To The Moon

🧩 U.S. markets continued to pull back, Chinese assets seeing a surge.

🔍 $Bloom Energy Corp(BE)$ / $Enbridge(ENB)$ / $Entergy(ETR)$ : The core investment themes in the AIDC energy battle.

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| High Voltage

The next stage of AI is a competition for energy. The current surge in AI-related electricity demand in North America has highlighted a stark contradiction with the long construction cycle of the power grid, pushing the market to seek "better solutions." As AI computational power needs soar exponentially, energy supply shortages have become the "Achilles' heel" hindering industrial transformation. AIDC energy systems are undergoing a systemic revolution, transitioning from traditional UPS to high-efficiency direct current architectures, high-power density modules, and intelligent energy storage. The ongoing competition among tech giants in AI—whether in computational capacity or talent—is also an energy battle.

AIDC power systems refer to the power supply systems of artificial intelligence data centers, with the core function of efficiently and stably converting grid-supplied AC power into the DC voltage required by servers, GPUs, and other high-performance computing devices, ensuring high reliability, efficiency, and power density in the supply chain.

Under the backdrop of continuous AI application rollouts, the growth potential is enormous. Global tech giants are driving AIDC construction through increased CapEx, with power systems growing in parallel as a fundamental support.

SOFC, solar energy, and nuclear power are the core investment directions in the AIDC energy battle. Focus on industry leaders with high technical barriers and clearly defined top-tier client orders to secure long-term benefits from the global data center intelligence upgrade, including $Bloom Energy Corp(BE)$ / $Enbridge(ENB)$ / $Entergy(ETR)$ .

| Market recap

On Thursday, U.S. stocks extended their downward trend, with IXIC declining 0.34% and SPX falling 0.4%. Hawkish comments from the Federal Reserve fueled risk-off sentiment. Minutes from the Fed's July monetary policy meeting revealed greater concerns about inflation risks compared to employment. With Powell’s Jackson Hole speech approaching, the market sentiment remained cautious.

Tech giants almost fell, with $Tesla Motors(TSLA)$ and $Meta Platforms, Inc.(META)$ down over 1%. $UnitedHealth(UNH)$ rose 1%, while $SoFi Technologies Inc.(SOFI)$ gained 3.6%. Pre-market on the 22nd, $NVIDIA(NVDA)$ slump amid rumors that Nvidia had asked its component suppliers to halt production of H20 chips for the Chinese market.

Chinese-concepts outperformed, with $NASDAQ Golden Dragon China Index(HXC)$ up 1.35%, $XPeng Inc.(XPEV)$ soaring nearly 12%, and $PDD Holdings Inc(PDD)$ advancing over 4%.

Megacaps - The Look of the Future

$Meta Platforms, Inc.(META)$ fell for a streak of four sessions. Is the market overreacting? Objectively speaking, its current PE ratio of 27x is significantly below $Microsoft(MSFT)$ (37x), $Apple(AAPL)$ (34x), and $Amazon.com(AMZN)$ (34x). RSI metrics also indicate signs of overselling.

Meta Connect 2025 is scheduled for September 17, with expectations that Meta will launch its first AR glasses, Celeste, during the event. The starting price is expected to drop to $800, as Zuckerberg aims to stimulate demand and capture user attention with a more affordable offering.

AI glasses shipments are projected to surge by 262% this year. In Q2 2025, shipments of AI glasses are estimated at 870,000 units, with Ray-Ban Meta accounting for approximately 83% (720,000 units), leading the market. According to Wellsenn’s estimates, AI glasses shipments could reach 5.5 million units by 2025.

Asia trades - Big day

This year, overseas investors have shown a notable increase in interest in Chinese equities. According to Goldman Sachs, the global active fund allocation to Chinese stocks rose to 6.4% in July. Meanwhile, passive capital inflows have accelerated, with passive foreign funds posting a net inflow of $11 billion this year as of the end of July.

How time flies! August 20 marked the first anniversary of the launch of China’s first AAA game, Black Myth: Wukong. On the same day, Game Science, the developer of Wukong, debuted its new title, Black Myth: Zhong Kui, at Gamescom in Germany. On Reddit, users have already started educating others: "Zhong Kui can be taken as China's ancient and divine equivalent to Van Helsing."

