Recently, I’ve been looking at investment opportunities in new energy stocks and found that the logic for 2026 has completely changed.

In the past, everyone chased new energy stocks mainly relying on policy subsidies and capacity competition—electric vehicles with subsidies, solar energy with scale. But now it’s different; the real driver is AI. The power consumption of data centers is exploding. According to IEA and Goldman Sachs forecasts, global data center electricity use will surge from 460 TWh in 2022 to 1,050 TWh in 2026, with AI-related parts contributing over half. The power consumption for training a large AI model reaches thousands of MWh, equivalent to the annual electricity use of tens of thousands of households.

What does this mean? Traditional wind and solar energy simply cannot meet the 24/7 stable power supply needs of AI data centers. So now the focus shifts to nuclear power, grid upgrades, and smart technology—these are the real rigid demands.

Looking at Taiwan, Delta Electronics (2308) is a leader in power electronics, with high-power-density AI servers directly boosting their orders. Walsin Electric (1519) is a long-term partner of Taipower, benefiting from the NT$564.5 billion “Enhanced Grid Resilience Construction Plan,” which is solid order volume. Also, United Renewable Energy (3576), Shunwei (4733), and Yuanjing (6443)—these traditional new energy stocks, though less volatile, are steadily increasing revenue and gross margins under the long-term trend of global net-zero emissions.

Over in the US stock market, it’s even more direct. Constellation Energy is the largest nuclear power operator in the US, with a 20-year contract to restart Three Mile Island, and data center projects are expected to expand significantly in 2026. Oklo is a pioneer in micro nuclear reactors, supported by Sam Altman; Amazon and Equinix are in talks. Eaton and GE Vernova are leaders in grid equipment; transformer lead times have extended to 24 months, with supply far exceeding demand. NextEra Energy is a traditional green energy defensive stock, offering stable dividends and long-term growth.

My view is that new energy stocks now fall into two categories: AI power stocks (nuclear, grid equipment) making up 50-60% of the portfolio, characterized by high growth and high volatility; traditional green energy stocks accounting for 30-40%, serving as a defensive base. The remaining 10% in cash or bonds acts as a buffer.

While new energy stocks are indeed volatile, it’s not about chasing hype but about focusing on order certainty and rigid demand. In the long-term upward trend, short-term dips are opportunities to add positions. The key is to monitor leading indicators—tech giants’ capital expenditures, grid investment scales, company order backlogs, and technological iteration progress.

From 2026 to 2030, this structural opportunity in new energy stocks is truly worth deep exploration. Against the backdrop of the AI era and net-zero transition, every dip could be the start of a long-term bull run.