Behind-the-Meter & On-site Power

The top five US hyperscalers are projecting a combined capital expenditure of $660 billion to $725 billion for 2026, nearly double their 2025 outlays, as the AI build-out shifts from software to physical infrastructure. Microsoft is guiding for roughly $175 billion in adjusted capital expenditure for both FY2026 and FY2027, with two-thirds of quarterly spend going to short-lived assets like CPUs and GPUs and the rest to long-lived data center infrastructure, and it added 1 gigawatt of capacity in Q3 FY2026, doubling its global footprint in two years. Amazon AWS has raised its 2026 capex guidance to approximately $220 billion, with CEO Andy Jassy saying AI capacity is expected to remain constrained through 2027 and contracted demand extending into 2028. Meta saw profit drop 14% in Q2 2026 despite a 28% revenue increase as its build-out, including a 1 gigawatt data center in Ohio and a Louisiana facility that could scale to 5 gigawatts, compressed margins, while Alphabet raised its 2026 capex guidance to as much as $205 billion and its Google Cloud backlog more than doubled year-over-year to $240 billion. The Stargate joint venture involving Oracle, OpenAI and others targets up to $500 billion in infrastructure investment by 2029, and Oracle's FY2026 capex reached $55.7 billion, more than doubling from the previous year.

PG&E announced a new phase of its community microgrid program backed by US$73 million in funding commitments, disclosing fresh grant agreements and a second round of awards for local clean energy resilience projects. The new funding extends the utility's community microgrid efforts into additional regions that have faced recurring outage and reliability concerns. PG&E operates a large regulated utility through Pacific Gas and Electric Company, supplying electricity and natural gas across northern and central California, and expanding community microgrids ties directly into how this US$29.5b operator manages reliability for its service territory. The clearest early signal to track is how many of the funded microgrid projects actually reach construction and successful operation on schedule, with PG&E securing timely cost recovery approvals from regulators for the roughly US$73 million already authorized and future tranches that could follow this template.

Caterpillar announced on September 15 that its self-driving haul trucks at a Luck Stone quarry are moving large tonnage, with expansion to two more Virginia quarries, Boscobel and Bealeton, including the first autonomous deployment of Cat 775 trucks. The company disclosed no order value, truck count, or profit contribution from the autonomy milestone, and autonomy was named on the earnings call only as a source of higher SG&A and R&D expenses inside Resource Industries. In the second quarter of 2026, revenue reached $20.5 billion, up 24% year over year, with adjusted EPS of $8.17, up 73%, while backlog climbed to $72 billion, up roughly $35 billion versus a year earlier. Power & Energy is the engine, with segment sales up 17% to $8.2 billion and power generation sales up 72% on large gensets and turbines for data centers, and gas prime orders extend toward the back half of 2028 and into 2029. Caterpillar trades at $798.51 against a consensus analyst target of $975.61, a trailing PE of 34x, and full-year tariff costs of around $2.2 billion for 2026, with expected IEEPA tariff recoveries of approximately $400 million.

Generac Holdings has secured a major long-term supply agreement with Amazon to provide backup power generators for Amazon data centers, sending its shares up 18.3% to close at $207.23. In a regulatory filing, Generac disclosed that initial deliveries are expected to total $2.4 billion across 2027 and 2028, and it issued Amazon.com NV Investment Holdings LLC a warrant to acquire up to 1,693,745 shares of common stock at an exercise price of $200.9266 per share. Of the total warrant shares, 307,954 vested immediately, while the remainder will vest in tranches contingent on aggregate gross payments, net of certain offsets, received by Generac and its affiliates from Amazon and its affiliates for backup power generators, extending up to a total of $8 billion of qualifying payments. The agreement adds scale and visibility to a data center business that is emerging as Generac's key growth engine, after the company generated more than $100 million of data center revenues in the second quarter and reported a data center backlog of $1.6 billion as of July 2026, including roughly $1 billion of new orders in the prior 90 days. Management also raised its 2026 data center revenue expectation to roughly $450 million, and Generac is expected to post quarterly earnings of $2.40 per share on revenues of $1.32 billion in its upcoming report.

