NVDA has hyperscaler risk. The energy infrastructure powering AI data centers doesn't. $LNG up 6.58% on earnings today

Cheniere reported record LNG exports in 2025, 670 cargoes totaling over 46 million tons, beating on both EBITDA and DCF. Full year EBITDA came in at $6.94 billion at the high end of guidance.

The 2026 guide looks flat but the comparison is misleading. 2025 had a one-time tax benefit that won't repeat. The underlying business is stronger going into next year, with 5 million additional tons of production forecast and 95% of capacity contracted through the next decade.

The bigger story is the $9 billion buyback, bringing the total to over $10 billion through 2030. That's roughly 20% of their market cap. European storage is sitting 25% behind last year, which keeps the demand picture tight.