Tech giants share the electricity costs! Is the power sector entering a golden era?

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Focus on March 4! Tech giants head to the White House to sign the 'Self-Powered' agreement; this key sector has surged over 100% year-to-date!

With the rapid iteration of large AI models, the competition for computing power has quietly evolved into an 'electricity race.' However, the energy anxiety caused by the uncontrolled expansion of AI data centers is now approaching a historic policy turning point.

According to Fox News,On March 4, $Amazon (AMZN.US)$ 、 $Alphabet-C (GOOG.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ 、xAI、$Oracle (ORCL.US)$ tech giants including xAI and OpenAI will gather at the White House to formally sign the 'Ratepayer Protection Pledge' announced by Trump during his State of the Union address.

Under this commitment,the aforementioned companies will independently construct, introduce, or procure electricity supplies for new AI data centers, no longer relying on the existing public power grid,thereby avoiding passing on energy costs to ordinary American households.White House spokesperson Taylor Rogers stated that Trump is committed to 'reducing the cost of living for working families while ensuring America’s leading position in AI.'

On the investment front, how will this agreement impact the market? This article will break down the underlying industrial logic and directly outline the list of beneficiaries in Hong Kong and US stocks.

How will this agreement affect the market?

In the AI field, time is critical to market capitalization. Whoever can build data centers faster will seize the high ground of computing power. Facing the strict requirement of disconnecting from the public grid, tech giants must strike a balance between construction speed, power supply stability, and environmental requirements when choosing to build their own power sources.Among current power generation technologies, gas turbines have become the most realistic and efficient solution.

Moreover, the 'Electricity Payer Protection Commitment' not only boosts gas turbines but will also give rise to a vast ecosystem centered around 'data centers with self-owned power plants.' For instance, microgrid control systems, fuel cells, energy storage, medium- and high-voltage transformers, and complete power distribution equipment are all expected to see significant commercial value.

Looking at relevant concept stocks in the Hong Kong and US markets, these companies have also seen strong gains this year. In the US stock market, shares of SOFC (fuel cell) leading company $Bloom Energy (BE.US)$ have doubled, while Weichai Power's invested company $Power Solutions International (PSIX.US)$ Up over 67%, gas turbine giant $GE Vernova (GEV.US)$ 、 $Caterpillar (CAT.US)$ Both up over 34%, North American electric power leader $NextEra Energy (NEE.US)$ Up over 18%; in the Hong Kong stock market, $CHONGQING M&E (02722.HK)$ Up over 86%, diesel generator leader $WEICHAI POWER (02338.HK)$ Up over 76%, $HARBIN ELECTRIC (01133.HK)$ 、 $DONGFANG ELEC (01072.HK)$ Up over 60%, $WASION HOLDINGS (03393.HK)$ Up nearly 60%.

What other opportunities in the Hong Kong and US stock markets are worth paying attention to?

First, regarding the US stock market,At the beginning of the year,2026 Outlook | Collective warnings from Musk and Huang Renxun! Power shortage ignites new opportunities; keep this list of power 'gold mines' handyAs mentioned in a previous article,Tech giants like Musk, Huang Renxun, and OpenAI CEO Sam Altman have all expressed concerns about power shortages.

Against the backdrop of an unreliable power grid, 'Bring Your Own Generation' (BYOG) has become an inevitable choice for AI giants. Companies like OpenAI and xAI have abandoned waiting for continuous power grid expansion and have started building their own gas turbine power plants.The xAI Memphis cluster completed the deployment of 100,000 GPU computational power in just four months, driven primarily by the rapid implementation capability of gas turbines.

Overall, the supply-demand gap for electricity in the U.S. may continue to widen. To address the electricity shortage in the U.S., related industrial chains will face new opportunities:

Gas turbineshave emerged as the preferred choice for tech companies' 'self-generated power.' GE Vernova and Siemens Energy’s order schedules are already booked until 2028, reflecting high earnings visibility and pricing power that form the strongest investment rationale currently. Meanwhile,fuel cellsare capturing the high ground of rapid deployment markets thanks to their 'plug-and-play' agility; whereasEnergy storagethey have become the key balancing factor between supply and demand.

Take a long-term view,Nuclear powerwith its ultra-long service life and low marginal cost, remains the optimal solution for a long-term energy foundation; and as AI reshapes infrastructure,power grid equipmentThe upgrading and replacement are also not to be overlooked. Our team has compiled a list of companies in the mid- and upstream power sectors as well as supporting facilities for fellow investors' reference:

Among them, for US stocks, key attention can be paid to gas turbine manufacturers, SOFC (fuel cell) companies, backup power solution providers, and grid infrastructure and energy storage.

1. Gas turbines – Natural gas remains an indispensable transitional and peak-shaving energy source before the widespread adoption of nuclear power.

PreviouslyThe Underrated AI Winner! GEV's Surge in Orders Doubles Stock Price — Here’s a List of Infrastructure ‘Golden Opportunities’ to Keep HandyA previous article also mentioned that gas turbines are currently the most technically mature and mainstream choice.