Yuanta Securities said AI Capex investment is likely to keep expanding over the next one to two years. Although elevated US bond yields will remain a drag, growth in Enterprise AI that is driving cloud and compute demand will offset it. Returns on GPU leasing investment remain high, with payback within 2.2 to 3.1 years, and hyperscalers have the financial strength to invest at least another 2 trillion US dollars in AI infrastructure. The Data Center industry in the APAC region is set to grow at a 25.2% CAGR in 2025 to 2030, the second fastest in the world after North America at 26.8% CAGR, and excluding China it can still grow at 22.9% CAGR. Thailand stands to benefit from its infrastructure readiness and geopolitical neutrality, while the Thai economy is starting to see positive effects through AI-related exports and continued growth in FDI. Thai stocks that Yuanta sees as likely to outperform the market under this theme are divided into the AI Export group, namely DELTA, HANA, SMT and EPG, and the AI and Data Center Deployment group, namely GULF, GUNKUL, AMATA, WHA, STECON, BBL and SCB, for a total of 11 stocks. Foreign companies that stand to benefit include NVDA19, GOOGL19, AMZN19, LITE80, MRVL80, BE80, JPMUS19 and GSUS06, for a total of 8 DRs.

Generac agreed to supply up to $8 billion worth of backup generators for Amazon's data centers, sending its shares up 18% and making it the top performer on the S&P 500. The company also issued a warrant for a stake in itself, according to a securities filing, and analysts said the stock could double in price over the next 12 to 18 months. The broader market closed higher, with the Dow Jones industrial average adding about 300 points, or roughly 0.6%, the S&P 500 gaining about 86 points, or 1.2%, and the Nasdaq composite rising about 1.7%. Intel shares climbed more than 7.5% after South Korean memory chipmaker SK Hynix said it might team up with the company, following a Reuters report that it could lease part of Intel's long-planned Ohio chip facility or form a venture, though SK Hynix said no decision has been made. Among decliners, Paramount Skydance fell more than 4.6% as a Barclays analyst argued its proposed merger with Warner Brothers could introduce massive financial and operational risks and predicted the company would eventually split up, while Fluence Energy tumbled 15% after cutting its revenue forecast, which analysts attributed to production issues at its Houston facility.

Generac struck a deal with Amazon to supply backup power generators for its data centers, with initial deliveries expected to total $2.4 billion between 2027 and 2028, and also granted Amazon the right to buy up to $340 million worth of its stock. Generac shares soared 19% on the news, while Amazon's stock moved 1.3% higher. Fluence Energy shares tumbled 14% after the battery storage maker cut its full-year guidance, now expecting $2.4 billion in revenue for 2026 versus its prior guidance of $2.9 billion to $3.1 billion, and anticipating a loss of $200 million before interest, taxes, depreciation and amortization, more than its previous guidance range of $30 million loss to $10 million EBITDA. Workday rose 5% after CNBC's David Faber reported that efforts to gain financing for a bid to take the cloud-based human resources software platform private are continuing, citing unidentified sources. Tower Semiconductor rose almost 9% after agreeing with privately-held New Photonics to a high-volume shipment of laser-integrated optical engines designed to meet growing demand for high-bandwidth, energy-efficient optical interconnects in AI infrastructure, and Vital Farms climbed 9% after Axios said the Austin, Texas-based pasture-raised egg and butter producer is exploring strategic alternatives, including privatization.

Nvidia Corp. has committed $2 billion to Brookfield Asset Management's global artificial intelligence infrastructure fund, according to investor documents that revealed the size of a previously disclosed investment. The AI giant is an anchor investor for the Brookfield Artificial Intelligence Infrastructure Fund, alongside the Kuwait Investment Authority, Brookfield said last year. The fund focuses on the AI buildout, backing factories, dedicated behind-the-meter power solutions and compute infrastructure. Brookfield is raising $10 billion for the AI infrastructure fund as part of a broader plan to raise around $50 billion for the infrastructure group over the next two years, with AI featuring in every strategy. Brookfield is also part of an Nvidia consortium committing to financing AI computing deals totaling more than $500 billion.

Generac shares surged 31% after the company and Amazon executed a long-term supply agreement for backup generators for Amazon's data centers, a deal worth up to $8 billion that includes initial deliveries totaling $2.4 billion in 2027 and 2028 and warrants allowing an Amazon subsidiary to buy Generac shares through 2033. CoreWeave kicked off a fresh round of fundraising that includes a $3 billion convertible bond issue and an at-the-market offering program allowing it to sell as many as 35 million shares from time to time, saying the program will provide financing flexibility and help migrate its credit profile toward investment grade. Lockheed Martin moved on news that the Pentagon and the company struck a framework agreement for a multi-year production contract for the Joint Advanced Tactical Missile, or JATM, which is still in development but close to entering production and would become the most advanced air-to-air missile in the US arsenal, a role long held by RTX's advanced medium range air-to-air missile since 1993; the new missile program is receiving a $2 billion boost in the Trump administration's proposed budget for the fiscal year starting October 1. Boeing faces hard months ahead as CEO Kelly Ortberg and the CFO laid out challenges that surprised investors, including additional testing for the 777X that will spill into next year and a more muted cash outlook.

