<p>作者：Britney Nguyen 和 Emily Bary</p>
<p>除了显而易见的人工智能投资如英伟达，专家们还看到了基础设施公司的股票机会，其中一些仍然便宜。</p>
<p>各行业的公司都在调整业务，以参与人工智能浪潮。</p>
<p>英伟达本周宣传了其即将推出的 Vera Rubin 系列，称其芯片比前代产品更强大且更节能。</p>
<p>但仅仅因为芯片更高效并不意味着它们实际使用的能量更少。由于这些芯片的能力远超以往，它们将需要更多的电力，进一步加剧已经面临电力紧张的大型人工智能公司的压力。</p>
<p>来自 MarketWatch 的更多消息：英伟达首席执行官黄仁勋在 CES 上为投资者带来了好消息。</p>
<p>“几年前，所有的焦点都在芯片作为瓶颈因素，” Tortoise Capital 的投资负责人 Matthew Sallee 告诉 MarketWatch。“这一点已经转变，现在真正的问题是获取电力。”</p>
<p>他的公司管理着包括 Tortoise AI Infrastructure ETF TCAI 在内的基金，认为在构成人工智能基础的各种基础设施元素中投资存在巨大机会。光纤和冷却产品等技术可能没有电力那么稀缺，但由于公司希望对旧数据中心进行改造并在其运营中建立冗余以避免停机，因此需求很高。</p>
<p>以下是八只股票，适合参与支撑人工智能繁荣的各种能源和基础设施趋势。</p>
<p>阅读：这可能是 2026 年进入人工智能交易的更好且更安全的方式。</p>
<p>投资超越显而易见的人工智能投资。</p>
<p>一些投资者将人工智能视为下一个工业革命，Sallee 建议通过一家百年老公司的股票来参与这一主题。他看好摩丁制造（Modine Manufacturing，MOD），该公司最初生产汽车散热器，但部分转变了其专业领域，以提供数据中心的液冷解决方案。</p>
<p>摩丁的股票在过去一年表现平平，并且由于英伟达（NVDA）暗示像摩丁这样的 “冷却器” 在其新芯片面前将不再必要，2026 年开局不佳。Sallee 表示，这些担忧被夸大了：“芯片将继续变得更高效，但也会更强大，导致整体冷却需求增加，” 他说。</p>
<p>尽管摩丁的股票自周一收盘以来已下跌 11%，Sallee 认为部分下跌源于投资者在超过 500% 的三年涨幅后获利了结。他认为 “显著的股本上行空间”，因为该股票的市盈率为明年息税折旧摊销前利润（Ebitda）的 11.5 倍，而现金流可能以中十位数的年率增长。</p>
<p>另见：英伟达对这些电力股票产生了冷却效应。投资者是否过于苛刻？</p>
<p>他还看好比特币挖矿公司 IREN（IREN）和 TeraWulf（WULF），这两家公司也经历了自身的转型。与 CoreWeave（CRWV）一样，这些公司意识到他们可以将比特币挖矿能力转化为数据中心的工作。</p>
<p>在比特币挖矿中，“当电力便宜时你就挖矿，当电力不便宜时你就不挖，” Sallee 说。但在数据中心托管中，他指出，你必须 24/7 运营——这意味着公司必须在改造其运营以适应新现实上花费更多。</p>
<p>数据中心建设的另一个问题是空间的可用性。IREN 目前有可用的产能，并且正在根据其作为加密矿工的先发优势，通过土地和电力交易建设更多，IREN 首席商务官 Kent Draper 在 11 月告诉 MarketWatch。</p>
<p>这些股票在 Sallee 看来很便宜，他指出，即使在近期强劲反弹后，它们的企业价值与明年预计的 Ebitda 的倍数仍然是个位数。“只要他们能够与超大规模公司或其他方签订合同，” 这些公司就有 “巨大的重新定价潜力”，这意味着它们的股票可能会获得更高的倍数。</p>
<p>另见：大型科技公司需要惊人的 1.5 万亿美元来资助人工智能繁荣。这是他们为此所使用的复杂策略。</p>
<p>在电力投资中，Sallee 看好威廉姆斯（Williams，WMB），一家天然气公司，其管道为东海岸提供大量天然气。事实证明，他们的压缩机也可以产生电力——通过将许多压缩机叠加，他们发现了为数据中心服务的商业机会。</p>
<p>“超大规模公司愿意花钱并基本上保证他们的收入，他们获得了巨大的回报，” 他说。</p>
<p>Jefferies 分析师 Julien Dumoulin-Smith 将威廉姆斯的股票视为他今年的最佳中游选择，他在周五写道，他对该公司的发电业务 “越来越看好”。“电力创新仍处于早期阶段，” Dumoulin-Smith 写道。</p>
<p>与此同时，ProPetro Holding（PUMP）是一家油田服务公司，其股票的企业价值与明年 Ebitda 的倍数为 5.5 倍。由于其独特的业务组合，同行之间没有很好的比较，尽管该股票不完全值得以发电机公司 Generac 的 15.5 倍交易，但 “Sallee 表示，随着他们在发展电力业务方面的执行，我们看到基于增长和倍数改善的显著重新定价潜力。”</p>
<p>随着对核能等替代能源的兴趣增加，独立的非监管公用事业供应商如 Constellation Energy（CEG）和 Vistra（VST）专注于优化现有设施，Sallee 指出。Constellation 是他最喜欢的公司，2022 年引起了他的注意，因为该公司似乎将受益于核能生产税收抵免，该抵免旨在支持清洁能源。该抵免实施了价格底线，保证了电力的最低价格，他解释道。</p>
<p>因为 Constellation 是非监管的并且在批发市场销售，该抵免保证了公司获得的核能价格，并且根据 Sallee 的说法，它 “显著降低了他们的商业风险。”</p>
<p>他正在关注储备余量，这是一个衡量超出峰值负荷的额外发电能力的指标。&#34;这基本上是一个衡量，‘在极端条件下我们能否保持供电？’&#34; Sallee 说。</p>
<p>展望未来几年，Sallee 说储备余量预计将下降到可能导致德克萨斯州和东海岸主要区域输电协会需要支付额外电力以保持电力供应的水平，这可能会有利于价格趋势。</p>
<p>尽管核能投资者在周五因 Oklo (OKLO) 与 Meta Platforms (META) 之间的新交易而感到兴奋，但值得思考的是，随着人工智能的推动，核能需求增加所需的一切。例如，关于如何以及在哪里储存核废料仍然存在重大问题，而 Amentum (AMTM) 是一家参与这一领域的公司。</p>
<p>&#34;核废料业务拥有长期的能源部合同，负责运营和清理遗留的核场所，&#34; 涉及从废料特征鉴定到运输，再到永久处置的所有内容，Sallee 说。</p>
<p>查看更多：Oklo 的股票飙升。为什么 Meta 的新核能投资如此重要。</p>
<p>-Britney Nguyen -Emily Bary</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
