NRG
NRG Energy, Inc.
stock NYSE

Mostly still NVDA derivatives from what I can tell, the power names haven't caught up to the theme even though the backlogs are absurd. GE Vernova's gas turbine slot reservations went from 83GW to 100GW in a single quarter and their total backlog is sitting around 163 billion. Constellation just closed the Calpine deal and is restarting Three Mile Island under a direct contract to a data center. Vistra and NRG are the merchant power plays if you want exposure to whatever price power clears at once demand outruns supply. None of those trade like the story is priced in the way compute names do, which is strange given the interconnection math you just laid out.

Credit to twitter - [https://x.com/thebuildout\_co](https://x.com/thebuildout_co)
Most of the lists are stopping at Layer 1 the big guys, but the real value lives in really going much much deeper.
The big names might give us 1.2-1.5x, but there are some small caps name in there which I already found interesting that might really have a chance at going 5-10X
*510 publicly listed companies mapped by physical supply-chain layer. Software-only names excluded — this is the physical buildout. Tickers sorted by market cap.*
**LAYER 1/10 — COMPUTE & SILICON (105)**
* **Design the Chip (11):** ARM, MRVL, CDNS, SNPS, NVTS, AIP, CEVA, SVCO, QUIK, ATOM, IPWR
* **Build the Machines That Make the Chip (23):** ASML, AMAT, LRCX, KLAC, A, MTD, MKSI, ONTO, NVMI, CGNX, TKR, BRKR, NPO, ACMR, NOVT, ESAB, UCTT, IPGP, ACLS, VECO, ICHR, BHE, ASYS
* **Give the Machines the Raw Materials (28):** LIN, APD, Q, PPG, VLTO, ENTG, DOW, DD, GGG, SOLS, ESI, MTRN, CE, CBT, AVNT, CECO, CC, AXTI, OLN, HUN, USAR, PLAB, LWLG, ONT, GSM, LXFR, ASPI, BSIN
* **Manufacture the Chip (11):** TSM, STM, UMC, GFS, TSEM, VSH, DIOD, LASR, PDFS, SKYT, KOPN
* **Package the Chip (15):** ASX, EMR, TER, AMKR, FN, NDSN, TTMI, FORM, RAL, CAMT, KLIC, COHU, ROG, AEHR, SHMD
* **The Finished Chip (17):** NVDA, AVGO, AMD, INTC, TXN, QCOM, NXPI, CBRS, MCHP, ON, TDY, LSCC, ARW, ALGM, MXL, SLAB, AVT
**LAYER 2/10 — SERVERS, RACKS & NETWORKING (69)**
* **Assemble the Server (15):** DELL, HPE, ROK, FLEX, CLS, JBL, CW, HPQ, SNX, SMCI, SANM, PLXS, MRCY, TSSI, LTRX
* **Memory for the Server (4):** MU, RMBS, PENG, NLST
* **Storage for the Server (6):** SNDK, STX, WDC, NTAP, P, SIMO
* **Power Regulation for the Server (12):** ADI, MPWR, HEI, VICR, LFUS, POWI, BELFB, KN, WOLF, VPG, AOSL, RELL
* **Transmit the Data (11):** GLW, CIEN, LITE, KEYS, COHR, CRDO, MTSI, SMTC, VIAV, AAOI, FABC
* **Keep the Server in Sync (2):** SITM, SWKS
* **Connect Servers to Other Servers (9):** CSCO, ANET, ALAB, NOK, FFIV, IESC, LUMN, DGII, ADTN
