Chevron, RE Royalties, Super Micro Computer: Three Beneficiaries of the AI and Energy Boom

Chevron: Between Resource Extraction and Tech Infrastructure

The global energy demand is growing at an unpredictable rate due to new technologies and innovations. For this reason, the US energy company Chevron is expanding its activities in the eastern Mediterranean.

The company recently secured a 70% majority stake in the Block 10 offshore field, located in the southern Ionian Sea off the Greek coast. As part of this deal, Chevron will also assume operational management of the project. The previous sole owner, the Greek company Helleniq Energy, will retain the remaining 30% of the shares. The project is currently in the second exploration phase. The collection of seismic data to identify potential drilling sites has already been completed. With this agreement, the two companies are deepening their existing cooperation, which now encompasses five joint oil and gas exploration areas in those waters.

In addition to traditional resource exploration, Chevron is entering a new business segment in power supply for the technology sector. A subsidiary of the energy company has signed a supply contract with Microsoft. This agreement is set to run for 20 years and has a financial value of approximately USD 7 billion. The agreement covers the construction of a modular power plant in western Texas. The planned plant is expected to generate 2.67 gigawatts of power and will exclusively supply a Microsoft data center.

For this project, Chevron is leveraging its close proximity to its own natural gas production in the Permian Basin. The extracted gas will be used on-site to generate electricity, utilizing turbines from external partner companies. The final investment decision is scheduled for late 2026, with the first electricity delivery targeted for 2028. The plant design calls for a reduction in noise, light, and exhaust emissions and uses only water that does not meet drinking water standards for its operations. Through this project, Chevron is no longer acting merely as a raw material supplier but as a direct infrastructure partner for data centers.

RE Royalties: Clean Energy, Strong Cash Flows, Significant Upside Potential

The expansion of renewable energy is becoming a multi-billion-dollar financing issue in North America. In the US alone, around 90% of newly installed power capacity in 2025 came from clean sources such as solar, wind, or battery storage. This momentum is also expected to continue in Canada. According to a market outlook, at least 59 GW of new projects are set to come online by 2035. This is driven by structural factors such as rising electricity demand from AI data centers, electrification, and the desire for greater energy security.

The Canadian company RE Royalties has recognized the signs of the times and is applying the royalty model, familiar from the commodities sector, to renewable energy. Instead of building wind or solar farms itself, RE Royalties provides capital to project developers and receives long-term, revenue-based royalties in return. This model is supplemented by secured bridge financing with short terms, the proceeds of which can be reinvested directly into new projects. This creates a capital cycle consisting of short-term interest income and long-term, recurring cash flows.

It is precisely this combination that makes the business model so compelling. Many small and medium-sized developers are too small for banks or large private-equity firms, even though their projects are economically attractive. RE Royalties closes exactly this financing gap. The company thus benefits from a market in which the demand for non-dilutive growth capital is rising, while traditional financiers often remain cautious.

The numbers show that the model works. Since its founding in 2016, over CAD 83 million has been invested in around 29 transactions, resulting in a portfolio of around 135 projects in the fields of solar, wind, storage, hydropower, energy efficiency, and biogas. The weighted return since inception stands at 19%. In addition, there is an order pipeline worth more than CAD 50 million, with 41% coming from existing or recurring customer relationships.

RE Royalties is also experiencing dynamic operational growth. From 2019 to 2023, annualized revenue growth stood at 63%; for 2025, the company reports revenue of CAD 6.2 million. At the same time, the market capitalization of approximately CAD 16 million remains modest relative to the company's portfolio, cash flow profile, and growth prospects. The fact that insiders hold approximately 24% of the shares further underscores the alignment of interests with shareholders.

Super Micro Computer: Closer Ties with Nvidia

The US hardware manufacturer Super Micro Computer is strengthening its market position in the field of artificial intelligence (AI) through deeper collaboration with the semiconductor company Nvidia. At the ISC trade show in Hamburg, the company unveiled a new generation of modular system solutions for data centers. These so-called Data Center Building Block Solutions are based on integrated liquid cooling and have been specifically optimized for Nvidia's future Vera Rubin architecture.

The technology is designed to enable data center operators to build the infrastructure required for complex AI processes more quickly and efficiently. Through these custom-designed hardware components, the company is aligning itself directly with the technological cycles of the leading chip developer.

On the financial markets, the product launches and revised ratings caused significant volatility in the company's stock. At the start of the trading week, the share recorded a price increase of more than 15% to around USD 36, marking its strongest single-day gain in a year. This upward movement was accompanied by a new assessment from the research firm GF Securities. The experts upgraded the stock from a neutral "Hold" rating to a "Buy" recommendation and set a price target of USD 48. In explaining their decision, the analysts cited the continued high demand for server architectures. Previously, the stock had been under considerable pressure and had lost nearly 30% of its value at one point after management announced a USD 7 billion capital increase.

Chevron demonstrates just how closely energy supply and AI infrastructure are now intertwined. RE Royalties benefits from the multi-billion expansion of renewable energy projects with a scalable cash flow model. Super Micro Computer, in turn, supplies the hardware needed for the next generation of AI data centers. Three companies, three drivers, and one common thread. All are positioned at critical junctures of a boom that is just beginning to gain momentum.