Cummins executives said North American truck demand is recovering and data-center power demand remains exceptionally strong, with orders for its QSK95 generator now stretching into the second half of 2028. Speaking at Morgan Stanley's Laguna Conference, James Hopkins, Cummins' vice president of financial planning, capital management and investor relations, said the truck market has improved over the last six months on stronger fleet profitability and greater clarity around 2027 emissions rules, and that the higher 2027 cost structure supports continued demand into the second half of 2026. Hopkins said the Environmental Protection Agency's semi-final rule gives the industry flexibility in 2027, letting manufacturers sell historical powertrains with a non-conforming penalty or offer new powertrains meeting the 35 mg/bhp-hr NOx requirement, though end-user costs are expected to rise either way. Nick Arens, Cummins' executive director of investor relations, said supply constraints on the larger engine are pushing customers to smaller 78-liter, 60-liter and 50-liter options, and he reaffirmed confidence in the company's target of more than $9 billion of data-center-related exposure by 2030, largely supported by diesel standby demand. Cummins expects 55 gigawatts of high-horsepower engine capacity by 2030, plans limited prototype production of its 130-liter natural-gas prime-power product in the second half of 2028 ahead of a ramp in 2029 and 2030, and said a battery energy storage system application for data centers should contribute revenue in the low hundreds of millions of dollars over the next several years while diluting overall margins.

Generac Holdings surged 33.7% in premarket trading after announcing a long-term agreement with Amazon to supply industrial backup generators for the technology giant's global data centers. The agreement calls for initial deliveries worth about $2.4 billion across 2027 and 2028, while the total value of the arrangement could reach as much as $8 billion. Amazon will also receive a warrant to purchase about 1.69 million Generac shares at an exercise price of approximately $200.93 per share, representing nearly 3% of the company's shares outstanding. Nebius Group NV rose 11.1% in pre-open trading after notifying customers of broad-based price increases across its on-demand GPU cloud services effective Oct. 1, with prices rising approximately 17% for H100 instances, roughly 21% for the latest Nvidia B300 GPU, and 25% for AMD EPYC Genoa CPU rates. BCB Bancorp fell 4.9% in premarket trading after pricing an underwritten public offering of 11 million common shares for gross proceeds of $85.25 million and disclosing it is marketing approximately $210 million of problem loans, while expecting a net loss of between $126.2 million and $136.1 million for the third quarter of 2026.

Generac struck a deal with Amazon to supply backup power generators for its data centers, sending the generator maker's shares up 33% in premarket trading. Initial deliveries are expected to total $2.4 billion between 2027 and 2028, and Generac also granted Amazon the right to buy up to $340 million worth of its stock; Amazon shares rose 1.3%. Lennar fell 1.2% after reporting third-quarter earnings of $1.19 per share, short of the $1.28 expected by analysts polled by FactSet and nearly half of what it saw this time last year, with revenue of $8.05 billion versus the $8.23 billion consensus estimate. Fluence Energy tumbled 22% after cutting its full-year guidance to $2.4 billion in revenue for 2026 from a prior range of $2.9 billion to $3.1 billion, and now anticipates a $200 million loss before interest, taxes, depreciation and amortization versus its previous guidance range of a $30 million loss to $10 million EBITDA. Nike rose 1.5% after announcing the appointment of Alexandre Arnault, Deputy CEO of LVMH's Moët Hennessy, to its board, and Arm Holdings gained roughly 4% after CEO Rene Haas told CNBC's Jim Cramer he is increasingly confident the company can meet demand for its new data center chip.

Wall Street analysts are flagging a potential bottom in two 2026 IPO stocks that have fallen sharply since going public. Cerebras Systems, which started trading on May 14 at $350 and closed its first day at $311, has dropped 41% since then, though Morgan Stanley analyst Joseph Moore rates it Overweight with a $279 price target, implying 52% upside, and the Street's Strong Buy consensus carries a $296 average target versus a current $184.03. The company's $20 billion OpenAI deployment deal, running in stages through 2028, makes up the bulk of its $25.4 billion in remaining performance obligations, though that customer concentration worries some investors. Innio Holding, which went public on June 4 at $27 per share and closed its first session at $33.30, has fallen 46.5% since then, but RBC analyst Chris Dendrinos rates it Outperform with a $35 target, implying 97% upside, and the Strong Buy consensus average target of $40.70 implies 129% upside from the current $17.79. Innio's first public earnings report showed equipment order intake up 316% year-over-year to $2.3 billion and backlog up 279% to $6.6 billion, with total revenue of $937.7 million for 2Q26, a 42% year-over-year gain that beat estimates by $54.37 million.

