Global Data Center Capacity Growth to Increase 6x Given the surge in AI capex - led by the Big 4 US Hyperscalers - we introduce our Global Data Center Model, which projects worldwide data center capacity growth of +23% pa until 2030. However, our latest AlphaWise survey suggests energy is not the only constraint to building new / bigger data centers. Our new Global DC screen highlights stocks - by geography and sub- sector - exposed to this theme. M Key Takeaways M Global Insight Global Infra, Tech, Utiliti ...

Grid Challenges and Opportunities - The US electrical grid is aging and brittle, with an aged-out workforce, leading to delivery cost problems [1] - The US grid effectively froze in the early 2000s due to manufacturing moving to Asia, leading to a loss of skills in building new power projects [1] - Interconnection for new projects can take a decade due to grid capacity issues and transformer technology limitations [1] - There's very little visibility into the grid, especially at the distribution level, complicating the integration of new projects and distributed energy resources [2] Energy Mix and Future Trends - The energy grid of the future will be more decentralized, with generation, transmission, and storage potentially happening in the same place [2] - Solar and batteries are becoming increasingly important due to their low cost and ability to be deployed quickly, with Texas doubling its solar capacity in approximately three years [3] - The industry needs all different types of energy, including base load dispatchable power like gas, nuclear, and geothermal [3][4] - The US needs to invest in battery technology and manufacturing to avoid reliance on foreign sources [3] Technology and Policy - AI can help facilitate more efficient electricity use, better grid monitoring, and streamlined regulatory and permitting processes [2] - The United States needs to move incredibly fast to hook up batteries, solar panels, and make it easier and cheaper to do so [3] - The US needs to get better at mega projects, requiring technology at every layer and phase of how these projects get built [1][7] - There is a need for a venture-scale software company around grid management and monitoring infrastructure, similar to Splunk or Palo Alto Networks for IT and OT [7][8] Nuclear Energy - Nuclear energy is now widely acknowledged as clean energy, but still faces political headwinds [6] - Streamlining the approval process for new reactor designs is crucial [6] - Small modular reactors (SMRs) and micro reactors offer flexibility and grid resilience, with potential applications in military and disaster relief [6] - The United States needs to get better at mega projects, requiring technology at every layer and phase of how these projects get built [7] National Security - A resilient, reliable, dispatchable electrical grid is critical to US national security [24] - There is no safety, national defense, or national security without a reliable electrical grid [1][25]

Core Viewpoint - National Fuel Gas (NFG) is experiencing a positive momentum in its stock price, driven by strong earnings and revenue growth expectations, as well as its strategic role in natural gas transportation for new energy projects [1][3][5]. Group 1: Stock Performance - NFG shares increased by 5.7% to close at $88.82, with notable trading volume compared to typical sessions [1]. - Over the past four weeks, the stock has gained 0.4% [1]. Group 2: Business Opportunities - NFG will be a key transporter of natural gas for the new Shippingport Power Station, which is expected to consume up to 800 million cubic feet per day (MMcf/d) [2]. - The company plans to utilize its interstate pipeline network to ensure reliable deliveries of natural gas from the Appalachian Basin to the facility, which will enhance its transportation revenues and pipeline utilization [2]. Group 3: Financial Expectations - NFG is projected to report quarterly earnings of $1.46 per share, reflecting a year-over-year increase of 47.5% [3]. - Expected revenues for the upcoming quarter are $617.15 million, up 47.8% from the same quarter last year [3]. - The consensus EPS estimate has been revised 1.1% higher over the last 30 days, indicating a positive trend that may lead to price appreciation [5]. Group 4: Industry Context - NFG operates within the Zacks Oil and Gas - Integrated - United States industry, where it competes with companies like Tidewater (TDW) [5]. - Tidewater's stock closed 3.4% lower in the last trading session, contrasting with NFG's performance [5].

