Artificial intelligence (AI) isn't just a computing story -- it's an energy story. Training a single large language model can consume as much electricity as 1,000 U.S. homes use in a year, and hyperscale data centers are driving power demand growth not seen since the 1990s. Nuclear plants, renewables, and grid-scale batteries suddenly sit at the center of the AI boom, as tech giants race to secure reliable, carbon-free power.
For investors, this collision of AI and energy creates a new class of winners beyond semiconductor makers. The companies best-positioned are those delivering baseload nuclear, scalable renewables, and the storage systems that balance it all. Here are four energy stocks covering the spectrum -- from established powerhouses to speculative disruptors.
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1. The nuclear incumbent
Constellation Energy (CEG 0.22%) operates the largest nuclear fleet in America, generating 10% of the nation's carbon-free electricity. That scale suddenly matters enormously. Tech giants, including Microsoft and Meta, have signed long-term nuclear power purchase agreements with Constellation to secure 24/7 clean energy for their data centers.
The company projects 10% annual earnings growth through 2028, fueled by AI-linked demand. With 21 reactors providing reliable baseload power -- exactly what AI workloads require -- Constellation has become the de facto AI-nuclear play. Trading at 33 times forward earnings with multidecade revenue streams locked in, Constellation Energy is expensive but irreplaceable in the AI value chain.
2. The Altman-backed moonshot
If Constellation represents today's nuclear reality, Oklo (OKLO -1.14%) embodies tomorrow's disruption. Co-founded by Jacob DeWitte and Caroline Cochran, the company was heavily backed by OpenAI's Sam Altman, who stepped down as chair in April 2025 but remains a major investor.
Oklo is developing the Aurora microreactor -- a compact design capable of producing up to 75 megawatts of clean power continuously for as long as two decades without refueling. That scale makes the technology well-suited for off-grid AI data centers or defense sites that demand reliable baseload energy in tight footprints.
The company has three Department of Energy pilot projects underway and aims to deploy its first commercial reactor by 2027, pending Nuclear Regulatory Commission approvals. But the risks are enormous: Oklo is still pre-revenue, faces long regulatory lead times, and currently trades at a valuation above $10 billion, almost entirely on investor expectations.
Analysts suggest that if small modular reactors achieve scale, they could deliver earnings before interest, taxes, depreciation, and amortization (EBITDA) margins far higher than traditional utilities. That remains a big "if," but if successful, Oklo could leapfrog incumbents to become a cornerstone supplier of power in an AI-driven world. This is venture-capital risk packaged as a public stock -- with asymmetric upside if the technology proves viable.
3. The renewable giant's AI pivot
NextEra Energy (NEE -1.31%) offers a more balanced approach to the AI-energy thesis. The world's largest renewable utility is committing $120 billion through 2029 to build solar, wind, and battery storage -- infrastructure that hyperscalers desperately need to meet carbon-neutral pledges while powering AI expansion.
The company has raised its dividend for 31 straight years and targets 10% annual growth through 2026. With regulated utility operations providing stability and renewable development driving 6% to 8% annual earnings growth, NextEra offers a balanced AI-energy play. At 20 times forward earnings with a 3% yield, it's the sleep-well-at-night option in this space.
4. The storage enabler
Fluence Energy (FLNC -2.51%) solves AI's intermittency problem. A joint venture between Siemens and AES that later went public, Fluence builds grid-scale battery systems that store renewable energy for when the sun doesn't shine or the wind doesn't blow -- a critical capability for data centers that require constant, reliable power.
Fluence expects revenue growth above 20% in 2026, aided by Inflation Reduction Act credits that improve project economics and support margin expansion. At just 0.6x sales, the stock trades like a distressed asset, despite being a global leader in storage. For investors, that makes Fluence the highest-risk, highest-reward pick of the four -- a pure play on the grid stability that AI workloads demand.
