Nicolas

BREAKING: President Trump says the Trump Administration might buy equity stakes in US AI companies and that he will host a meeting with AI executives as soon as next week, per Reuters.

I've initiated a new position in $NUAI. What New Era Energy & Digital has done over the last twelve months is one of the MOST aggressive and underappreciated pivots in small-cap infrastructur. From a Permian Basin helium producer into a vertically integrated AI data center developer sitting on one of the most energy-rich pieces of land in North America. Let me be precise, because the ticker name still misleads people. $NUAI (New Era Energy & Digital) operates as a developer and operator of next-generation digital infrastructure and integrated power assets for advanced artificial intelligence hyperscalers. The company was formerly known as New Era Helium and changed its name in August 2025, which tells you exactly when the pivot happened and how recent the re-rating opportunity is. Headquartered in Midland, Texas, New Era sits in the heart of the Permian Basin, the most energy-dense real estate in the United States. That's not coincidence. The single biggest constraint on AI infrastructure buildout right now isn't compute, isn't capital, and isn't land. It's STILL power. Reliable, large-scale, cost-effective power at the point of need. $NUAI bet is that the Permian Basin, sitting on top of abundant natural gas with deregulated electricity markets, favorable zoning, and proximity to major transmission infrastructure, is the right answer to that constraint. And they're building the infrastructure to prove it. The flagship asset is the Texas Critical Data Centers (TCDC) campus in Ector County, outside Odessa, Texas. TCDC is master planned as a multi-phase development, with 438 acres owned (plus a 54-acre corridor pending), designed for phased expansion toward 1+ GW of total capacity, engineered specifically to support large-scale AI and HPC computing workloads for hyperscalers. The structure of this campus is what makes it interesting. New Era isn't just building a building and plugging into the grid. They're going vertical by owning the land, controlling the power generation, and delivering what they call powered shells and powered land leases: turnkey infrastructure that lets hyperscale tenants plug in immediately without building from zero. On the power side: New Era announced a 450MW behind-the-meter generation plan at TCDC through a commercial arrangement with Thunderhead Energy Solutions and Turbine-X Energy, securing access to major generation equipment required for the project, designed to support a hyperscale anchor tenant's AI and High Performance Cloud workloads. Behind-the-meter generation is the critical move: Grid interconnection queues can run 3–5 years, building dedicated on-site power transforms TCDC from a data center that has to wait for the grid into a data center that simply doesn't need to. Construction is set to start this year for a 2027/2028 launch, with the first 200MW phase powered via utility capacity and some 450MW of on-site gas capacity coming online after that. The product itself is purpose-built. New Era is planning a modular deployment using its 25MW, 200,000 sq ft ATOM design, fabricated by RK Mission Critical, a liquid-cooled design that reportedly supports up to 2,500 racks and densities up to 135kW. That's a serious spec. 135kW per rack is the kind of density you need for the next generation of GPU clusters. This isn't being built for yesterday's workloads. The most significant recent development at TCDC is the partnership announced in April 2026: New Era signed an LOI to form a joint venture with Stream Data Centers, one of the Tier-1 U.S. data center development platforms, along with an institutional capital partner with deep digital infrastructure and energy investment experience. The LOI outlines a joint venture development structure in which New Era contributes its site control and local relationships, the Institutional Investor contributes equity capital and sources debt financing, and Stream provides the data center development and operating platform. This structure matters. New Era is the land and power provider, the hard-to-replicate Permian Basin asset base. Stream brings Tier-1 operational credibility and the institutional relationships to sign hyperscale tenants. The institutional capital partner writes the check and arranges the debt. Each brings what they're best at. The GP/LP financing model being used here; New Era as sponsor at the project level, with institutional partners providing most capital at the SPV level, is exactly how serious infrastructure gets built. It limits dilution to NUAI shareholders while allowing the project itself to be capitalized at the scale it needs. If TCDC is the near-term execution story, the New Mexico campus is where this gets truly asymmetric. New Era entered into an option-purchase agreement for approximately 3,500 acres in Lea County, New Mexico, for development of a 7 GW AI data center campus, the company's first fully-owned development separate from the TCDC joint venture. The plan calls for more than 2 GW of natural gas-fired generation capacity, and 5 GW or more of nuclear power, to energize the 3,500-acre site, with the first power generation expected in 2028. Let's sit with those numbers. Seven gigawatts. For context, the entire U.S. data center industry consumed roughly 200 GW of electricity annually as of 2024. A 7 GW campus is not a data