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The most easily overlooked part of NVIDIA's ecosystem: energy
Recently, the market has been weak, so let's continue discussing the U.S. stock sector. On Tuesday, we talked about NVIDIA's ecosystem. Currently, almost all AI ecosystems have surged, but the ultimate energy system will be a long-term constraint. Of course, we also discussed the energy sector before. NVIDIA is no longer limited to AI chips and GPUs; it has also started building AI factories. These AI factories demand enormous amounts of electricity, so today I will continue researching energy companies that cooperate with NVIDIA.
First Tier: Core Partners
Vertiv's main business is power systems, including UPS, DC power systems, distribution, power monitoring and control, inverters, distribution systems, liquid cooling systems, including the deployment of NVIDIA's AI super factories.
By 2025, Vertiv has become NVIDIA's core partner, and in 2026, they jointly launched the NVIDIA Vera Rubin DSX next-generation AI super factory architecture.
Why is it favored by capital? Because if Microsoft purchases $100 worth of NVIDIA GPUs, it will also need to buy $10 worth of cooling system accessories.
Currently, Vertiv's revenue growth is rapid, with $8 billion in 2024, $12.2 billion in 2025, and institutional estimates of $13.8 billion in 2026. Its market cap is 124 billion, with a net income of 1.3 billion in 2025, profit margin of 13%. The current static PE is 83,
Dynamic PE: 1204/138*0.13=66. So, based on PE, it is currently overvalued. The stock price is at a new high of 323, having increased 107 times from the low point in September 2022. Of course, all these companies within the NVIDIA ecosystem are highly overvalued in terms of PE.
Eaton is also an electrical and power solutions provider, similar to Vertiv, offering UPS, cooling systems, distribution, etc. It has also jointly launched AI factory solutions with NVIDIA.
The difference from Vertiv is that Eaton's strength lies in medium-voltage distribution, power management software, transformers, and other grid equipment, making it more balanced.
Eaton's current market cap is 162 billion, with a PE ratio of 41.
Revenue growth has been relatively stable in recent years: 23 billion in 2023, 24.8 billion in 2024, 27.4 billion in 2025, and an estimated 32 billion in 2026.
Second Tier: Energy Infrastructure
One of the global leaders in large-scale energy storage systems (BESS) + energy software platform company. Main business: helping clients build large battery storage stations. As AI data centers are established, many regions' power grids cannot keep up (building a data center takes only 2 years, but grid connection can take 3-7 years). The best solution to this problem is large-scale energy storage systems!
Recently, Fluence announced collaborations with NVIDIA, Siemens, and nVent Electric to jointly develop NVIDIA AI data center reference electrical and power architectures. It is currently NVIDIA's exclusive energy storage partner for AI factories.
FLNC's market cap is only 5 billion. Although revenue has increased over the past few years—23B in 2024, 22 million in 2025—net income is often negative. In 2025, it lost 48 million; in Q1 2026, a loss of 45 million; in Q2, a loss of 20 million. So, it depends on how many orders NVIDIA can give them in the future. The stock price has doubled from 11 in April to now.
Third Tier: Nuclear Power Direction
The largest nuclear power supplier in the U.S., involved in NVIDIA's DSX Flex energy plan. Its market cap is 95.7 billion, PE ratio is 23, with relatively stable revenue around 23-26 billion.
A large energy company covering generation and retail electricity sales. It has a diversified asset portfolio including natural gas, nuclear, coal, solar, and battery storage, and is also a member of NVIDIA's collaboration list.
Its current market cap is 51.8 billion, PE ratio is 25, with stable revenue over the past few years around 16-19 billion.
There is also another energy company, NEE, which I have introduced before—part of the new energy sector.
Additionally, some other partners like Schneider Electric, Siemens, etc., haven't been specifically introduced. These companies are probably well known to everyone. I think the focus should be on these three in the first and second tiers.