* **Run the Cables (10):** APH, MMM, TEL, WCC, BDC, UNIT, PLPC, CLFD, RFIL, OCC
**LAYER 3/10 — POWER & COOLING SYSTEMS (48)**
* **Cool the Chips (7):** PH, ECL, AME, DOV, IEX, HLIO, KULR
* **Cool It Down (27):** TT, JCI, HON, CARR, FERG, IR, XYL, MAIR, MOD, CR, MLI, AIT, WTS, SPXC, DCI, AAON, FLS, ZWS, GTES, GTX, ATMU, DXPE, HTO, GRC, NWPX, AIRJ, AP
* **Power the Server & the Room (14):** ETN, VRT, NVT, RRX, AEIS, POWL, ENS, ST, ATKR, SHLS, ALNT, MEC, MEI, NNBR
**LAYER 4/10 — THE BUILDING (59)**
* **Build the Building (47):** CRH, URI, NUE, MTZ, AMRZ, OTIS, STRL, JLL, J, LECO, SWK, RPM, TRMB, ALLE, WLK, OSK, ACM, TTEK, STN, SSD, FLR, CMC, AWI, PSN, ROAD, GVA, HRI, TEX, CIGI, WSC, KNF, AZZ, TPC, TTAM, MGRC, WOR, TH, TIC, ICFI, WLDN, ORN, BBCP, BWMN, MTW, TBI, VATE, SLND
* **Wire Up the Building (12):** FIX, EME, APG, DY, AYI, CNM, ECG, MYRG, LGN, PRIM, LMB, OESX
**LAYER 5/10 — ON-SITE POWER (25)**
* **Secure the Power (25):** TSLA, CAT, CMI, BE, BKR, WWD, GNRC, BWA, KGS, FELE, SEI, LBRT, FLNC, CYD, PUMP, EOSE, FCEL, HYLN, NRGV, NKLR, PKOH, TGEN, FTEK, PPSI, GWH
**LAYER 6/10 — GRID CONNECTION (13)**
* **Deliver the Power (13):** PWR, ABB, SRE, EXC, PEG, CNP, HUBB, VMI, ACA, SXI, CTRI, CTOS, AMSC
**LAYER 7/10 — POWER GENERATION (62)**
* **Generate the Power (62):** GEV, NEE, HWM, SO, DUK, CEG, AEP, D, VST, ETR, XEL, PCG, WEC, DTE, AEE, NRG, EIX, FE, PPL, FSLR, CMS, NI, EVRG, LNT, TLN, BWXT, NXT, PNW, AES, OGE, BEP, AGX, OKLO, IDA, FRVO, CWEN, ORA, TXNM, POR, ENPH, BKH, HASI, NWE, MDU, TAC, MIR, AVA, SMR, RNW, BW, AMRC, TE, CSIQ, ARRY, NNE, HNRG, IMSR, MTRX, XE, NPWR, BWEN, FTCI
**LAYER 8/10 — FUEL & RAW INPUTS (73)**
* **Fuel & Raw Inputs (73):** XOM, CVX, BHP, UNP, RIO, SCCO, ENB, WMB, FCX, KMI, SLB, TRP, ET, VALE, MPLX, OKE, OXY, MT, CCJ, VMC, MLM, STLD, EQT, TECK, CRS, PBA, DVN, ATI, L, EXPD, SQM, RS, ALB, DTM, AA, TFII, WTRG, GTLS, HBM, MP, GGB, TTC, RRC, KEX, UGI, LSTR, FSS, EXP, NXE, SBSW, CLF, UEC, OGS, CENX, MWA, CRK, CLMT, HP, LEU, USAC, KMT, NEXT, WS, DNOW, RYZ, CRML, URG, MG, PPIH, MMLP, ATLX, WWR, ATCX
**LAYER 9/10 — OWN & OPERATE THE DATA CENTER (35)**
* **Own the Real Estate (14):** BX, PLD, EQIX, AMT, BAM, DLR, IRM, TPL, SBAC, CORZ, TRNO, GDS, LB, NMRK
* **Operate the Data Center (21):** KKR, CBRE, BIP, HUT, WULF, CIFR, APLD, GLXY, RIOT, GXO, MARA, CLSK, CWK, BTDR, DBRG, KEEL, KD, ABM, VNET, WYFI, CCOI
**LAYER 10/10 — RUN THE WORKLOAD (21)**
* **Run the Workload (21):** GOOGL, MSFT, AMZN, META, ORCL, NET, NBIS, CRWV, BCE, AKAM, TU, IREN, DOCN, HII, SAIC, HIVE, BTBT, UIS, CHRN, AGPU, MOVE

Credit to twitter - [https://x.com/thebuildout\_co](https://x.com/thebuildout_co)

Most of the lists are stopping at Layer 1 the big guys, but the real value lives in really going much much deeper.