<p>（完）道琼斯新闻通讯</p>
<p>01-10-26 0730ET</p>

ProPetro控股

WULF

摩丁制造

<p>专家们识别出八只有望受益于人工智能热潮的股票，重点关注基础设施公司，因为对节能芯片的需求上升。值得一提的是摩丁制造，该公司为数据中心提供冷却解决方案，以及像 IREN 和 TeraWulf 这样的比特币挖矿公司，它们正在适应数据中心的运营。威廉姆斯公司作为一家天然气公司，其发电潜力受到关注，而 ProPetro 控股则因其增长前景而受到关注。分析师认为这些股票被低估，随着人工智能基础设施的扩展，可能会看到显著的上涨空间</p>

<p>By Britney Nguyen and Emily Bary</p>
<div class="lb-trans"><p>作者：Britney Nguyen 和 Emily Bary</p>
</div><p>Beyond obvious AI plays like Nvidia, experts see opportunity in shares of infrastructure companies, some of which remain cheap</p>
<div class="lb-trans"><p>除了显而易见的人工智能投资如英伟达，专家们还看到了基础设施公司的股票机会，其中一些仍然便宜。</p>
</div><p>Companies across industries have pivoted their businesses to get in on the AI wave.</p>
<div class="lb-trans"><p>各行业的公司都在调整业务，以参与人工智能浪潮。</p>
</div><p>Nvidia talked up its upcoming Vera Rubin lineup this week, touting chips that are more powerful and energy-efficient than predecessors.</p>
<div class="lb-trans"><p>英伟达本周宣传了其即将推出的 Vera Rubin 系列，称其芯片比前代产品更强大且更节能。</p>
</div><p>But just because chips are more efficient doesn't mean they actually use less energy. Since the chips will be so much more capable than before, they'll require even more power, adding to the electricity crunch that already faces the big artificial-intelligence players.</p>
<div class="lb-trans"><p>但仅仅因为芯片更高效并不意味着它们实际使用的能量更少。由于这些芯片的能力远超以往，它们将需要更多的电力，进一步加剧已经面临电力紧张的大型人工智能公司的压力。</p>
</div><p>More from MarketWatch: Nvidia CEO Jensen Huang delivers some good news for investors at CES</p>
<div class="lb-trans"><p>来自 MarketWatch 的更多消息：英伟达首席执行官黄仁勋在 CES 上为投资者带来了好消息。</p>
</div><p>&#34;A couple of years ago, it was all about the chips being the gating factor,&#34; Matthew Sallee, head of investments at Tortoise Capital, told MarketWatch. &#34;That has pivoted, and now it's really about getting electricity.&#34;</p>
<div class="lb-trans"><p>“几年前，所有的焦点都在芯片作为瓶颈因素，” Tortoise Capital 的投资负责人 Matthew Sallee 告诉 MarketWatch。“这一点已经转变，现在真正的问题是获取电力。”</p>
</div><p>His firm, which runs funds including the Tortoise AI Infrastructure ETF TCAI, sees big opportunities investing in various infrastructure elements that form the backbone of AI. Technologies like fiber and cooling products may not be as scarce as power, but they're in high demand as companies look to retrofit older data centers and build redundancies into their operations so they can avoid downtime.</p>
<div class="lb-trans"><p>他的公司管理着包括 Tortoise AI Infrastructure ETF TCAI 在内的基金，认为在构成人工智能基础的各种基础设施元素中投资存在巨大机会。光纤和冷却产品等技术可能没有电力那么稀缺，但由于公司希望对旧数据中心进行改造并在其运营中建立冗余以避免停机，因此需求很高。</p>
</div><p>Here are eight stocks to play various energy and infrastructure trends underpinning the AI boom.</p>
<div class="lb-trans"><p>以下是八只股票，适合参与支撑人工智能繁荣的各种能源和基础设施趋势。</p>
</div><p>Read: This could be a better - and safer - way into the AI trade in 2026</p>
<div class="lb-trans"><p>阅读：这可能是 2026 年进入人工智能交易的更好且更安全的方式。</p>
</div><p>Investing beyond the obvious AI plays</p>