Chevron's 20-year take-or-pay power purchase agreement with Microsoft for 2.67 GW of behind-the-meter capacity in West Texas, branded Project Kilby, is designed to deliver mid-teens returns and long duration contracted cash flows independent of commodity price cycles, a structure management calls a repeatable model. The company reported Q2 2026 adjusted EPS of $6.06 on revenue of $67.20 billion, up 51.4% year over year, with downstream earnings jumping to $4.87 billion from $737 million. Management hit $3 billion of structural cost cuts six months early and captured $1.5 billion of Hess synergies, 50% above the initial target, while debt fell $8.41 billion in the quarter alone. Chevron stock is up 46.85% year to date, brushing a 52-week high of $217.65, and trades at a trailing P/E of 20 versus ExxonMobil's 24. The bull case supports $238 within a year, while the bear path lands around $197.48.

S&P Dow Jones Indices announced on September 4, 2026, that Bloom Energy and Illumina are joining the S&P 500 benchmark, with the changes taking effect before trading opens on September 21, 2026, replacing Molson Coors, The Trade Desk, and Builders FirstSource. Bloom Energy arrives after product revenue jumped 215% last quarter on hyperscaler demand for onsite fuel-cell capacity, and management raised full-year revenue guidance to $3.9 billion to $4.2 billion. Illumina returns to the index with second-quarter revenue up 9% and raised EPS guidance of $5.30 to $5.40, though management flagged ongoing China and tariff headwinds. The swap barely moves returns for the Vanguard S&P 500 ETF, since new S&P 500 entrants typically begin well under a tenth of a percent of the index, while Vanguard's June 30, 2026 factsheet showed 38% of the fund in its ten largest holdings, including 8% in NVIDIA alone. The composition shift tilts the index toward growth at the margin, with Bloom carrying a beta of 3.81 and a forward P/E of 57x and Illumina at a forward P/E of 34x, while the departing Molson Coors trades at 7x forward earnings with a 4.9% dividend yield and Builders FirstSource at 14x.

Emerald AI, Google, and NVIDIA announced the launch of the AI Energy Management Alliance, a first-of-its-kind coalition that aims to transform data centers into flexible assets for the power grid. The founding members are joined by 18 launch partners spanning AI and semiconductor leaders such as Anthropic and Analog Devices, and utility and power leaders such as National Grid, AES, RWE, Constellation, and NRG. The alliance will promote accelerated interconnections across the United States for flexible, grid-enhancing data centers using demand management technologies including colocated generation, storage, and computational flexibility. Frank Lacey, an experienced energy industry executive, will serve as AEMA's Executive Director, and the group is the next evolution of the Advanced Energy Management Alliance, founded in 2014. The announcement was made in Washington on September 16, 2026.

Banpu, or BANPU, has announced a push into two new businesses: energy for data centers and liquefied natural gas trading. CEO Sinon Vongkusolkit said the Banpu group will leverage its strengths from its natural gas base in the United States and its business networks in both the United States and Asia to expand into new forms of energy. BKV Corporation, a subsidiary listed on the New York Stock Exchange, has begun developing Modular Gas Engines as a power source for data centers in the United States in the first phase, aiming to accelerate the delivery of stable, flexible, and continuous power within one to two years before connecting to the grid over the longer term. BKV is currently in talks on long-term power purchase agreements with AI service providers and large data center operators in the United States. Meanwhile, Banpu has 10 battery energy storage system projects across four countries, namely Japan, Australia, the United States, and China, with total storage capacity of about 2.3 gigawatt-hours. For its LNG trading business, Banpu plans to use its natural gas production base in the United States, which has output of about 1 billion cubic feet per day, connected by pipeline to the Gulf of Mexico coast, to expand into LNG trading and link U.S. gas to Asian markets, including Thailand, Indonesia, South Korea, and Japan. It estimates that LNG prices will return to an equilibrium level of about 8 to 12 U.S. dollars per MMBtu over the long term.

U.S. data centers are projected to consume more natural gas than Germany and Japan combined by 2035, with BloombergNEF forecasting roughly 18 billion cubic feet per day, nearly double its estimate from just nine months ago. Data centers are expected to be the second-strongest driver of natural gas demand growth after LNG exports over the next decade, and the new forecast accounts for the likelihood that not all announced projects will be completed. Onsite-powered facilities from Meta, Microsoft, Google, and Amazon that bypass the grid will account for 2.9 billion to 3.4 billion cubic feet per day by 2035, about as much as all data centers consume today including gas used to generate grid power, but BloombergNEF says that is just a fraction of overall demand growth. Grid-connected data centers are predicted to drive an additional 15 billion cubic feet per day of natural gas consumption by the power sector by the middle of the next decade, five times more demand growth through 2035 than from all other grid-connected sectors combined. Analysts at Noreva warn the combined impact of the data center boom and rising LNG exports could send prices soaring, and the IEA notes the added demand will generate 1 million metric tons more greenhouse gas pollution daily, about 12% of total U.S. greenhouse gas emissions today.