The big names might give us 1.2-1.5x, but there are some small caps name in there which I already found interesting that might really have a chance at going 5-10X

*510 publicly listed companies mapped by physical supply-chain layer. Software-only names excluded — this is the physical buildout. Tickers sorted by market cap.*
**LAYER 1/10 — COMPUTE & SILICON (105)**
* **Design the Chip (11):** ARM, MRVL, CDNS, SNPS, NVTS, AIP, CEVA, SVCO, QUIK, ATOM, IPWR
* **Build the Machines That Make the Chip (23):** ASML, AMAT, LRCX, KLAC, A, MTD, MKSI, ONTO, NVMI, CGNX, TKR, BRKR, NPO, ACMR, NOVT, ESAB, UCTT, IPGP, ACLS, VECO, ICHR, BHE, ASYS
* **Give the Machines the Raw Materials (28):** LIN, APD, Q, PPG, VLTO, ENTG, DOW, DD, GGG, SOLS, ESI, MTRN, CE, CBT, AVNT, CECO, CC, AXTI, OLN, HUN, USAR, PLAB, LWLG, ONT, GSM, LXFR, ASPI, BSIN
* **Manufacture the Chip (11):** TSM, STM, UMC, GFS, TSEM, VSH, DIOD, LASR, PDFS, SKYT, KOPN
* **Package the Chip (15):** ASX, EMR, TER, AMKR, FN, NDSN, TTMI, FORM, RAL, CAMT, KLIC, COHU, ROG, AEHR, SHMD
* **The Finished Chip (17):** NVDA, AVGO, AMD, INTC, TXN, QCOM, NXPI, CBRS, MCHP, ON, TDY, LSCC, ARW, ALGM, MXL, SLAB, AVT
**LAYER 2/10 — SERVERS, RACKS & NETWORKING (69)**
* **Assemble the Server (15):** DELL, HPE, ROK, FLEX, CLS, JBL, CW, HPQ, SNX, SMCI, SANM, PLXS, MRCY, TSSI, LTRX
* **Memory for the Server (4):** MU, RMBS, PENG, NLST
* **Storage for the Server (6):** SNDK, STX, WDC, NTAP, P, SIMO
* **Power Regulation for the Server (12):** ADI, MPWR, HEI, VICR, LFUS, POWI, BELFB, KN, WOLF, VPG, AOSL, RELL
* **Transmit the Data (11):** GLW, CIEN, LITE, KEYS, COHR, CRDO, MTSI, SMTC, VIAV, AAOI, FABC
* **Keep the Server in Sync (2):** SITM, SWKS
* **Connect Servers to Other Servers (9):** CSCO, ANET, ALAB, NOK, FFIV, IESC, LUMN, DGII, ADTN
* **Run the Cables (10):** APH, MMM, TEL, WCC, BDC, UNIT, PLPC, CLFD, RFIL, OCC
**LAYER 3/10 — POWER & COOLING SYSTEMS (48)**
* **Cool the Chips (7):** PH, ECL, AME, DOV, IEX, HLIO, KULR
* **Cool It Down (27):** TT, JCI, HON, CARR, FERG, IR, XYL, MAIR, MOD, CR, MLI, AIT, WTS, SPXC, DCI, AAON, FLS, ZWS, GTES, GTX, ATMU, DXPE, HTO, GRC, NWPX, AIRJ, AP
