Technology giants are burning cash to ramp up AI! Could these two industries emerge as hidden winners?

This week, the achievements of the Technology Group connected the frying field.

$Alphabet-A(GOOGL.US)$ 、 $Meta Platforms(META.US)$ 、 $Microsoft(MSFT.US)$ Continued disclosure of above-expected results is reviving faith in AI.

It is worth noting that if the capital expansion of these three companies can be discovered, our Technology Group will continue to invest heavily in AI.

Google said its capital expenditure will increase 13 percent for the full year to $85 billion, instead of the $75 billion predicted earlier this year.

Meta has raised its capital expenditure threshold for 2025. The company currently expects full-year spending to be between $66 billion and $72 billion for 2025, down from $64 billion.

Microsoft's total capital support of $24.2 billion for the fourth quarter of fiscal year 2025 is at its highest in the first quarter, compared to an increase of nearly 13.1%, which is expected to exceed $30 billion in the next quarter.

Meta Chief Financial Officer Susan Li mentioned in the results that the company expects spending to increase further next year as it continues to invest heavily in talent, infrastructure, data centers and energy to meet the rapidly evolving AI competition.

Based on this, the market is currently very optimistic about the further course of AI.

And before that“TRUMP ANNOUNCES “US AI ACTION PLAN”! The four main investment lines should not be known”It has also been suggested that in the Trump 2.0 era, data centers, power infrastructure, etc. could all be beneficiaries of this AI wave.

But it is worth noting that with the rapid development of the global artificial intelligence industry, the demand for electricity is becoming more competitive, and high power consumption also drives the growth of the demand for the cooling system market.

In media analysis, the AI data center is currently under construction in terms of electrical power and cooling, not GPU. Futubull manages these two Industry Related Companies for reference:

1. Power

Goldman Sachs data shows that AI has driven a 160% increase in data center power demand, and IEA predicts that global data center power consumption in 2026 will exceed 460 megawatts in 2022, and from the demand front, each AI cycle is actually the largest power consumption.

From the point of view of the entire Power Industry Chain, including independent power producers, electrical equipment, vertically integrated utilities companies, nuclear power is a major winner in AI heating.

Independent Power Producers

Independent Power Producers Include $Vistra Energy(VST.US)$ 、 $Talen Energy(TLN.US)$ The two companies recorded increases of 50% and 85% respectively this year.

Specifically, Vistra is one of the largest power producers and retail energy suppliers in the United States, with a production capacity of 37 kW (GW), which is enough to meet the electricity needs of 20 million households, fully demonstrating its strength in power supply. It is worth mentioning that VST also has a nuclear power capacity of 2.4 kW, which makes it the fourth largest supplier of nuclear energy in the United States.

Talen Energy, an independent power company in the United States, recently initiated a nuclear transformation with Amazon to support the continued development of the AI data center.

It is worth noting that another key area between Vistra and Talen Energy is that Vistra has a Battery Storage System. These Assets will become important as we grow our Electricity Trade Selectivity, which is an area where Vistra is investing more.

Electrical equipment

Electrical equipment can be watched $GE Vernova(GEV.US)$ 、 $Eaton(ETN.US)$ 、 $Bloom Energy(BE.US)$ 、 $SIEMENS AG(SIEGY.US)$ 、 $Honeywell(HON.US)$ 、 $Emerson Electric(EMR.US)$ 、 $Graham(GHM.US)$ 。

In which, $GE Vernova(GEV.US)$ As a leading global power technology company, the Business covers the three major Power, Wind Power and Electrification Sectors, with other technologies playing an important role in the global power supply, with around 30% of the world's electricity generated from other equipment. The share price of this company has changed for the year.

GE Vernova's financial performance in the second quarter of 2025 highlights its market strength. Revenue soared to $9.1 billion, up 11% year-on-year, driven by strong demand from the power and electrification sectors. As the key growth engine of electrification, revenue rose to $2.2 billion and nearly doubled its profit before interest tax depreciation and amortization (EBITDA) to 14.6%. This demonstrates the high profit potential of AI empowering services such as predictive maintenance, grid analysis.

In addition, $Bloom Energy(BE.US)$ As a global leader in power solutions, the company has recently partnered with Ai to provide fuel battery power for AI data centers.

Bloom Energy's energy solutions are powering the world's most critical digital infrastructure facilities, having previously been partnered with Equinix, American Electric Power Corporation (AEP) and Quanta Computing. To date, Bloom Energy has generated more than 400MW of power as a global data center.

In addition, Bloom Energy's microgrid system is similar to traditional grid, diesel generator, battery, and CECEP Solar Energy+Battery combinations, with obvious advantages in power stability and continuity:

● AlwaysOn: The Bloom Energy system features Alwayson to provide uninterrupted power supply, avoiding the same problems with traditional electrical network failures or diesel generator cold starts.

● Reliability: Provides stable power in a wide range of environments without the limitations of a traditional internet connection, Battery charging requirements, or CECEP Solar Energy passport.

● Fuel Supply: Self-sufficient, not dependent on power storage or fuel transportation, ensuring uninterrupted power supply.