Emerging Market - Real estate industry is exploring lunar data centers as a new investment frontier [1] - Hines, a real estate investment firm, views lunar development as similar to the early days of railroads, creating new infrastructure in orbit [2][3] - Ethos is planning lunar construction sites to build data centers [4] Investment & Development - Hines acquired a nearly 250,000 square foot (approximately 23,226 square meters) industrial property in Florida's Space Coast to support space construction [4] - The development includes landing pads, roads, and foundations for data centers [4] Technological Advantage - Lunar data centers offer the advantage of natural cooling and solar power [5]

AI and Energy Investment - Google is pledging $25 billion for AI and energy investment [1] - Coreweave is committing to $6 billion for data centers and AI infrastructure [2] - The industry anticipates trillions of dollars investing in infrastructure related to power grids, AI, and the digitization of the economy [10] Energy Production and Regulation - Pennsylvania's natural gas production is limited by pipeline capacity, but it's easy to ramp up production for electricity generation [3] - Constellation Energy needs to move more quickly through the Federal Energy Regulatory Commission and Nuclear Regulatory Commission for relicensing and permitting [5][6] - The industry needs regulatory approval to operate, increase plant output, and expedite engineering work and permitting [6] AI's Impact on Energy - AI is helping manage the energy system more efficiently [8] - AI can enable demand response, where big businesses reduce energy use during peak times [8] - Demand response or curtailing energy use during peak times can support dozens of data centers [9] Public vs Private Energy Consumption - Ensuring power produced by new or existing plants is available at a reasonable cost to the public, not just high-cost electricity to large tech companies [7] - The industry believes there will be abundant power, but managing peak demand is crucial [8]

Well, I think the great thing about the Trump administration is we don't believe we should direct the capital. We think businesses and consumers should direct that capital. But Brian, my suspicion is you're going to see large data centers built here in this state.Pennsylvania is an energy powerhouse. Its production is limited only by its ability to get it out to marketplace via pipelines. So, it's easy to ramp up Pennsylvania natural gas production right here in the state and generate electricity right ther ...

Energy & Technology - Data centers' energy demands may undermine the US advantage in the AI race [1] - Super hot geothermal is a perfect technology solution for data centers [1] People - @khoslaventures' @vkhosla shared his opinion on BloombergGreen [1]

Meanwhile, data centers, as you heard at the beginning of the show, this is the hottest sector in real estate right now. They also literally run hot, consuming more energy than a lot of local grids can handle. So, seriously, what if you put them in outer space.I think we've heard Elon Musk talk about this, but Diana Olick is here to truly explain. Yeah, and I know, Kelly, it sounds nuts, right. It does.Look, but this is one of the next great plays in real estate, lunar construction and development of data c ...

RT Bloomberg Live (@BloombergLive)On data centers and energy usage, "Data centers don't need the grid, you can put the data center where the power source is." @khoslaventures’ @vkhosla #BloombergGreen⏯️ https://t.co/ApZaC2fw70 https://t.co/Ku8WOUUlFz ...

Market Competition and Geopolitics - The US administration restricts the sale of state-of-the-art semiconductors to China, allowing the sale of heavily deprecated chips like the H-20 as part of trade negotiations [1][2] - Huawei's Cloud Matrix technology, networking multiple chips, is becoming a viable competitor to Nvidia, potentially impacting market share [5][6][8] - Preventing American companies from competing in the Chinese market could give Huawei a significant advantage in R&D and global competition [7][8] - The US aims to encourage countries like the UAE to adopt American technology and build data centers on the American tech stack, countering China's influence [12][13] - The industry emphasizes the importance of American companies competing globally to maintain market share and win the AI race, with a target of 80% market share for American companies in five years [11][15] Technology and Security - Nvidia's chips are currently three times more powerful than Huawei's, but networking Huawei's chips can achieve similar results [6] - Security concerns regarding chip sales can be addressed through inspections of data centers to monitor server racks [16] - The US seeks to establish American technology as the global standard, similar to the US dollar as the world's reserve currency, emphasizing the importance of a strong partner ecosystem [18][22] Energy and Infrastructure - Energy security is a national security priority, with concerns about having enough energy resources to power data centers [26] - Pennsylvania is a major energy-producing state with abundant natural gas, which is expected to power data centers in the near term [26][27] - The US electric grid's growth has lagged behind China's, necessitating major new investments to support data centers [28][29]