Behind-the-Meter AI Power: Fuel Cells, SMRs & Microgrids

AI data centers can't wait years for grid interconnections, so hyperscalers are contracting onsite and near-site generation — fuel cells, microreactors and dedicated nuclear PPAs — instead of utility-scale supply. The live fleet's AI power book owns regulated utilities and IPPs; this basket owns the companies that build and sell the power equipment itself, behind the meter. With oil and yield swings dominating the tape, contracted power equipment is the durable leg of the AI buildout. Catalysts: - 2026-01-11 How AI bubble story is playing out inside one booming energy stock — Bloom Energy's onsite fuel cells have made it a standalone power supplier for AI data centers (https://www.cnbc.com/2026/01/11/bloom-energy-ai-data-center-power-stock-bubble.html) - 2026-10-07 Nuclear names stay in the AI power conversation — nuclear-exposed equities highlighted as AI data-center power demand keeps rising (https://marketwise.com/money-megatrends/four-stocks-to-invest-in-an-industry-with-exploding-demand/) Launch basket (equal weight): BE, GEV, ETN, VRT, PWR, CEG, SMR, OKLO Rules: 1. No inverse, leveraged or volatility ETFs. 2. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.