Hyperscalers' AI buildout will require massive amounts of energy. Two under-the-radar stocks will benefit

(This is CNBC's "Power Insider" newsletter, your inside look at the investments, people and companies powering the global energy industry. Click here to subscribe.) POWER POINT What I'm hearing from energy insiders Hyperfocused on hyperscaler hypergrowth. I tried to sum up investor thinking into just one sentence. The pace of spending on A.I. is so frenetic it makes the Energizer Bunny look lazy. That growth is coming from the "hyperscalers," just a fancy term for the big technology companies that are rapidly ramping their bets on artificial intelligence. This energy-related weekly intelligence piece is about artificial intelligence because - in this author's reasonably humble opinion - there isn't an A.I. story without energy. A.I. requires massive amounts of computational power - "compute" - and compute requires massive amounts of electricity. In other words - and say it with me - A.I. is power. Literally . As long as the A.I. spend story steams along, it seems logical that the investment in energy will steam with it. Now that we are coming out of another earnings cycle, three things remain clear: 1. Energy earnings remain super strong 2. Capital spending related to A.I. is a big part of that story 3. See #s 1 and 2 As the team at BNP Paribas puts it: "AI Hyperscalers capex continues to be revised higher. Following issuers' guidance at 1Q earnings season, estimates for 2026 capex are now $725bn, this has nearly doubled since mid-2025. …