Free special report
The Gigawatt Race: Who Gets Paid When AI Runs Out of Power
Meta is asking investors for up to ninety-five billion dollars, Google and Microsoft are signing twenty years of electricity, and Texas is building campuses with their own power plants. The scarce input has changed, and so has who holds the leverage.
$95Bstock Meta says it may sell to fund AI data centers
438 GWlarge-load connection requests in the Texas queue as of May
20 yearsterm of Google’s and Microsoft’s new power contracts
Free
Special report
The Gigawatt Race
Who Gets Paid When AI Runs Out of Power
AI Stock Movers · October 2026 · 7 sections
What’s inside
- Why the scarce input moved from the chip to the plug, and what the spending numbers say about it
- The contracts: Google, Microsoft and Meta are locking in power for twenty years and paying to build it
- The grid that cannot keep up: a federal forecast, a Texas record and a study that says the PJM grid fails its own standard by 2030
- Texas as the test site: gigawatt campuses that bring their own gas turbines and plan their own reactors
- Who holds the leverage now: four categories of winners, including small companies that one contract can reprice, and the risks that come with them
Contents
- How the Chip Stopped Being the Bottleneck
- The Contracts: Twenty Years of Power, Paid Up Front
- The Grid Cannot Keep Up
- Texas, the Test Site
- Washington Picks a Side
- Where the Money Lands
- The Risks, and What to Watch
“A data center is, in accounting terms, a machine for turning electricity into computing, and the electricity is the part that cannot be shipped in a container.”
Facts, sourcedEvery number in the report carries a numbered source you can open yourself (26 in all).
No ticker teaseThe report names no stock and sells nothing. It explains where the money is moving and why.
Read in 13 minutes7 short sections, a what’s-inside summary and a what-to-watch list.