previously frozen assets?

NYT: Perhaps the most surprising, and apparently recent, addition to the agreement is a reference to an investment fund for Iran. The Iranian official and one diplomat put it at $300 billion, but other officials involved in mediation would not confirm the amount. nytimes.com/2026/05/28/wor…

@lisaabramowicz1 @FerroTV @annmarie "Weeks away" is a red flag!

Chevron's Mike Wirth said we're weeks away from oil shortages. He sees US gasoline prices potentially rising considerably in the next two months. Listening to market strategists and then talking to commodity producers is an exercise in cognitive dissonance. @ferrotv @annmarie