Energy transition in 1H24: 101 companies and the rise of AI?

This 13-page note summarizes the key conclusions across all of our research from 1H24, concisely, for busy decision-makers. We highlight 101 companies exposed to AI, which have come up in our recent work, to enable the rise of AI, and debottleneck its electricity supplies, out of 1,500 companies that have now crossed our screens overall.

1,500 companies have been mentioned 2,500 times in our research since 2019, and our energy transition research now includes over 1,400 research notes, data-files and models. Hence this report is part of a quarterly series summarizing the key conclusions across our work.

In 1H24, the #1 theme that has excited the entire energy world has been the rise of AI. We estimate 150GW of AI data centers will be built by 2030. 40% will be in the US. This will underlie the largest period of new generation capacity growth in history.

Companies exposed to AI have thus featured heavily in our 1H24 research, as we tried to unravel the bottlenecks across capital goods, more capital goods, energy, utilities, infrastructure and materials.

In particular, we reached 15 thematic conclusions, and specific companies stood out alongside each conclusion, as outlined on pages 3-8.

We are less worried about materials bottlenecks biting in 2024 than we have been at other points in the past, but still excited by advanced materials, for the reasons on page 9.

Our energy outlook is more balanced than at other points in the past, albeit we think LNG will surprise to the upside and there is growing value in volatility, per page 10.

The most mentioned companies in our research in 1H24, and from 2019-2024 more broadly, are profiled on pages 11-13. Fourteen companies stand out, with angles that may be interesting to explore further.

The downside of a concise, 13-page report, is that it cannot possibly do justice to the depth and complexity of these topics. A TSE subscription covers access to all of the underlying research and data.

We are also delighted to elaborate on our energy transition conclusions from 1Q24, and discuss them with TSE clients, either over email or over a call.

Copyright: Thunder Said Energy, 2019-2024.