<div class="lb-trans"><p>投资超越显而易见的人工智能投资。</p>
</div><p>Some investors see AI as the next industrial revolution - and Sallee suggests playing the theme through shares of a century-old company. He likes Modine Manufacturing (MOD), which started out making car radiators but has pivoted its expertise, in part, to provide liquid-cooling offerings for data centers.</p>
<div class="lb-trans"><p>一些投资者将人工智能视为下一个工业革命，Sallee 建议通过一家百年老公司的股票来参与这一主题。他看好摩丁制造（Modine Manufacturing，MOD），该公司最初生产汽车散热器，但部分转变了其专业领域，以提供数据中心的液冷解决方案。</p>
</div><p>Modine shares haven't done much over the past year, and they've gotten off to a rough start in 2026 thanks to commentary from Nvidia (NVDA) suggesting that &#34;chillers&#34; like Modine's won't be necessary with its new chips. Sallee says those fears are overblown: &#34;Chips will continue to get more efficient but also more powerful, leading to total cooling needs growing,&#34; he said.</p>
<div class="lb-trans"><p>摩丁的股票在过去一年表现平平，并且由于英伟达（NVDA）暗示像摩丁这样的 “冷却器” 在其新芯片面前将不再必要，2026 年开局不佳。Sallee 表示，这些担忧被夸大了：“芯片将继续变得更高效，但也会更强大，导致整体冷却需求增加，” 他说。</p>
</div><p>While Modine shares have lost 11% since Monday's close, Sallee thinks part of that decline came from investors taking profits after a more-than-500% three-year run. He sees &#34;significant equity upside&#34; since the stock trades at 11.5 times next year's earnings before interest, taxes, depreciation and amortization (Ebitda), while cash flow could grow at a midteens annual rate.</p>
<div class="lb-trans"><p>尽管摩丁的股票自周一收盘以来已下跌 11%，Sallee 认为部分下跌源于投资者在超过 500% 的三年涨幅后获利了结。他认为 “显著的股本上行空间”，因为该股票的市盈率为明年息税折旧摊销前利润（Ebitda）的 11.5 倍，而现金流可能以中十位数的年率增长。</p>
</div><p>See also: Nvidia had a chilling effect on these power stocks. Are investors being too harsh?</p>
<div class="lb-trans"><p>另见：英伟达对这些电力股票产生了冷却效应。投资者是否过于苛刻？</p>
</div><p>He's also a fan of bitcoin-mining companies IREN (IREN) and TeraWulf (WULF), which have undergone transformations of their own. Like CoreWeave (CRWV), the companies have realized they can translate bitcoin-mining capacity into data-center work.</p>
<div class="lb-trans"><p>他还看好比特币挖矿公司 IREN（IREN）和 TeraWulf（WULF），这两家公司也经历了自身的转型。与 CoreWeave（CRWV）一样，这些公司意识到他们可以将比特币挖矿能力转化为数据中心的工作。</p>
</div><p>With bitcoin, &#34;you mine when the power is cheap and you don't when it's not,&#34; Sallee said. But with data-center hosting, he noted, you have to operate 24/7 - which means the companies have to spend up on retrofitting their operations for the new reality.</p>
<div class="lb-trans"><p>在比特币挖矿中，“当电力便宜时你就挖矿，当电力不便宜时你就不挖，” Sallee 说。但在数据中心托管中，他指出，你必须 24/7 运营——这意味着公司必须在改造其运营以适应新现实上花费更多。</p>
</div><p>Another issue in the data-center buildout has been the availability of space. IREN has available capacity today, and is building more from land and power deals it has secured thanks to its head start as a crypto miner, IREN Chief Commercial Officer Kent Draper told MarketWatch in November.</p>
