5 U.S. Energy Stocks that Are Flying because of AI

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AI stocks are the talk of the town.

So are the data centres that provides the massive computing power needed.

But what about the power and energy needed to power them?

That is why U.S. energy stocks are now in play with the AI boom also.

• The S&P Energy Index is only up by 4.2% for the year, making it potentially an undervalued sector to get into.

• S&P Energy index PE ratio is only at 17 times, lower than the S&P 500’s PE ratio of 30 times.

Goldman Sachs project that AI will drive a 165% increase in data centre demand for power and electricity by 2030.

When in a gold rush, sell shovels.

In this case, energy stocks might be the shovel in the AI gold rush.

1. Constellation Energy $CEG ( ▲ 0.12% )  

Constellation Energy procures and provides electricity and power to households and businesses across the United States.

• Its source of revenue comes mainly from the mid-Atlantic region (23%), followed by Midwest (20%), New York (9%) and Texas (7%).

In 1H 2025, it reported a 45% increase in electricity usage by its data centre customers.

Constellation Energy has made a couple of big deals with tech companies in the AI sector.

• Nuclear power plant deal with Microsoft for 20 years on Three Mile Island.

• 20 year nuclear power plant deal with Meta also, in Illinois.

One of the big competitive advantage that Constellation has is that it is the U.S.’ biggest nuclear power player. And Trump is very big on nuclear now with a $80 billion funding to build more nuclear plants.

Financially, the company has been doing great in 2025.

• Revenue was up by 14% for 1H 2025

• However, its profits were volatile (1Q 2025: -86%; 2Q 2025: +3.1%)

In terms of valuation, Constellation Energy is trading at a high price-to-earnings ratio of 39 times while SimplyWallSt thinks it’s overvalued.

As it’s trading at high valuations, its dividend yield is only at 0.4%.

Most analysts have the company with a HOLD call. Target price is at $117 with an implied upside of +2%.

2. Oklo $OKLO ( ▲ 8.02% )  

Oklo Inc develops fission generators, and also tries to utilise nuclear waste to produce energy. It also engages in designing fuel fabrication and manufacturing infrastructure.

Firstly, let us make it clear - Oklo is currently loss-making and has incurred about $145 million in total losses since the inception.

But Oklo has two main competitive advantages in the energy sector

• It is trying to commercialise metal-fueled fast reactor technology that could scale quite efficiently.

• It has application for data centres as evident in its collaboration with Vertiv, with Oklo providing clean energy generation and Vertiv providing cooling solutions.

And recently, it was selected by the Department of Energy (DOE) to build and operate three fuel fabrication facilities to support advanced reactors.

Hence, we would say that Oklo will be a very risky nuclear stock to hold. But most of its projects and capabilities are long-term and transformational in nature.

Most nuclear reactor projects are huge and require high initial start-up cost. However, if it succeeds, it can build smaller fission reactors that can be deployed at many locations throughout the U.S. nearer to data centres.

Analyst target price is below its current share price now.

3. Bloom Energy $BE ( ▲ 9.58% )  

Bloom Energy manufactures and sells solid oxide fuel-cell based power generation platform that could convert natural gas, and other biogas into energy without combustion.

• Most of its revenue is derived from the U.S. (74%), while the remaining comes from Asia Pacific.

Bloom Energy is getting the AI attention as it has applications for the AI data centres.

• It can install on-site facilities which generates power for the data centre in just 90 days. It can then shift the facility to another location if the need arises.

• Recent collaboration with Brookfield to deploy its fuel cell technologies in AI data centres, worth about $5 billion.

Revenue growth has been rapid in the past 4 quarters.

• Average of 44% from 3Q 2024 to 3Q 2025.

• 3Q 2025 registered a revenue growth of 57%.

The only downside so far is that Bloom Energy is not consistently profitable yet.

• It has had 5 years of losses since 2020.

• However, losses have narrowed to $29.2 million in 2024.

Bloom Energy is deemed as overvalued for now.

4. First Solar $FSLR ( ▲ 5.59% )  

First Solar makes, sells and installs solar modules.

• Most of its revenue is derived from the United States (92%), with India at 5%.

First Solar is in some ways, the poster boy for solar energy right now. While it is not directly plugged into AI data centres, but it does provide energy to them.

The recent Trump shift from renewable energy to fossil fuel and nuclear energy has clearly damaged the renewable energy industry prospects.

However, the energy demand from AI data centre is too huge. And renewable energy will have a part in it.

Financially, First Solar has grown exponentially especially in 3Q 2025.

• Revenue grew by an average of 25% in the past two financial years (2023 and 2024)

• Meanwhile, 3Q 2025 revenue was up a whopping 80% to $1.6 billion.

• Profits are up by 46% too.

First Solar differs from the companies on this list, as it has been oversold in recent years due to headwinds from China’s dumping of solar panels and Trump’s shift away from renewable energy. Hence, it is currently undervalued by 47%.

5. NextEra Energy $NERA ( 0.0% )  

NextEra Energy provides electricity to United States and Canada through renewable energy, natural gas and nuclear power.

• It generates 55% of its energy from renewable sources, 36% from natural gas, and 8% from nuclear.

NextEra and Google is collaborating to develop and build a nuclear plant in Iowa.

• The Duane Arnold Energy Centre will be restarted and is expected to be completed by 2029

• Google will purchase power from the 615-MW plant for 25 years.

NextEra has been growing steadily in 2025.

• Revenue growth averaged about 7% in the first three quarters.

• Meanwhile, profits were up by 31.6% in 3Q 2025.

Dividend yield is at 2.7%, with a price-to-earnings valuation of 26 times.

SimplyWallSt deems NextEra as overvalued by 18%.

It currently has a target price of $91 with an implied upside of +11.3%.

If you enjoy exploring stocks through clean visuals and data-driven insights, Simplywall.st is worth checking out. It’s an intuitive way to uncover investment ideas and understand the fundamentals behind every chart you see.

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Cheers,

James Yeo