Data centers emerging as a step-function demand vector Hyperscalers are moving quickly from "evaluating" to "engineering in" BESS for firming, load flexibility, and diesel-replacement. WoodMac's 34GW across 12 U.S. data-center sites (~14% attachment on a 245GW pipeline) is not in our base case, but represents ~one-third of our 2026–30 FTM demand, making it the largest potential upside swing factor in U.S. storage. We raise our PO on Fluence (Neutral) to $25 from $17 on our revised valuation methodology (upd ...