<div class="lb-trans"><p>数据中心建设的另一个问题是空间的可用性。IREN 目前有可用的产能，并且正在根据其作为加密矿工的先发优势，通过土地和电力交易建设更多，IREN 首席商务官 Kent Draper 在 11 月告诉 MarketWatch。</p>
</div><p>The stocks look cheap to Sallee, who pointed out that they still trade at single-digit multiples of enterprise value to next year's estimated Ebitda, even after strong recent rallies. &#34;To the extent that they can sign contracts with hyperscalers&#34; or other parties, the companies have &#34;massive rerating potential,&#34; meaning their stocks could come to fetch higher multiples.</p>
<div class="lb-trans"><p>这些股票在 Sallee 看来很便宜，他指出，即使在近期强劲反弹后，它们的企业价值与明年预计的 Ebitda 的倍数仍然是个位数。“只要他们能够与超大规模公司或其他方签订合同，” 这些公司就有 “巨大的重新定价潜力”，这意味着它们的股票可能会获得更高的倍数。</p>
</div><p>See also: Big Tech needs a staggering $1.5 trillion to fund the AI boom. This is the complex playbook it's using to get it.</p>
<div class="lb-trans"><p>另见：大型科技公司需要惊人的 1.5 万亿美元来资助人工智能繁荣。这是他们为此所使用的复杂策略。</p>
</div><p>Among power plays, Sallee likes Williams (WMB), a natural-gas company whose pipeline supplies much of the East Coast with natural gas. As it turns out, their compressions can also produce power - and by stacking many of them up, they've found a business opportunity in serving data centers.</p>
<div class="lb-trans"><p>在电力投资中，Sallee 看好威廉姆斯（Williams，WMB），一家天然气公司，其管道为东海岸提供大量天然气。事实证明，他们的压缩机也可以产生电力——通过将许多压缩机叠加，他们发现了为数据中心服务的商业机会。</p>
</div><p>&#34;The hyperscalers are willing to spend the money and basically guarantee their revenues, and they're earning tremendous returns,&#34; he said.</p>
<div class="lb-trans"><p>“超大规模公司愿意花钱并基本上保证他们的收入，他们获得了巨大的回报，” 他说。</p>
</div><p>Jefferies analyst Julien Dumoulin-Smith sees Williams's stock as his top midstream pick for the year, writing Friday that he is &#34;increasingly bullish&#34; on the company's power-generation business. &#34;Power innovation remains in the early innings,&#34; Dumoulin-Smith wrote.</p>
<div class="lb-trans"><p>Jefferies 分析师 Julien Dumoulin-Smith 将威廉姆斯的股票视为他今年的最佳中游选择，他在周五写道，他对该公司的发电业务 “越来越看好”。“电力创新仍处于早期阶段，” Dumoulin-Smith 写道。</p>
</div><p>Meanwhile, ProPetro Holding (PUMP) is an oilfield-service company whose stock trades at 5.5 times next year's enterprise value to Ebitda. There aren't great comparisons among peers given the unique business mix, and while the stock doesn't quite deserve to trade at the 15.5 multiple of generator company Generac, &#34;we see significant rerating potential based off growth and multiple improvement as they execute on growing the power business,&#34; Sallee said.</p>
<div class="lb-trans"><p>与此同时，ProPetro Holding（PUMP）是一家油田服务公司，其股票的企业价值与明年 Ebitda 的倍数为 5.5 倍。由于其独特的业务组合，同行之间没有很好的比较，尽管该股票不完全值得以发电机公司 Generac 的 15.5 倍交易，但 “Sallee 表示，随着他们在发展电力业务方面的执行，我们看到基于增长和倍数改善的显著重新定价潜力。”</p>