● Pollution-free emissions: Compared to diesel generators, Bloom's technology has no air pollution and is a cleaner choice.

From this year's trend, Bloom Energy has jumped nearly 70% and its share price is at a new high.

Vertically integrated utility company

As AI power demand increases, public sector shares become beneficiaries of AI, such as US Energy $Constellation Energy(CEG.US)$ 、 $PG&E Corp(PCG.US)$ 、 $Dominion Resources(D.US)$ 、$Exelon(EXC.US)$ 、 $Southern(SO.US)$ 、 $Sempra Energy(SRE.US)$ 、 $The AES Corp(AES.US)$ 、 $American Electric Power(AEP.US)$ 、 $Duke Energy(DUK.US)$ 、 $NextEra Energy(NEE.US)$ etc.

Among them, Constellation Energy's year-over-year growth is very strong this year, with year-on-year growth exceeding 53%. This company can be a pioneer in green power generation, which primarily uses energy, wind, CECEP Solar Energy and hydropower to generate power from these clean energy sources. The unfortunate thing is that CEG is a 10% increase in the carbon-free power market.

The company signed two agreements with the U.S. government this year to provide more than $1 billion in electricity and services to upgrade the capacity of the nation's largest nuclear power stations. Out here, CEG shares 20 years of purchasing advice, apart from Microsoft and MetaView.

Nuclear

Nuclear stocks have become the pet of the market since the AI boom.

Wall Street recognizes that the ideal alternative energy source is energy, which means providing stable, pollution-free power, lowering overall decarbonization costs, and directly transmitting and hardening the supply of CECEP Solar Energy and wind through limiting grid investment and battery storage requirements. Hence, the stock is looking forward to a strong trend.

Chiang Rong announced a new nuclear power policy: it is planned to build a 10-seat nuclear power plant by 2030 and quadruple U.S. nuclear power by 2050. This news sparked a surge in the share of the Core Electric Concept.

Futubull suggests that the Nuclear Industry Chain is looking forward to a shift in 2025. wherein $Oklo Inc(OKLO.US)$ This year it increased by more than 250%, $NuScale Power(SMR.US)$ 180%， $NANO Nuclear Energy(NNE.US)$ More than 44%, $BWX Technologies(BWXT.US)$ More than 37%.

According to the National Securities Research Reports, the SMR Nuclear Industry Chain covers a variety of environments ranging from upstream fuel mining, mid-water development to construction, downstream operations and waste treatment.

According to the National Securities Research Reports, the SMR Nuclear Industry Chain covers a variety of environments ranging from upstream fuel mining, mid-water development to construction, downstream operations and waste treatment.

Upstream: Raw materials and processing

The supply of basic raw materials, key equipment and fuels required for upstream Industry Chain and nuclear development, mainly includes mining and condensing.

Specifically, uranium mining includes $Cameco(CCJ.US)$ 、$Uranium Energy(UEC.US)$ 、$Energy Fuels(UUUU.US)$ 、$Denison Mines(DNN.US)$ 、$NexGen Energy(NXE.US)$ ; nuclear fuel processing$Centrus Energy(LEU.US)$ 。

Midstream: Design, R&D and Construction

Mid-stream includes design, R&D, and construction. In which,

$NuScale Power(SMR.US)$ is the first listed SMR nuclear power manufacturer, the company's core product is SMR power modules;

$Oklo Inc(OKLO.US)$ focused on the development of Small Modular Reactors (SMRs), which were invested by Altmann, the father of ChatGPT;

$NANO Nuclear Energy(NNE.US)$ Specializing in the development of Small Modular Modular Resonators, the main 4-block SMR-related content, including Manufacturing, Fuels, Transportation, etc., in the manufacture of multi-component vertically integrated Industry Chains;

$BWX Technologies(BWXT.US)$ Focusing on nuclear reactor component manufacturing and nuclear technology, the biggest difference from SMR/OKLO is that BWXT is a large equipment supplier and technology service provider primarily providing nuclear reactor components, nuclear fuel, and defense-related nuclear technology to government and commercial sectors. Customers include the U.S. Government (such as the Navy) (Nuclear submarines provide nuclear reactors).

Downstream: Operations, Sales and Waste Disposal

Downstream mainly for nuclear power plant operations and energy supply. Participants include $Constellation Energy(CEG.US)$ 、 $Vistra Energy(VST.US)$ 、 $American Electric Power(AEP.US)$ 、 $Southern(SO.US)$ 、 $Exelon(EXC.US)$ 、 $Duke Energy(DUK.US)$ 、 $Entergy(ETR.US)$ 、 $Public Service Enterprise Group(PEG.US)$ etc.

In addition, electrical and electrical equipment includes $GE Vernova(GEV.US)$ 、 $Eaton(ETN.US)$ 、 $Honeywell(HON.US)$ 、 $Emerson Electric(EMR.US)$ 、 $Graham(GHM.US)$ etc.

The latest Goldman Sachs Performance Industry Report, ResearchReports, indicates that the global mining market is heading for an era of structural failure. This trend will accelerate starting in 2025 to reach 0.13 billion pounds of global mineral losses by 2040. At the same time, the demand for nuclear power is increasing in AI, and the world is welcoming nuclear devices.

