Stock category · Power — electrons and the gear to move them
Who sells the electrons
First constraint to bind: coverage broke out 2024Q1 and has not gone quiet since.
Not an investment product and not a track record — methodology.
Members were chosen on 2026-07-19; names that had already failed are absent
by construction, so the pre-2026-07-19 stretch overstates the category.
Independent bets
2.6
of 12 names
Average pairwise correlation
0.33
66 pairs, daily returns
Since defined
-1.7%
equal weight, from 2026-07-19
The names
CEG
Constellation Energy
Data-only instrument — no dossier yet.
263.56 +6.1%
data
VST
Vistra
Data-only instrument — no dossier yet.
148.62 -6.3%
data
TLN
Talen Energy
Data-only instrument — no dossier yet.
332.54 -13.5%
data
D
Dominion Energy
Data-only instrument — no dossier yet.
69.73 +2.1%
data
XEL
Xcel Energy
Data-only instrument — no dossier yet.
78.23 -2.6%
data
PEG
Public Service Enterprise Group
Data-only instrument — no dossier yet.
77.55 -4.5%
data
PCG
PG&E
Data-only instrument — no dossier yet.
17.78 +5.7%
data
AES
AES
Data-only instrument — no dossier yet.
14.85 +1.3%
data
EVRG
Evergy
Data-only instrument — no dossier yet.
83.25 -3.7%
data
PNW
Pinnacle West
Data-only instrument — no dossier yet.
101.32 -5.3%
data
POR
Portland General Electric
Data-only instrument — no dossier yet.
50.09 -3.4%
data
TXNM
TXNM Energy
Data-only instrument — no dossier yet.
57.97 +2.1%
data
Change shown is the 30-day move, not the day's.
What the category earns
Growth leads here, and it is the median across members rather than a total — a per-company growth rate does not care what currency the company reports in, so Samsung and Micron count equally. Revenue levels can only be added within one currency, so the totals below cover the members reporting in USD and say how many that is.
Years are labelled by the calendar year each company's fiscal year ends in. Those calendars do not line up — Nvidia's 2026 ended in January — and this does not pretend otherwise.
| FY ending | Median revenue growth | Revenue (USD) | Net income (USD) |
|---|---|---|---|
| 2021 | — | $1.8B 1 mem | -$989M |
| 2022 | +35.9% 1 of 12 | $129.0B 12 mem | $4.2B |
| 2023 | +3.3% 11 of 12 | $131.7B 11 mem | $13.5B |
| 2024 | +0.5% 11 of 12 | $134.1B 12 mem | $19.4B |
| 2025 | +6.3% 12 of 12 | $143.5B 12 mem | $15.7B |