</div><p>As interest grows in alternative energy sources such as nuclear power, independent, unregulated utilities providers such as Constellation Energy (CEG) and Vistra (VST) are focused on optimizing existing facilities, Sallee noted. Constellation is his favorite, catching his eye in 2022 as the company seemed set to benefit from the nuclear-production tax credit, which aims to support clean energy. The credit implements a price floor, guaranteeing a minimum price for electricity, he explained.</p>
<div class="lb-trans"><p>随着对核能等替代能源的兴趣增加，独立的非监管公用事业供应商如 Constellation Energy（CEG）和 Vistra（VST）专注于优化现有设施，Sallee 指出。Constellation 是他最喜欢的公司，2022 年引起了他的注意，因为该公司似乎将受益于核能生产税收抵免，该抵免旨在支持清洁能源。该抵免实施了价格底线，保证了电力的最低价格，他解释道。</p>
</div><p>Because Constellation is unregulated and selling into the wholesale market, the credit guarantees rates that the company gets for nuclear energy, and it has &#34;significantly derisked their business,&#34; according to Sallee.</p>
<div class="lb-trans"><p>因为 Constellation 是非监管的并且在批发市场销售，该抵免保证了公司获得的核能价格，并且根据 Sallee 的说法，它 “显著降低了他们的商业风险。”</p>
</div><p>He's paying attention to reserve margins, a metric that captures extra power-generation capacity beyond the peak load. &#34;It basically is a measurement of, 'Can we keep the lights on when conditions get extreme?'&#34; Sallee said.</p>
<div class="lb-trans"><p>他正在关注储备余量，这是一个衡量超出峰值负荷的额外发电能力的指标。&#34;这基本上是一个衡量，‘在极端条件下我们能否保持供电？’&#34; Sallee 说。</p>
</div><p>Looking forward a few years from now, Sallee said reserve margins are projected to fall to levels that could lead the major regional transmission associations in Texas and along the East Coast to pay for extra power to keep the electricity on, likely benefiting pricing trends.</p>
<div class="lb-trans"><p>展望未来几年，Sallee 说储备余量预计将下降到可能导致德克萨斯州和东海岸主要区域输电协会需要支付额外电力以保持电力供应的水平，这可能会有利于价格趋势。</p>
</div><p>And while nuclear-energy investors got some excitement Friday in the form of a new deal between Oklo (OKLO) and Meta Platforms (META), it's worth thinking about all that will be required as nuclear energy becomes more in demand thanks to AI. For instance, there are still big questions about how and where to store nuclear waste, and Amentum (AMTM) is a company that plays into that.</p>
<div class="lb-trans"><p>尽管核能投资者在周五因 Oklo (OKLO) 与 Meta Platforms (META) 之间的新交易而感到兴奋，但值得思考的是，随着人工智能的推动，核能需求增加所需的一切。例如，关于如何以及在哪里储存核废料仍然存在重大问题，而 Amentum (AMTM) 是一家参与这一领域的公司。</p>
</div><p>&#34;The nuclear-waste business has long-duration Department of Energy contracts where it operates and cleans up legacy nuclear sites,&#34; involving everything from waste characterization, to transportation, to permanent disposal, Sallee said.</p>
<div class="lb-trans"><p>&#34;核废料业务拥有长期的能源部合同，负责运营和清理遗留的核场所，&#34; 涉及从废料特征鉴定到运输，再到永久处置的所有内容，Sallee 说。</p>
</div><p>See more: Oklo's stock surges. Why Meta's new nuclear bet is so significant.</p>
<div class="lb-trans"><p>查看更多：Oklo 的股票飙升。为什么 Meta 的新核能投资如此重要。</p>
</div><p>-Britney Nguyen -Emily Bary</p>
<div class="lb-trans"><p>-Britney Nguyen -Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>01-10-26 0730ET</p>
<div class="lb-trans"><p>01-10-26 0730ET</p>
</div>

随着芯片性能的提升，这 8 只股票可能会成为人工智能的支柱