Currently, the world’s three largest gas turbine suppliers $GE Vernova (GEV.US)$ 、 $SIEMENS AG (SIEGY.US)$ 、 $Mitsubishi Heavy Industries (7011.JP)$ account for nearly 90% of the global gas turbine market share. Additionally, Caterpillar is one of the world’s leading manufacturers of gas engines and industrial gas turbines. In early November, Caterpillar announced plans to more than double its gas turbine production capacity to meet surging demand for natural gas power plants.

2. SOFC (Fuel Cells) – The new favorite for AI power supply.

Fuel cells, particularly solid oxide fuel cells (SOFC), offer structural advantages over traditional gas turbines in terms of delivery time, noise, emissions, and flexibility.

And the representative company here is none other than —— $Bloom Energy (BE.US)$ ，By deploying fuel cells on-site at data centers, companies can secure a stable and reliable power supply without waiting for grid upgrades or the construction of new transmission lines. This model not only enables rapid deployment but also provides data center operators with greater energy autonomy and cost control.

$Plug Power (PLUG.US)$ It is a leading enterprise in the global hydrogen fuel cell industry, one of the largest fuel cell integrators worldwide, and one of the highest-valued fuel cell companies globally, known as the first American hydrogen energy stock.

Since its founding in 1997, the company initially focused on stationary fuel cells, later becoming a leader in the fuel cell forklift segment, and in recent years has expanded its industrial chain through external collaborations to include hydrogen supply networks, raw materials, and hydrogen-related sectors,gradually forming a complete full-industry-chain layout.

Additionally, $FuelCell Energy (FCEL.US)$ It is a long-established clean energy technology company,specializing in proprietary molten carbonate fuel cell technology,primarily providing fixed base-load power generation solutions to utility and large industrial customers. Unlike Plug Power, FCEL’s systems excel in efficient 'combined heat and power' using natural gas or biogas, with a unique advantage of integrating carbon capture directly into the power generation process. The company is now actively leveraging its high-temperature technology strengths to enter the hydrogen production and industrial decarbonization markets.

3. Backup Power Solution Providers

$Cummins (CMI.US)$ As the century-old leader in global power systems and the market dominator in data center backup power, it has become the "last line of defense" for tech giants like Microsoft and Amazon against power outages with its highly reliable diesel and natural gas generator sets; meanwhile, the company is aggressively transforming through its Accelera brand, heavily investing in electrolysis-based hydrogen production and fuel cell technologies, aiming to capture both the traditional stable power supply market and the future green energy sector.

$Power Solutions International (PSIX.US)$ This firm specializes in niche engine solutions powered by "alternative fuels," with a core advantage in manufacturing high-specification, low-emission engines compatible with natural gas, propane, and biogas, specifically designed to meet stringent environmental standards; supported by its major shareholder, Weichai Power, it provides data centers and industrial customers pursuing decarbonization with a practical transitional solution that is cleaner than traditional diesel, more mature than hydrogen, and cost-effective.

4. Grid Infrastructure and Energy Storage

This industry plays the role of 'regulation and transmission' – ensuring stable power transmission and solving the volatility issues of renewable energy.

$Eaton (ETN.US)$ Eaton is the "power lifeline" and "final safeguard" for AI data centers; in an era where AI chips are causing explosive growth in energy consumption and power density, it provides comprehensive electrical management solutions from grid connection to rack outlets (e.g., high-voltage distribution equipment and UPS uninterruptible power systems). In simple terms, no matter which tech giant wins the AI race, they will all rely on Eaton’s equipment to ensure their expensive GPU computing power is not disrupted by power outages or overloads, making it a highly reliable "pick-and-shovel" winner in AI physical infrastructure.

$Tesla (TSLA.US)$ : Not only a leader in electric vehicles,Tesla’s Megapack has become the "industry standard" and "capacity champion" for solving the intermittency challenges of green energy in AI data centers;For tech giants requiring 24/7 stable operations, Tesla provides the fastest-delivered and most integrated large-scale energy storage batteries currently available in the market, serving as critical infrastructure that converts solar energy into stable nighttime computing power fuel for AI.

$Fluence Energy (FLNC.US)$ : A leading energy storage integrator jointly created by Siemens and AES,In the AI era, Fluence plays a role akin to the "intelligent brain of the power grid"; it not only sells battery hardware but excels in utilizing AI-driven software systems for precise power dispatch, providing complex energy management services to hyperscale data centers. It is the preferred partner for tech giants seeking integrated hardware and software solutions while building green data centers.

$QuantumScape (QS.US)$ : Although its main focus currently lies in electric vehicles, QuantumScape’s solid-state batteries, which boast extremely high energy density and are "non-flammable,"are considered a potential upgrade option for future AI infrastructure;for data centers, where fire risk is a major concern and space is at a premium, if their technology achieves mass production, it will provide safer backup power in a smaller form factor, completely eliminating the fire hazards associated with traditional lithium-ion batteries.