* **Power the Server & the Room (14):** ETN, VRT, NVT, RRX, AEIS, POWL, ENS, ST, ATKR, SHLS, ALNT, MEC, MEI, NNBR
**LAYER 4/10 — THE BUILDING (59)**
* **Build the Building (47):** CRH, URI, NUE, MTZ, AMRZ, OTIS, STRL, JLL, J, LECO, SWK, RPM, TRMB, ALLE, WLK, OSK, ACM, TTEK, STN, SSD, FLR, CMC, AWI, PSN, ROAD, GVA, HRI, TEX, CIGI, WSC, KNF, AZZ, TPC, TTAM, MGRC, WOR, TH, TIC, ICFI, WLDN, ORN, BBCP, BWMN, MTW, TBI, VATE, SLND
* **Wire Up the Building (12):** FIX, EME, APG, DY, AYI, CNM, ECG, MYRG, LGN, PRIM, LMB, OESX
**LAYER 5/10 — ON-SITE POWER (25)**
* **Secure the Power (25):** TSLA, CAT, CMI, BE, BKR, WWD, GNRC, BWA, KGS, FELE, SEI, LBRT, FLNC, CYD, PUMP, EOSE, FCEL, HYLN, NRGV, NKLR, PKOH, TGEN, FTEK, PPSI, GWH
**LAYER 6/10 — GRID CONNECTION (13)**
* **Deliver the Power (13):** PWR, ABB, SRE, EXC, PEG, CNP, HUBB, VMI, ACA, SXI, CTRI, CTOS, AMSC
**LAYER 7/10 — POWER GENERATION (62)**
* **Generate the Power (62):** GEV, NEE, HWM, SO, DUK, CEG, AEP, D, VST, ETR, XEL, PCG, WEC, DTE, AEE, NRG, EIX, FE, PPL, FSLR, CMS, NI, EVRG, LNT, TLN, BWXT, NXT, PNW, AES, OGE, BEP, AGX, OKLO, IDA, FRVO, CWEN, ORA, TXNM, POR, ENPH, BKH, HASI, NWE, MDU, TAC, MIR, AVA, SMR, RNW, BW, AMRC, TE, CSIQ, ARRY, NNE, HNRG, IMSR, MTRX, XE, NPWR, BWEN, FTCI
**LAYER 8/10 — FUEL & RAW INPUTS (73)**
* **Fuel & Raw Inputs (73):** XOM, CVX, BHP, UNP, RIO, SCCO, ENB, WMB, FCX, KMI, SLB, TRP, ET, VALE, MPLX, OKE, OXY, MT, CCJ, VMC, MLM, STLD, EQT, TECK, CRS, PBA, DVN, ATI, L, EXPD, SQM, RS, ALB, DTM, AA, TFII, WTRG, GTLS, HBM, MP, GGB, TTC, RRC, KEX, UGI, LSTR, FSS, EXP, NXE, SBSW, CLF, UEC, OGS, CENX, MWA, CRK, CLMT, HP, LEU, USAC, KMT, NEXT, WS, DNOW, RYZ, CRML, URG, MG, PPIH, MMLP, ATLX, WWR, ATCX
**LAYER 9/10 — OWN & OPERATE THE DATA CENTER (35)**
* **Own the Real Estate (14):** BX, PLD, EQIX, AMT, BAM, DLR, IRM, TPL, SBAC, CORZ, TRNO, GDS, LB, NMRK
* **Operate the Data Center (21):** KKR, CBRE, BIP, HUT, WULF, CIFR, APLD, GLXY, RIOT, GXO, MARA, CLSK, CWK, BTDR, DBRG, KEEL, KD, ABM, VNET, WYFI, CCOI
**LAYER 10/10 — RUN THE WORKLOAD (21)**
* **Run the Workload (21):** GOOGL, MSFT, AMZN, META, ORCL, NET, NBIS, CRWV, BCE, AKAM, TU, IREN, DOCN, HII, SAIC, HIVE, BTBT, UIS, CHRN, AGPU, MOVE