On Friday, related stocks in the China A-share market showed varying degrees of fluctuation, with most rising initially before declining. $Huayi Brothers Media Corporation(300027)$ , an early investor in Game Science, shifted from gains to losses. $Shenzhen Zesum Technology Co.,Ltd.(301486)$ , a co-branding controller partner, surged 7%. $Qitian Technology Group Co.,Ltd.(300061)$ , which had denied collaboration rumors in an announcement, still climbed 4%.

On August 21, DeepSeek officially released its V3.1 version and announced compatibility with the latest generation of domestic chips, prompting $Cambricon Technologies Corporation Limited(688256)$ and $Hygon Information Technology Co.,Ltd.(688041)$ to rally. The semiconductor sector surged, pushing the Shanghai Composite Index toward the 3800-point mark.

Top movers

• PSKY: $Paramount Skydance Corp(PSKY)$ stood out on Thursday, rising 14.6% as bullish options trading spiked. However, the newly formed media giant is now under Washington’s scrutiny.

• UUUU: $Energy Fuels(UUUU)$ jumped over 10% after successfully scaling the production of its first batch of dysprosium oxide, marking significant progress in its commercialization efforts.

• SOFI: $SoFi Technologies Inc.(SOFI)$ rose 3.6%, announcing a partnership with Lightspark to launch blockchain-based international remittance services directly via its app.

| AI poses a never-seen energy supply problem. Here's the solution

The immense energy consumption of AI is forcing the U.S. power grid to restructure, driving demand for new infrastructure. The rapid proliferation of energy-intensive data centers has led to continuous electricity price increases. Seizing the frontend in the global energy transition, SOFC represents an ideal energy solution for data centers, while solar and nuclear power are crucial to ensuring steady power supply. Key industry leaders to watch: $Bloom Energy Corp(BE)$ / $Enbridge(ENB)$ / $Entergy(ETR)$ .

BE - YTD Up 102%

$Bloom Energy Corp(BE)$ is the global leader in solid oxide electrolysis/solid oxide fuel cells (SOEC/SOFC), making it a rare asset. Bloom Energy’s self-developed fuel cell products are used to power data centers. Tax credits from the U.S. Inflation Reduction Act (ITC) have lowered client costs, and Bloom Energy has secured orders through 2028, ensuring revenue growth for years to come. Strong policy support has given it a competitive edge, with its market cap reaching record highs and a 100% YTD increase.

SOFC stands out as the ideal energy solution for data centers, offering advantages such as high safety, reliability, fuel adaptability, high power generation efficiency, and combined heating and power capabilities.

SOFC technology has now entered a window for large-scale applications. Recently, Bloom Energy announced a collaboration with Oracle to provide on-site power for Oracle's AI data centers within 90 days. Additionally, its AI data center power supply project with CoreWeave is expected to launch in Q3 2025. Bloom has also secured a 1GW power supply agreement with American Electric, with plans to increase orders in 2025.

ENB - YTD Up 13%, PE 23x

$Enbridge(ENB)$ is one of North America’s largest natural gas utilities, transporting about 20% of U.S. natural gas consumption and ranking among the world’s top 10 energy companies by market cap.

The company has a strong foundation in traditional energy infrastructure, operating the world’s longest crude oil and liquid transportation system, connecting oil fields in Canada and the U.S. with refineries. At the same time, ENB is actively investing in renewable energy, including wind, solar, geothermal, and hydropower projects, with a net capacity exceeding 5,000 MW, aligning with the new energy transition trends and actively participating in the AIDC energy supply boom.

In August, Enbridge signed a deal with META to build a 600 MW solar power plant in Texas, with a project investment of $900 million. The plant, scheduled for completion by summer 2027, will supply META’s Texas data centers, which require energy equivalent to the consumption of 100,000 U.S. households.

ETR - YTD Up 18%, PE 29x

$Entergy(ETR)$ is one of the largest nuclear power companies in the U.S., providing electricity to approximately 3 million utility customers in Arkansas, Louisiana, Mississippi, and Texas.

Entergy has secured approval to construct power plants for META. On Wednesday, Louisiana approved Entergy’s plan to build three natural gas power plants to supply energy to META’s largest data center. The company will also build new transmission lines and procure up to 1.5 GW of solar power facilities to support the data center.

In the first half of 2025, Entergy achieved revenue of $6.176 billion, up 7.44% YoY, with net profit surging 550.49% YoY. Beyond its robust profitability, Entergy’s dividend yield of 3.9% underscores the company's strong investment value.

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