Solaris Energy Infrastructure (SEI)

The sleeper story is that hyperscalers want to OWN their power infrastructure, not rent it, fundamentally changing SEI's business model from equipment rental to JV partner. The 1.4GW expansion headline looks aggressive but they're actually undersupplied, with single data centers needing 'well over a gigawatt' and grid delays measured in years not quarters. The binding constraint isn't demand or capital, it's turbine supply and management's ability to execute at this scale without destroying returns. 'Behind-the-meter power is evolving toward more permanent power' is the tell that this isn't bridge power anymore, it's primary power. My view changes if segment margins reappear above 40% or customer concentration drops below 25%.