PG&E (PCG)

The sleeper story here isn't the strategic review headline, it's that PG&E quietly pulled its 2027-2030 growth guidance and let the 12-gigawatt data center pipeline number disappear from the deck in the same quarter, exactly when you'd want more visibility, not less. The obvious headline is 'strategic review to unlock value,' but the binding constraint is unchanged from last year: no durable wildfire liability framework, no investment grade rating, and financing costs that are 'too expensive for them', a dynamic reinforced this quarter by Fitch's swing to negative outlook and S&P flagging heightened risk right as management leans on 'we have a lot of value that is, I would suggest, trapped in the company right now' to justify the review. My view changes if PG&E either reinstates the total data center pipeline GW disclosure with a credible conversion rate, or if next quarter's 10-Q confirms the 2027 rate base guidance truly is unaffected by the $2 billion capex deferral; until then, I'd treat the reaffirmed EPS guidance as the only hard number in an otherwise softer, less-visible story.