center. It's a city-scale computing ecosystem. And it's being positioned with a nuclear backbone, which, if executed, would make this one of the most energy-secure hyperscale sites in the world. The campus will expand incrementally to its eventual 7 GW capacity, utilizing a mix of gas and nuclear generation, with New Era planning to offer both powered-shell halls and turnkey land leases to hyperscale and AI tenants. The Lea County site was selected for its proximity to major gas transmission lines, existing power infrastructure, abundant water supply, a skilled local workforce, and high-speed fiber connectivity. These aren't aspirational site criteria. These are the same criteria every hyperscaler uses to evaluate co-location. New Era picked this site because hyperscalers would pick this site. Combined, TCDC and the New Mexico campus represent approximately 8 GW of total planned capacity, making New Era one of the largest planned AI infrastructure platforms in the United States by raw compute capacity, sitting inside a ~$570M market cap. The reason this company has a chance at something real, and not just another development story that runs out of capital, is the vertical integration model. New Era controls land, power generation, and the physical data center infrastructure under one roof. That means: Power certainty. Behind-the-meter generation means they're not competing in interconnection queues or subject to grid-level curtailment risk. The power is theirs. Speed to market. Tenants who co-locate with New Era aren't waiting for grid upgrades, they can deploy immediately once the facility is live. For a hyperscaler trying to deploy 500MW in 18 months, the value proposition isn't just "land in Texas." It's "land in Texas with dedicated gas-fired power already contracted, a Tier-1 development partner managing the build, and a modular design that starts at 25MW and scales to a gigawatt." That's a completely different conversation. What you want to see with a small-cap infrastructure play is whether serious institutional capital is taking it seriously. At NUAI, the signals are there. Northland initiated coverage with an Outperform rating and an $11 price target, arguing that New Era "now has all of the right pieces in place" to deliver its first lease by fall and "offers a compelling investment opportunity." Texas Capital assigned a Buy rating with an $8.60 price target. I want to be direct about the risks here because this is not a mature revenue story, it's a development play, and development plays carry development risk. Revenue today is minimal. New Era generated $885K in trailing revenue with an operating loss of $24.5M and negative operating cash flow of $11.7M. The company is burning cash while it builds. That's expected for a pre-revenue infrastructure developer, but it means the investment thesis is entirely forward-looking. If the hyperscale anchor tenant signing slips significantly, or if power procurement runs into structural issues, the timeline compresses the bull case. The capital structure also warrants attention: fully diluted shares outstanding of 82 million versus 56 million total common shares as of March 2026. reflecting options, RSUs, warrants, and convertible debt that may increase the share count going forward. Dilution is a real variable in any pre-revenue infrastructure company; it needs to be monitored. The New Mexico play, particularly the 5+ GW nuclear component, is long-cycle. Nuclear permitting, even for small modular reactors, is a multi-year process. The initial 2 GW gas phase is executable in the 2028 timeframe; the nuclear buildout extends well beyond that. This is a decade-long asset, not a 2026 trade. The current ratio of 1.57 suggests the balance sheet is manageable near-term, but execution risk is real. Most of the capital flowing into AI infrastructure right now is chasing the same names: the hyperscalers themselves, the chip manufacturers, the data center REITs that are already priced to perfection. $NUAI is something different. It's a Permian Basin energy company that realized it was sitting on the exact ingredients that AI infrastructure desperately needs, cheap gas, plenty of land, favorable regulation, and decided to build the platform itself rather than just sell the electricity. That's a founder-level insight executed at real speed: The name changed in August 2025, and by early 2026 the company had 100% ownership of TCDC, a Tier-1 development partner in Stream, a 3,500-acre New Mexico option with a 7 GW plan, and institutional capital in the structure. That execution velocity in a 12-month window is unusual. And the market cap is still small enough that most institutional funds can't touch it yet. The anchor tenant announcement is the unlock. When a hyperscaler signs at TCDC, this stops being a development story and starts being a revenue story. That's when the valuation conversation changes materially. I'm in early. I'm watching the milestones closely. And I think the Permian Basin is about to become one of the defining AI infrastructure geographies of the next decade. This is not financial advice. This reflects my personal analysis and position as part of my portfolio. Do your own research. Know your risk. -BP

JUST MADE A NEW TRADE. It's got earnings next week and checks off the 3 boxes from my last post, any guesses?

JUST MADE A NEW TRADE. It's got earnings next week and checks off the 3 boxes from my last post, any guesses?

Call me insane, but I think I just found my next trade.