Solaris Energy Infrastructure (SEI)

The real story is SEI pivoting from a generation-focused power company to a full-stack infrastructure play, with balance of plant and distribution services now driving incremental margins and creating deeper customer lock-in. Yes, they landed a third hyperscaler, but the binding constraint is obvious: they're out of turbines and scrambling to buy slots from speculators who thought they could flip equipment. The Q3 guidance stumble ('shifting from temporary to permanent' causing EBITDA to potentially decline) reveals operational complexity that wasn't apparent when they were just dropping generators at sites. Management's most telling quote: 'demand for our solutions continues to outpace our committed and on-order capacity' which is both bullish for pricing and bearish for growth potential. My view changes if they announce a major turbine order directly with an OEM rather than buying secondary market slots.