On-site power generation approval removes the AI infrastructure bottleneck, and damages the utility investment thesis.

trump just told hyperscalers they can build their own power plants.

the grid interconnection queue in PJM was the actual bottleneck on AI buildout — not chips, not capital. years-long waits. december auction came up 6.6GW short. that's gone now.

which means nvidia's deployable TAM just expanded without nvidia doing anything. GPUs were sitting waiting for power. now they're not.

upstream from that: on-site generation at datacenter scale means gas turbines for baseload (GEV, WMB, KMI), and if trump's 3-week nuclear approval from davos holds, SMRs become real (OKLO, CCJ for uranium).

the overlooked short: regulated utilities. their entire investment thesis for the last 3 years has been "datacenter load growth = rate base expansion = guaranteed returns." if hyperscalers exit the grid, that load walks out the door and remaining ratepayers absorb the fixed costs. EXC, DUK, SO haven't priced this.

details are thin, march white house meeting is where it gets real. but the policy direction is unambiguous and utilities are still trading on a thesis that just got quietly torched at the state of the union.