The Federal Energy Regulatory Commission ordered the North American Electric Reliability Corporation on July 16 to write mandatory reliability standards for AI data centers, with a deadline of Dec. 31. Gartner expects power shortages to operationally constrain 40 percent of existing AI data centers by 2027, while Bloom Energy's latest power report puts U.S. data center IT load at roughly 80 gigawatts today, climbing toward 150 gigawatts by 2028, more than double what forecasters were projecting two years earlier. Oracle's Tom Eyford said a data center represents the same size of impact to the grid as losing a large power plant, and that the bigger worry is how fast hundreds of megawatts can vanish, forcing operators to match generation and load in real time. On wildfire liability, an Oregon appeals court tossed a $1 billion wildfire verdict against PacifiCorp in April, South Dakota passed a law in March barring strict liability claims against utilities in wildfire suits, and Gov. Gavin Newsom pushed a "fast pay" proposal this summer that would speed payouts to wildfire victims in exchange for limiting later lawsuits. Oracle's Arun Nimmala said utilities should treat data centers as grid participants rather than passive units, and that deep learning frameworks have shown up to 35 percent reduction in load shedding during extreme weather events.

Capstone Energy+ announced on Tuesday that it delivered 2 additional MW of C1000S gas turbines to support a major U.S. midstream natural gas project in southern New Mexico. The expansion brings the customer's fleet to 12 C1000S systems, providing 12 MW of on-site power across 6 interconnected gas facilities. The project began in 2024 with 8 rental units and has since expanded to 12 units through purchases and additions. The project supports remote compressor stations across 200K+ acres and 200 miles of pipelines, where utility power is unavailable. The company said the latest expansion highlights demand for its low-maintenance, low-emissions, and reliable distributed power systems in critical energy infrastructure.

Planted has raised $31.8 million to scale autonomous power deployment, with Piva Capital and RA Capital Management Planetary Health co-leading the round and participation from Breakthrough Energy Ventures, Gigascale Capital, Google, and Khosla Ventures. The funding will expand Planted's robotic fleet and support the launch of Sage, its next-generation robot, which enters the field in late 2026 and more than doubles field productivity compared with the current fleet. After deploying more than 10 MW in 2025, Planted is on track for 100 MW in 2026, a 10x jump in a single year, with a project pipeline of more than 20 GW. Planted's most recent build, a 28 MW behind-the-meter project serving a neocloud data center, went from first call to power in ten months, with field construction completed in under three months. The company's existing fleet is fully committed through 2027, and reservations for 2028 are open now, with new capacity allocated by deposit in commitment order.

Banpu Public Company Limited, or BANPU, presented its integrated natural gas business in the United States, known as U.S. Closed-Loop Gas, at Gastech 2026 under the concept The Future Flows Circular, linking operations from natural gas production, midstream business infrastructure and power generation through to carbon capture, utilisation and storage, or CCUS. The platform is driven through BKV Corporation, or BKV, an energy company in which BANPU holds a majority stake and one of the top 15 natural gas producers in the United States, as well as the largest producer in the Barnett gas field in Texas. BKV currently has upstream natural gas reserves, combined cycle gas turbine, or CCGT, gas-fired power plants with total generating capacity of 1.5 gigawatts in Texas, and three carbon capture and storage, or CCS, projects already in operation: Barnett Zero, Cotton Cove and Eagle Ford. It aims to increase its carbon dioxide storage rate to approximately 1.5 million tonnes per year by 2028. BANPU said demand for natural gas in the United States is likely to rise by about 25% by 2030, while electricity demand in Texas's deregulated power market, ERCOT, is expected to increase more than 21-fold by 2032. Given these trends, BKV is pressing ahead with the development of an Integrated Energy Complex in Jack County, Texas, on an area of more than 6,200 acres, and has already filed for approval to connect to the grid to support both power generation and consumption. Sinon Vongkusolkit, Chief Executive Officer of BANPU, said the integrated natural gas business in the United States is one of the key mechanisms driving BANPU's growth through its Carbon-Sequestered Gas, or CSG, solution, a carbon-neutral natural gas covering Scope 1, 2 and 3 greenhouse gas emissions.