$Eos Energy (EOSE.US)$ ：offering unique zinc-based battery technology, positioning itself in AI data centers as delivering "ultimate safety" and "lithium alternatives."; since zinc batteries are entirely non-flammable and do not require expensive air conditioning cooling systems, they have become an attractive non-lithium differentiated choice for giants like Microsoft seeking safer alternatives to lithium-ion batteries, especially for backup power needs in the 3-12 hour range.

$ESS Tech (GWH.US)$ ：specializing in all-iron flow batteries (Iron Flow), it represents the final piece of the puzzle for AI data centers aiming to achieve "100% round-the-clock green power";while traditional lithium-ion batteries can economically support discharges of up to four hours, ESS's technology is designed for long-duration energy storage (LDES) exceeding 12 hours, specifically addressing the prolonged power gap during the night after sunset, ensuring that AI servers can utilize inexpensive renewable energy stored during the day even at night.

$Microvast (MVST.US)$ : although initially focused on commercial heavy-duty truck batteries, it positions itself in the AI energy sector as a provider of high-performance industrial-grade battery components; its battery technology is characterized by high-rate charge-discharge capabilities and ultra-long cycle life, making it particularly suitable for data center energy storage systems that need to handle sudden load fluctuations (e.g., AI training peaks), offering high-power-density cell solutions for specific high-end industrial energy storage demands.

As for Hong Kong stocks,PreviouslyNorth America's Power Shortage Creates New Opportunities! Which Hong Kong-listed Companies Could Benefit?It was also noted that Hong Kong stock-related targets performed exceptionally well, particularly those with revenues closely tied to the North American market:

Among Hong Kong stocks, key attention can be given to gas turbines, overseas expansion of power grids, and distribution systems.

1. Regarding gas turbines and thermal power equipment, including $DONGFANG ELEC (01072.HK)$ 、 $HARBIN ELECTRIC (01133.HK)$、 $SH ELECTRIC (02727.HK)$、 $WEICHAI POWER (02338.HK)$ 。

Among them, Dongfang Electric, Harbin Electric, and Shanghai Electric are China's three major electrical companies. In the context of a global shortage in gas turbine and thermal power equipment capacity, they have the ability to take on overflow orders. Notably, Shanghai Electric and Dongfang Electric have made breakthroughs in large gas turbine technology. If data center demand from North America or other regions overflows, these companies will be core suppliers.

Regarding Weichai Power, Goldman Sachs released a research report stating that OpenAI's U.S. permit documents for its Texas data center 'Stargate' show that it uses emergency generators from Weichai Power’s wholly-owned subsidiary 'Baudouin,' marking an important milestone in Baudouin being recognized by ultra-large data center enterprises. This breakthrough reaffirms Goldman Sachs' positive view on Weichai. It is expected that the company will gain significant growth opportunities from the undersupplied AIDC power equipment industry and is likely to undergo a valuation reassessment after a major shift in the investment landscape.

2. For overseas expansion of power grids and distribution systems, one can focus on $WASION HOLDINGS (03393.HK)$ 、 $CHONGQING M&E (02722.HK)$ 。

Wasion is a leading Chinese exporter of smart metering and distribution equipment, with a strong presence abroad. As modernization of power grids drives surging demand for smart meters and distribution systems, Wasion represents one of the strongest 'going global' investment themes in Hong Kong stocks. For instance, approximately 15% of Wasion Holdings' 2025 revenue is expected to come from North America, and 7% from other parts of Asia.

Xingye Securities pointed out that Chongqing Machinery & Electric Group, which is under the Chongqing State-owned Assets Supervision and Administration Commission, has core businesses that include hydro turbines, electric wires and cables, gas compressors, industrial pumps, wind turbine blades, machine tools (Chongqing Machine Tool, UK PTG Company), and other equipment-related operations. At the same time, it holds stakes in Chongqing Cummins and Chongqing Hitachi Energy. Chongqing Cummins is Cummins’ only large-bore engine enterprise in China and benefits from the development of large-bore engines and data centers. Chongqing Hitachi Energy mainly produces transformers of 220kV and above, benefiting from the construction of high-voltage power grids abroad. The bank believes that Chongqing Cummins and Chongqing Hitachi Energy have relatively high growth certainty in the coming years, while the main business will gradually enter a profit release phase as impairments decrease.

Summary

During the gold rush era, the most profitable were often not the gold miners but the people selling shovels. In this AI supercycle, which spans decades, chipmakers like NVIDIA reaped the first wave of profits as 'shovel sellers.'

Now, with a single White House document titled 'Electricity Payer Protection Commitment,' the biggest bottleneck for AI development has been fully exposed and requires internal digestion. This marks the official shift in AI competition dimensions from code and chips to areas such as gas turbines. For global gas turbine manufacturers, electrical engineering companies, and microgrid integrators, a new incremental market worth hundreds of billions of dollars, funded by Silicon Valley tech giants, is just beginning to unfold.

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