Energy
Generation and fuel feeding the grid that AI datacenters draw on: gas, nuclear, renewables, storage.
Stack position
Where Energy sits in the AI stack
L0 · Energy
Generation and fuel feeding the grid that AI datacenters draw on: gas, nuclear, renewables, storage.
L1 · Power Infrastructure
Power delivery, grid capacity, and electrical infrastructure for AI datacenters.
L2 · Semiconductor Materials
Silicon wafers, photoresist, specialty gases, and process chemicals — few suppliers per node.
L3 · Semiconductor Equipment
Lithography, etch, deposition, inspection, and advanced packaging tools.
Icons mark layer roles — not company logos. Position only; not a price chart.
Why this layer matters
Most AI supply-chain maps start at the GPU. Electricity comes first. An accelerator is a device for converting power into tokens, so demand runs backwards from model training to the datacenter, to the grid, to whatever generates the electricity — gas, nuclear, solar, wind, and the storage that smooths them.
What is the bottleneck?
Generation capacity cannot be provisioned on a software timeline. New supply takes years, which makes interconnection queues and siting the binding constraint long before silicon is.
A structural observation about supplier concentration and lead times — not a view on any security.
Who sits in this layer?
Company
CCJPrimary business sits hereUranium mining and nuclear fuel services — upstream of nuclear generation.
Company
BWXTPrimary business sits hereNuclear components and small modular reactor manufacturing.
Company
OKLOPrimary business sits hereAdvanced fission reactor developer targeting datacenter power supply.
Company
XEPrimary business sits hereAdvanced nuclear reactor and fuel developer.
Company
CEGPrimary business sits hereLargest US nuclear generation fleet; sells firm power under long-term contracts.
Company
VSTPrimary business sits hereIndependent power producer with nuclear and gas generation.
Company
TLNPrimary business sits hereIndependent power producer with nuclear generation.
Company
NRGPrimary business sits hereIndependent power producer and retail electricity provider.
Company
LEUPrimary business sits hereUranium enrichment and nuclear fuel supply.
Company
SMRPrimary business sits hereSmall modular reactor developer.
Funds holding companies in this layer
Listed alphabetically. Only each fund's published top ten holdings are checked against this layer, so smaller positions are not counted. Holdings and expense ratio come from the issuer; no returns, yields or ratings are shown. Not a recommendation.
- FUTY
Fidelity MSCI Utilities Index ETF
Top-ten holdings in this layer
CEG 5.76% · VST 3.39%
9.15% of the fund
68 holdingsExpense ratio 0.084%Holdings as of 2026-09-30
- VPU
Vanguard Utilities ETF
Top-ten holdings in this layer
CEG 5.86% · VST 3.16%
9.02% of the fund
68 holdingsExpense ratio 0.09%Holdings as of 2026-08-31
- XLU
State Street Utilities Select Sector SPDR ETF
Top-ten holdings in this layer
CEG 7.64% · VST 3.91%
11.55% of the fund
31 holdingsExpense ratio 0.08%Holdings as of 2026-10-06
- ZAP
Global X U.S. Electrification ETF
Top-ten holdings in this layer
CEG 4.27% · VST 4.14%
8.41% of the fund
45 holdingsExpense ratio 0.50%Holdings as of 2026-10-06
Public 13F filings citing these securities
Research context, not a recommendation. These are facts on file with the SEC; the classification that puts a security in this layer is ours, and the filer made no such claim.
- ARK Investment Managementreported a position inBWXTForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Bridgewater Associatesreported a position inBWXTForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Fundstrat Capitalreported a position inBWXTForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- ARK Investment Managementreported a position inCCJForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Fundstrat Capitalreported a position inCCJForm 13F-HR for the period ending 2026-06-30, filed 2026-08-13 · SEC filing
- ARK Investment Managementreported a position inOKLOForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Bridgewater Associatesreported a position inOKLOForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- ARK Investment Managementreported a position inXEForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Viking Global Investorsreported a position inXEForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Rows below are public SEC Form 13F-HR filings, reported by the filing entity for the period shown and filed later — they are never current holdings. Form 13F covers long US equity positions only: it excludes short positions, cash, non-US holdings and most derivatives, and a reported position may have been sold since. Assigning a ticker to a layer is XingAI's classification, not the filer's. Nothing here is a recommendation, and an institution reporting a position is not a reason to take one.
Coverage boundary
Coverage boundary: US-listed tickers or ADRs only (same rule as TSM / ASML). Important suppliers without a US listing are omitted even when they matter to the stack. That is a coverage rule, not a quality ranking.
No hand-listed notable omissions for this layer yet. The US-list / ADR rule still applies.
Checked 2026-10-09. Not exhaustive.
Descriptive positioning only. The positioning label says whether a company's business is exposed to a layer, never whether to buy it. Layers with no exposure are not recommendations to add any.