Artificial intelligence has been one of the biggest investment themes of the past two years, but most of the attention has stayed on software and semiconductors. What’s easy to miss is that the real constraint on AI growth isn’t just computing power — it’s electricity.
Running large-scale AI models consumes staggering amounts of energy. A single training run can use as much electricity as 1,000 U.S. households burn through in a year. Hyperscale data centers are driving the fastest growth in power demand since the 1990s. This shift is moving nuclear plants, renewables, and grid-scale batteries into the center of the AI economy, as tech giants scramble to lock in reliable and carbon-free energy.
For investors, that creates a new category of opportunity. The companies best positioned aren’t just the chipmakers supplying GPUs, but also the energy firms building the infrastructure to power the next generation of AI. Below are four stocks worth paying attention to — ranging from established dividend payers to high-risk, high-reward moonshots.
Constellation Energy (CEG) – Nuclear Scale for AI Demand
Constellation Energy operates the largest nuclear fleet in the U.S., supplying 10% of the nation’s carbon-free electricity. That scale has suddenly become a critical advantage. Tech giants including Microsoft and Meta have signed long-term contracts with Constellation to secure 24/7 clean power for their data centers.
The company projects annual earnings growth of 10% through 2028, driven by AI-related demand. Its 21 reactors are built to provide the constant baseload energy that AI workloads require. Investors have taken notice: Constellation trades at 33x forward earnings, a steep valuation, but one backed by multi-decade revenue streams that make it hard to replace.
With a market cap of $99 billion and shares around $320.11 as of August 28, 2025 (FactSet), Constellation is expensive — but it’s positioned as the de facto nuclear play for AI.
Oklo (OKLO) – A High-Risk, High-Reward Bet on Microreactors
Where Constellation represents nuclear’s present, Oklo could represent its future. Backed heavily by Sam Altman of OpenAI, the company is developing its Aurora microreactor — a compact nuclear unit designed to provide up to 75 megawatts of power continuously for as long as two decades without refueling.
That’s an appealing model for off-grid AI data centers or defense applications where reliable baseload power is essential. Oklo has three Department of Energy pilot projects underway and hopes to deploy its first commercial reactor by 2027, pending regulatory approval.
The risks here are enormous. Oklo is pre-revenue, still waiting on key licenses, and trades at a valuation above $10 billion almost entirely on expectations. But if small modular reactors reach scale, margins could far outstrip traditional utilities. Oklo trades around $77.89 per share with a market cap of $11 billion. This is a speculative play, but if successful, the upside could be transformative.
NextEra Energy (NEE) – Renewable Scale with Dividend Stability
NextEra Energy is the world’s largest renewable utility and a steady dividend grower. The company has raised its dividend for 31 straight years and is committing $120 billion through 2029 to expand solar, wind, and battery storage. That’s exactly the kind of infrastructure hyperscalers need to meet carbon-neutral pledges while powering AI growth.
The company combines stability with growth. Its regulated utility business provides dependable cash flows, while renewable expansion is expected to drive 6–8% annual earnings growth. Overall, management targets 10% annual dividend growth through 2026.
At roughly 20x forward earnings with a dividend yield near 3%, NextEra offers a balanced way to invest in AI’s energy needs without taking on outsized risk. Shares currently trade near $77.89, with a market cap of about $11 billion (FactSet). For investors looking for a “sleep-well-at-night” stock that still benefits from the AI power surge, NEE makes sense.
Fluence Energy (FLNC) – Storage Leader at a Bargain Price
Fluence Energy specializes in grid-scale battery systems, a crucial piece of solving the intermittency problem that comes with solar and wind. Founded as a joint venture between Siemens and AES, Fluence has grown into a leader in large-scale storage, providing the backup capacity data centers need for uninterrupted operations.
The company expects revenue growth above 20% in 2026, helped by Inflation Reduction Act credits that improve economics for storage projects. Yet the stock trades like a distressed asset, at just 0.6x sales despite its leadership position. Shares recently closed at $7.74 with a $1 billion market cap.
That combination of leadership and discounted valuation makes Fluence the highest-risk, highest-reward name on this list. If demand for grid-scale storage accelerates alongside AI adoption, this stock has the potential to rebound sharply.