Analysis shows that uranium mine supply imbalance, rising demand for nuclear power and other electrification trends will jointly drive the nuclear industry

Second, cooling

The global liquid cooling system market will generally benefit from data center growth driven by AI, machine learning, and edge computing in the future.

Related Research Institutions show that the global refrigeration system market is expected to reach US$6.5 billion in 2024, up to US$13 billion by 2034, CAGR to 7.3% by 2025-2034.

Traditional data center cooling solutions use fan and air conditioning systems that generate power losses during the use process. Under the high trend of low PUE Energy Consumption Indicators, the cooling solution becomes the main flow choice. Liquid cooling technology realizes system heat exchange through external cooling water or chilled water systems.

Other, Liquid Cooling Solution Providers and Related Industry Chains Include $Vertiv Holdings(VRT.US)$ 、 $nVent Electric(NVT.US)$ 、 $Super Micro Computer(SMCI.US)$ 、 $Dell Technologies(DELL.US)$ 、 $Hewlett Packard Enterprise(HPE.US)$ 、 $Amazon(AMZN.US)$ 、 $CoreWeave(CRWV.US)$ 。

As the leading manufacturer in the field of liquid cooling, Vertiv's liquid cooling technology enables efficient cooling through direct contact with the chip, which increases its cooling efficiency by 3000 times compared to conventional air cooling. The company has become the invisible big winner of the US stock market thanks to the AI craze, growing more than 2x in two years.

In addition, several companies in the field of liquid cooling technology also have relevant layouts on the US stock market:

$nVent Electric(NVT.US)$ : Introducing a variety of liquid cooling solutions, including gas-liquid mixing and all-liquid cooling systems, the future will focus on providing highly customized in-rack cooling designs for AI data centers.

$Super Micro Computer(SMCI.US)$ : This year, the company introduced DLC-2, a next-generation direct liquid cooling solution that reduces data center electricity, water, noise and space usage, reducing data center power consumption by up to 40%.

$Dell Technologies(DELL.US)$ : Dell is based on the 14th-generation Server, and is able to introduce DLC heatsink technology. Dell provides CoreWeave's GB300 NVL72 Preloaded Servers with PowerEdge XE9712 Preloaded Servers for High-Density AI Workload Design and Support Fully Fluid Free Cooling.

Partnering with Intel to launch Smart Cooling solutions, Dell partnered with professional liquid cooling manufacturers like Vertiv to provide end-to-end thermal dissipation solutions, making them one of NVIDIA's most important Server Partners.

$Hewlett Packard Enterprise(HPE.US)$ : This company's liquid cooling solutions are mainly concentrated in its Server business, specifically for high-performance computing and AI applications. These solutions are suitable for high-density workloads by increasing energy efficiency and reducing cooling costs. HPE accounts for around 15-16% in the Server market, showing the leading positions in other areas. Although the volume data on the Appliance Liquid Refrigeration Market is not publicly available, HPE is a key participant in the Refrigeration Server market, as well as in the AI and HPC sectors.

$Amazon(AMZN.US)$ : To meet the needs of large-scale computing cooling, AWS launched IRHX, a self-developed liquid cooling system with high mobility to improve data center space utilization and cooling efficiency.

$CoreWeave(CRWV.US)$ : CoreWeave focuses on the most advanced Nvidia GPUs in large scale models, working with Dell and Super Micro Computers to build one of the world's largest scale models of liquid cooling AI computing, which is at the heart of the demand for liquid cooling technology.

Traditional temperature/refrigeration enterprise rules include: $Trane Technologies(TT.US)$ 、 $Quanta Services(PWR.US)$ und $Carrier Global(CARR.US)$ 。

$Trane Technologies(TT.US)$ It is a cooling system company that provides innovative solutions in the field of data center cooling, including cooperation between air cooling and water cooling units and liquid cooling technology. Specifically, they launched Magnetic Suspended Water Chillers and Ascend Chillers, which aim to improve the cooling efficiency of data centers. In addition, Trane Technologies has partnered with LiquidStack, a liquid cooling solution provider, to advance data center liquid cooling technology.

$Quanta Services(PWR.US)$ Designed for NVIDIA GPUs, the Qoolrack Liquid Chiller and Server is the foundation for AI computing clusters, the world's largest hyperscale data center (HyperScaler).

$Carrier Global(CARR.US)$ A leading global provider of HVAC and refrigeration solutions. It takes efficient air cooling technology at its core in the field of data center cooling, while exploring natural cooling and liquid cooling pairing.

As a whole, Goldman Sachs now expects the Server Cooling Market Model to grow to $10.6 billion by 2026.

According to the current forecast, liquid cooling will become more popular in this market, with the transparency rate in AI Servers in 2026 reaching 57% compared to just 23% in 2024. This means more profit for cooling system suppliers, because the design of these systems is more complex.

JPMorgan pointed out that due to the complexity of manufacturing liquid cooling systems, the cost of liquid cooling systems is three to four times that of air cooling systems, which will be more profitable for suppliers of refrigeration systems.