Bell Canada and the Government of Saskatchewan announced a non-binding memorandum of understanding to expand Bell AI Fabric in Saskatchewan with the phased development of up to 900 megawatts of additional capacity, creating a path to a 1.2 gigawatt Canadian AI infrastructure hub in the province. The full buildout is expected to represent the largest capital investment in Saskatchewan's history, with total capital investment including data centre infrastructure, tenant compute and related power generation potentially exceeding $50 billion. The additional capacity would come from partner-developed natural gas power generation, and the proposed facilities would use closed-loop cooling technology requiring no municipal water, with development proceeding in phases as customer commitments are secured and subject to commercial agreements, permits, approvals and environmental assessments. The project is expected to support 800 to 1,200 construction, engineering and technical jobs, create up to 600 permanent operations and management roles, and potentially generate as many as 3,000 additional offsite and community jobs. As part of the expanded partnership, Bell AI Fabric will establish a head office of its national ecosystem in Saskatchewan, placing the province at the heart of Canada's AI economy.

S&P analysts estimate the six major U.S. hyperscalers could spend more than $7 trillion on data centers and AI infrastructure between 2025 and 2030, even as leading AI executives call for slowing the pace of frontier model development. S&P said capital spending is growing faster than expected, financing structures are becoming more complex, and returns could take years to materialise. Anthropic CEO Dario Amodei has urged a slowdown of progress on frontier AI models, while OpenAI CEO Sam Altman and Elon Musk have endorsed pacing development. The concerns weighed on AI-related equities Monday as investors absorbed the news. The challenge for investors is whether AI revenue can grow into the spending, and if growth lags before those big data-center investments generate enough profits, today's infrastructure boom might become tomorrow's balance-sheet issue.

The global AI data center power infrastructure market was valued at USD 32.60 Billion in 2025 and is projected to reach USD 244.10 Billion by 2035, a 22.3% CAGR from 2026 to 2035, according to SNS Insider. Within that total, the U.S. market alone was estimated at USD 13.49 billion in 2025 and is expected to reach USD 97.00 billion by 2035, a roughly 21.8% CAGR, while North America is the largest region and Asia Pacific is the fastest growing at a 26.90% CAGR, with China accounting for around 33.50% of the Asia Pacific market in 2025. By component, UPS Systems held the largest share at 29% in 2025, with Power Distribution Units the fastest growing; by power capacity, the above 20 MW segment took 41% of the market while 10-20 MW grew fastest; hyperscale data centers held 55% by data center type and Cloud Service Providers & Hyperscalers 59% by end user, with Government & Defense the fastest-growing end user. The report cites 2026 deals including Bloom Energy's master services agreement with Oracle for up to 2.8 gigawatts of solid oxide fuel cell capacity, expanded from an earlier 1.2-gigawatt agreement, and Eaton's nearly 20 pilot programs for medium-voltage solid-state transformer technology supporting 800-volt DC distribution, with hyperscaler orders expected in the second half of 2026 and shipments planned for late 2027. Key players named include Schneider Electric SE, Vertiv Holdings Co., Eaton Corporation plc, ABB Ltd, Delta Electronics, Inc., Legrand SA, Siemens AG, Hitachi Energy Ltd, Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Rolls-Royce Power Systems AG, Toshiba International Corporation, Mitsubishi Electric Corporation, Socomec Group, Piller Power Systems Inc., Rittal GmbH & Co. KG, Huawei Digital Power Technologies Co., Ltd., Bloom Energy Corporation and EnerSys.

Oracle's New Mexico data center, part of its Stargate buildout with OpenAI, has been delayed after the New Mexico State Land Office twice denied a permit for a natural gas pipeline needed to power the site, pushing its in-service date to February 2027. On the company's first-quarter earnings call, co-CEO Clay Magouyrk said assuming every project will meet its deadline is a bad plan, adding that Oracle's data center sites typically come online in phases over several quarters rather than all at once, so a delay at one location does not create a sudden, concentrated hit to revenue in any single quarter. Magouyrk said construction remains definitely on track, with Oracle turning to Bloom Energy fuel cells for on-site power instead of waiting on the pipeline. Oracle reported first-quarter earnings of $1.92 per share, beating the analyst consensus estimate of $1.74 by 10.34%, on revenue of $19.35 billion, above the Street estimate of $19.14 billion. The company raised its fiscal adjusted EPS guidance to $8.10 from $8.05, versus the $8.07 analyst estimate, and now expects full-year revenue of more than $90 billion, above the $89.79 billion estimate.

Cummins' Power Systems segment posted a record $2.3 billion in second-quarter 2026 revenue, up 19% year over year, as AI-driven data center backup power demand became a genuine tailwind for the engine maker. The company also extended its dividend growth streak to 17 straight years, with the quarterly payout climbing from $0.175 through the 2008 and 2009 financial crisis to $2.20 by August 2026, and total dividends paid growing from $66 million in 2006 to $1.055 billion in 2025. Over the past decade a $1,000 investment in Cummins grew to roughly $6,120, a total return of 511.96%, excluding dividends. Risks include a $69 million quarterly EBITDA loss in the Accelera segment, $458 million in hydrogen-related charges, and a trailing price-to-earnings ratio of 28 against a forward ratio of 16. Management is guiding 15% to 25% global power generation revenue growth in 2026, with diesel genset orders selling into the second half of 2028.

