From photovoltaics, nuclear power to coal, "all lines take off," how long can the "AI power supply" theme in the US stock market last?

The power supply shortage brought about by artificial intelligence has driven the entire U.S. stock power sector to rise this year, but as valuations have reflected most of the optimistic expectations, investors will shift their focus to companies' actual execution capabilities next year. This year, the U.S. power sector has experienced a rare comprehensive rise, with significant increases from clean energy to coal, and from mature technologies to speculative projects, driven primarily by the power supply gap created by AI data centers. The annual increase of U.S. renewable energy ETFs reached 50%-60%, while the stock prices of nuclear power and natural gas equipment manufacturers doubled, and even fuel cell companies saw their stock prices soar threefold, with coal stocks also rising by about 50%. According to JP Morgan stock analyst Mark Strouse, 2025 is still in the early stages of the cycle, and investors only need to gain exposure to AI. However, by 2026, we need to see actual transaction announcements and order accumulation. Currently, most power stocks have reached historical high valuations, with some companies even surpassing tech giants. Once the supply shortage shifts from a favorable factor to a constraint, this "everyone wins" energy trade may be difficult to sustain. The comprehensive rise from nuclear power to coal covers a wide range in this round of power sector increases. Uranium miner Cameco has risen about 80% this year, nuclear power plant operator Constellation Energy has increased by about 60%, and even the speculative small modular reactor stock Oklo has more than doubled this year. The Trump administration's executive orders accelerating the application of nuclear energy have provided additional momentum for the sector. Equipment manufacturers have also performed strongly