How These 2 Data Center Stocks Are Conquering AI's Energy Crisis

The explosive growth of artificial intelligence has created an unexpected problem: data centers now consume staggering amounts of electricity. A single AI data center uses as much power as roughly 100,000 households, while the largest facilities consume 20 times that figure. This energy demand is straining electrical grids across the nation and driving up power costs, making it one of the biggest obstacles to scaling AI infrastructure.

Rather than waiting for utilities to expand grid capacity, major AI developers are taking a different approach. They’re partnering with energy companies to build and own their own power generation capacity, fundamentally reshaping how data centers operate. This shift is creating a golden opportunity for data center stocks at companies like Bloom Energy and NextEra Energy, which are uniquely positioned to capitalize on this transformation.

The Shift From Power Buyers to Power Builders: Why Data Centers Are Taking Control

For decades, data center operators simply purchased power from utilities. But the AI boom has changed that calculus entirely. “Bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers and manufacturing facilities,” stated Bloom Energy CEO KR Sridhar in the company’s recent earnings announcement. “This shift is secular and growing.”

The transition makes economic sense. By deploying their own generation infrastructure, AI data center developers can avoid grid constraints, lock in stable long-term energy costs, and maintain operational reliability. They’re also contributing to their own sustainability goals. This fundamental change in how data centers source energy represents a massive market opportunity for the energy companies that can support this vision.

Bloom Energy Powers the AI Data Center Boom With Advanced Fuel Cell Technology

Bloom Energy has emerged as a key enabler of this trend, offering advanced fuel cell systems that data center operators can install directly on-site. These systems provide reliable, on-demand power without straining the broader electrical grid.

The company’s momentum is undeniable. Last year, Bloom Energy achieved record revenue exceeding $2 billion, representing a 37% jump from the prior year. The company also achieved positive free cash flow for the second consecutive year, signaling strengthening fundamentals. But perhaps most impressive is the exploding backlog: Bloom’s order book hit $20 billion, a 2.5x increase year-over-year.

Several major partnerships demonstrate the real-world deployment of Bloom’s technology. Most notably, Brookfield Corporation committed up to $5 billion to deploy Bloom’s fuel cells across a series of large-scale AI data center campuses. Brookfield, a leader in infrastructure and clean energy investing, is working with Bloom to establish a new model for building and powering specialized AI facilities. Beyond Brookfield, Bloom is supplying technology to data center projects involving Equinix, AEP, and Oracle, showing broad adoption across the industry.

NextEra Energy: Building the Power Generation Infrastructure That Data Centers Demand

NextEra Energy is taking a different but equally powerful approach to capitalizing on the data center power opportunity. Rather than manufacturing on-site fuel cells, NextEra is developing large-scale power generation facilities specifically designed to support data center developments.

The utility is embracing what the industry calls BYOG—“bring your own generation”—recognizing that large-scale data center companies can solve affordability and reliability challenges by investing in their own power infrastructure. “We are uniquely positioned to deliver for the BYOG market across America,” CEO John Ketchum said on the company’s recent earnings call. “At our core, NextEra Energy Resources is a builder.”

NextEra is backing that claim with concrete action. The company is co-developing data center campuses with Alphabet’s Google, focusing on securing land, interconnection rights, and building supporting power generation to create gigawatt-scale developments. They’re also exploring a groundbreaking collaboration: developing new nuclear power plants to serve data center demand. Google has already signed a deal with NextEra to support the restart of a currently idle nuclear facility, with operations expected to resume by 2029.

In parallel, NextEra is partnering with Exxon to construct a 1.2 GW gas-fired power plant on a 2,500-acre site, which the two companies are marketing to data center developers as a turnkey solution combining land, power generation, and infrastructure.

Massive Growth Ahead: The Scale of the Market Opportunity

NextEra’s ambitions underscore the size of this emerging market. The company aims to develop powered data center hubs totaling 15 GW of capacity by 2035. Currently, 20 such hubs are under active discussion, a number that could expand to 40 by year-end. CEO Ketchum has even suggested NextEra could double its goal, targeting 30 GW by 2035 across this channel alone.

This growth trajectory supports NextEra’s broader outlook. The company projects earnings-per-share growth exceeding 8% annually over the coming decade—an ambitious target for a traditional utility company. The data center opportunity is a key driver of this acceleration.

Why Data Center Stocks Matter in the AI Era

The convergence of two trends—surging AI infrastructure investment and the shift toward on-site power generation—is creating a compelling opportunity for data center stocks specializing in energy solutions. Bloom Energy and NextEra Energy occupy complementary positions in this market: one providing on-site generation technology, the other building large-scale power infrastructure and partnerships with major AI developers.

Both companies are signing multi-billion-dollar deals with the world’s largest technology companies. Both are expanding their order books and pipelines faster than traditional energy companies. And both are positioned to benefit from a structural shift that will likely persist for years as AI infrastructure continues to expand globally.

For investors seeking exposure to the AI data center boom, these two energy stocks represent compelling ways to participate in solving one of the industry’s most pressing challenges.