Oracle Corporation spent $28.5 billion on capital expenditures in its latest quarter as it raced to build cloud capacity for artificial intelligence. The company reported September 10 that quarterly revenue rose 30% to $19.3 billion, with remaining performance obligations reaching $664 billion, driven by more than $30 billion of new AI contracts. One layer below that boom sits Vertiv Holdings Co., which specializes in the power conversion, cooling and switchgear that dense AI racks require, and which agreed September 2 to acquire Utility Innovation Group for about $1.45 billion in cash plus as much as $1.15 billion of contingent payments, adding microgrid controls and onsite-power capabilities. Hedge-fund ownership of Oracle rose to 119 funds from 115 in the second quarter, while Vertiv climbed to 112 from 96, and short interest stood at roughly 2.8% of Oracle's float and 3.4% of Vertiv's as of August 14. The pairing offers two ways to own the same buildout: Oracle carries cloud utilization and customer risk, while Vertiv sells infrastructure into the build cycle itself.

Microsoft plans to expand its data center capacity to about 38 gigawatts by 2032, more than triple its current footprint, according to Bloomberg. Of Microsoft's current 12 gigawatts, only about 2 gigawatts are centered on AI-specific chips, and that share is expected to reach roughly a third of the 38 gigawatts, putting AI silicon near 13 gigawatts by 2032. The company expects $50 billion of capital expenditure in the fiscal first quarter of 2027 and $175 billion for calendar 2026. Microsoft is also planning to spread long-term data center leases over 25 years rather than 15, which lowers the annual capital expenditure it reports, though the building and the cost stay the same and only the annual reporting changes. In July the company forecast stronger than expected cloud growth, which eased concerns that infrastructure spending was running ahead of demand.

Microsoft has signed a twenty-year agreement with Chevron for a proposed 2.67-gigawatt natural gas power plant in West Texas, designed to supply dedicated off-grid electricity directly to a hyperscale data center in the Permian Basin. The project bypasses regional grid transmission queues to secure reliable power for continuous AI workloads, and Microsoft Cloud Operations and Innovation president Noelle Walsh said the deal helps ensure dedicated, large-scale power to support advanced compute. Chevron New Energies president Jeff Gustavson said the company is uniquely positioned to deliver power with certainty, speed and at a competitive cost, leveraging Permian natural gas. The arrangement drew praise from Jim Cramer on the September 3 episode of Mad Money, who called it the cleanest behind-the-meter power plan he has seen, while also crediting Microsoft CFO Amy Hood for expanded Azure disclosure and noting growing enterprise adoption of Microsoft 365 Copilot. The bear case centers on heavy capital expenditures and long-term power commitments that add infrastructure and execution exposure, plus commodity price volatility and environmental regulatory pressure from fossil fuel generation. According to Insider Monkey's tracking of over 1,000 hedge funds, 273 funds held a stake in Microsoft in the latest quarter versus 282 previously, with Arrowstreet Capital becoming the largest common stock hedge fund shareholder after raising its position by 14% in Q2 to nearly 27.66 million shares, while 101 funds held Chevron versus 103 previously and Berkshire Hathaway held the most prominent position at nearly 84.4 million shares.

Solaris Energy Infrastructure raised its adjusted EBITDA guidance for the third and fourth quarters of 2026 and issued initial guidance for the first quarter of 2027, citing stronger contributions from its core power services business and better-than-expected performance from recently acquired businesses. The company now expects third-quarter 2026 adjusted EBITDA of $110 million to $130 million, up from a prior range of $90 million to $105 million, a 23% increase at the midpoint. For the fourth quarter of 2026, Solaris lifted guidance to $145 million to $180 million from $100 million to $120 million, a 48% increase at the midpoint, and set initial first-quarter 2027 adjusted EBITDA guidance of $200 million to $240 million. The update follows the company's September 2 announcement that it acquired Omega Foundation Services, a specialist in engineering, procurement and construction with heavy civil construction expertise across end markets including large-scale data centers. The stock has returned about 150% over the past 12 months and was up more than 25% year to date as of September 8, though it trades at roughly 86 times trailing earnings, well above the industry average, while short interest stood at 23.76% of the float as of August 14.

