AI Needs Energy: Top 5 Stocks Powering the Next Data Center Boom

Data centers need electricity. Morgan Stanley expects U.S. data center demand to reach 74GW by 2028, with a 47–49GW power shortfall from 2025–2028. By 2030, data centers could use nearly 450TWh, or 10.6% of the U.S. grid.

$CEG | NTM est. revenue growth: +31%

Constellation is becoming the nuclear backbone for AI power demand. It operates the largest U.S. nuclear fleet and added 27GW of natural gas through its $26.6B Calpine deal. Behind-the-meter nuclear agreements give hyperscalers direct access to clean baseload power. A $3.9B CapEx plan and $5B buyback authorization show both growth investment and capital discipline.

$VST | NTM est. revenue growth: +47%

Vistra is positioned where AI power demand is most urgent: competitive U.S. power markets. Its 20-year Meta agreement delivers 2.6GW of zero-carbon nuclear power for AI infrastructure in Ohio. The $4.7B Cogentrix acquisition added 5.5GW of gas capacity, giving $VST more dispatchable supply. A separate 20-year AWS nuclear deal adds another long-duration demand anchor.

$BE | NTM est. revenue growth: +72%

Bloom Energy is solving a different AI problem: grid wait times. Its fuel cells can power data centers on-site through private microgrids. The Oracle Project Jupiter agreement makes $BE the sole power provider, replacing gas turbines with up to 2.45GW of solid oxide fuel cell capacity in New Mexico. Product revenue jumped 208%, and 2026 guidance moved to about $3.8B.

$GEV | NTM est. revenue growth: +19%

GE Vernova sells the electrical backbone AI data centers need: grid equipment, electrification systems, and power infrastructure. In Q1 2026, its Electrification segment booked $7.1B in orders with a 2.5 book-to-bill ratio. Data center equipment orders reached $2.4B in one quarter, already above the prior full-year total. Management raised 2026 revenue guidance to $44.5B–$45.5B.

$TLN | NTM est. revenue growth: +54%

Talen is turning merchant nuclear power into contracted AI infrastructure supply. Its expanded Amazon agreement locks in up to 1,920MW of direct nuclear supply through 2042. The deal uses the 2.2GW Susquehanna nuclear facility for a colocated, 24/7 carbon-free data center campus. Long-term offtake improves visibility, with 2026 free cash flow guidance up to $1.18B.