New Fortress Energy said Friday it completed its restructuring and recapitalization transaction, cutting its debt to $700M from $5.7B, and trading in its shares was halted. The transaction extinguished roughly $5.7B of third-party debt, with creditors receiving all the equity of BrazilCo, preferred equity of New NFE with $2.45B of liquidation preference, 65% of the common equity of New NFE, and $571.3M of New NFE term loans. As part of the completion, the company's Brazilian business and operations were separated into two distinct standalone enterprises, BrazilCo and New NFE, and New NFE also raised $136.5M in new financing. CEO Wes Edens said the UK RP restructuring leaves New NFE a much simpler, more streamlined company owning a portfolio of critical LNG and power assets, including a substantial and growing LNG portfolio, terminal operations and logistics in Mexico and Puerto Rico, and a 735 MW power and turbine portfolio. Edens said those assets and operations produce significant cash flow today and offer the opportunity for significant growth when fully deployed in the coming months.

Bloom Energy reported record quarterly revenue of $1.07 billion, surpassing the $1 billion milestone for the first time and marking a 166% year-over-year increase, driven by soaring demand for its solid-oxide fuel cell systems from major U.S. hyperscalers and AI data center operators seeking reliable on-site power. The results arrive as the AI spending race accelerated in the Q2 earnings season, with Microsoft, Amazon, Alphabet and Meta reporting roughly $170 billion in capital expenditures: Microsoft reported $41 billion of CapEx, Alphabet spent $44.9 billion and raised its full-year CapEx forecast, Meta deployed $31.1 billion while maintaining its outlook, and Amazon led the group with $54.2 billion in property and equipment purchases. Bloom Energy is also set to join the S&P 500 in the next quarterly rebalancing near the end of September, a major positive for the stock's near-term action as index funds adjust their portfolios around the rebalance. The stock carries a Zacks Rank #1 (Strong Buy), with EPS expectations remaining on a bullish trajectory across the board.

PowerSecure, a subsidiary of Southern Company, has agreed to supply a backup resiliency solution for Keel's data center campus in Moses Lake, Washington. Neither company disclosed financial terms, and Keel shares were down 4.58% intraday. PowerSecure will build the standby system on its modular PowerBlocks platform, combining onsite generation with electrical infrastructure and controls, with an architecture designed to scale as the campus grows and to enable peak shaving by running onsite generation during high-load periods to cut draw from the grid. Alex Brammer, Keel's executive vice president of operations, said reliable power is the foundation of everything the company builds at Keel Infrastructure, describing firm power solutions as increasingly critical. The two companies formed the partnership earlier this year, settling system requirements and delivery timelines, and Keel representatives toured PowerSecure's microgrid at its Durham campus. Jim Smith, PowerSecure's president, said the team built a solution for Keel's immediate needs while positioning it for future growth.

Bloom Energy has introduced its Power Connect system, which could reduce on-site installation time for its solid oxide fuel cells by more than 40%. The system shifts complex wiring and integration work from the field into Bloom's own factories, pre-wiring, pre-connecting, and fully testing units before delivery, cutting deployment times to just one to two months. Bloom's SOFC systems, which convert natural gas, biogas, propane, and hydrogen into electricity without combustion, are already used by data center operators including Oracle, CoreWeave, Nebius, and Equinix, and Brookfield Asset Management funds their development and deployment through a $25 billion partnership. Bloom's backlog swelled to $20 billion at the end of 2025, ten times the $2.0 billion in revenue it generated that year, and analysts expect revenue to more than double to $4.1 billion this year, then grow 65% to $6.8 billion in 2027 and 46% to $9.9 billion in 2028. With a market cap of $79 billion, Bloom trades at 19 times this year's sales, a premium the company's SOFC market dominance, massive backlog, and Power Connect upgrade could justify.

Alpha Compute Corp. has secured $47 million in seller financing for its planned natural gas-powered AI data center campus in northern Pennsylvania, cutting the cash due at closing to $8 million against a $55 million base purchase price. Under a First Amendment to the August 11 Binding Term Sheet, the sellers will finance the remaining $47 million through a seller note carrying 6.00% fixed interest, interest-only monthly payments, a five-year maturity with a balloon payment, and no personal recourse or guaranty. The note is secured solely by a first-priority purchase-money mortgage on the roughly 350 aggregate surface and pore-space acres and approximately 1,800 net unleased Marcellus mineral acres in Tioga County, while data center, power generation and compute assets are expressly excluded from the collateral. The transaction remains a greenfield project with no operating capacity; the 200 MW figure represents planned capacity, with potential expansion to 1 GW, and closing remains subject to due diligence, definitive agreements and regulatory approvals. Alpha Compute also joined the Pennsylvania Chamber of Business and Industry, which represents more than 12,000 member businesses.