Tuesday, August 11, 2026

AP's AI connection is indirect and small. ALP sells commercial pumps that go into gas-turbine power plants, and data-centre campuses are driving new gas-turbine power demand. Management doesn't disclose a separate AI revenue number; it's a subset of the 32% of sales that ALP represents. That makes it a small side story — enough to push ALP's order book to records, but not a major revenue line by itself.

Once the hub starts, the main buyers of the high-purity helium could be semiconductor, fiber-optic, and data-center industries, along with healthcare and aerospace. The refined CO2 could be sold for industrial use or pumped into the Cut Bank field to help recover more oil. Management also expects federal carbon-capture tax credits, known as 45Q, to become a major revenue source, pending EPA approvals. The AI link is indirect: helium is a critical input for chip and data-center infrastructure, but BSIN doesn't have helium to sell until Phase 1 begins commercial operations, targeted for Q1 2027.

The investment case is now tied to AI-driven electricity demand. Management says the commercial pipeline is about 10 projects representing 7.8 gigawatts of indicative power capacity — a project list, not booked orders. The pipeline also likely includes industrial and university customers; Texas A&M is a confirmed collaborator. In May, Terrestrial Energy announced a non-binding agreement (an MOU) with Riot Platforms, a data-center operator, to place IMSR plants next to Riot data centers serving AI and heavy computing workloads. Riot is the first named very-large-data-center partner. There is still no AI-related revenue, and first commercial operation is targeted for the 2030s.

Broadwind is not an AI company. Its AI link is indirect: gas turbines that use its gearing and fabricated structures generate power for data centers. Management attributes the recent growth to power-generation demand driven by the AI data-center boom, and in March 2026 Broadwind received a $6 million follow-on order for precision-machined gearing components used in midsized natural gas turbines that power data centers. That demand is behind the record order intake in both go-forward segments.

In February 2026, Texas Instruments agreed to buy Silicon Labs in cash; shareholders approved in April, and closing is targeted for the first half of 2027.

AI connection: the company's filings and calls are silent on AI. No disclosed product, contract, or growth driver is described as AI-related. Some of the programmable technology could theoretically support edge AI, but the source material shows no evidence that AI is a current revenue driver.

The AI infrastructure angle runs through the Own & Operate segment. Energy Vault's Powered Land and Powered Shell products provide power and cooling for data centers, but don't sell computers. There is essentially no AI revenue in reported numbers yet. Management added 100 megawatts of those AI/data-center projects in Q1 2026 and expects them to generate about $65 million of recurring EBITDA within 12-18 months — roughly 36% of the >$180 million target. The first disclosed launch partner for Powered Shell is Crusoe (25 MW).

To keep operating, Southland's surety partners took over its debt, waived principal and interest, and advanced $139 million. A broader financing agreement is described as being in its final stages.

Hyliion is positioning KARNO as a prime-power product for AI data centers because its 800-volt DC output fits the electrical architecture NVIDIA and Intel are promoting, and because it can switch from natural gas to diesel without shutting down. That part of the business is still pre-revenue: no commercial data-center dollar has been earned yet. Management signed a non-binding letter of intent with VFG Holdings for up to 250 KARNO cores (~50 MW) and cites nearly 750 units of interest across all markets, but those are indications, not booked orders. The company also expects to complete roughly 10 early-adopter units in 2026 and an 800 kW Navy system during the year.

AI is the core story. AI GPU-related platforms were more than 80% of Q3 revenue. Including the cooling, power, networking, software, and services tied to AI installations, management puts total AI-exposed revenue around 85–90% of the total. That push has a cost: operating cash flow (cash generated from normal operations) was negative $6.6 billion in the quarter, inventory rose to $11.1 billion, and net debt (debt minus cash) reached $7.5 billion.

The AI connection is central to how management frames the company. LWLG's modulators are aimed at the high-speed optical links that move data inside and between AI data centers, especially 1.6 and 3.2 terabit-per-second transceivers, the modules that send and receive data across fiber. That revenue has not shown up yet; it's prospective. Management has raised its estimate of the 2028 addressable market — the total potential size of that market — for AI data-center optical transceivers from $17 billion to $47 billion, but that's an internal estimate, not an audited number.

CoreWeave is spending heavily to build more capacity. It raised its 2026 capital spending—money spent on data centers and GPUs—to $31–35 billion, and it says 2026 capacity is largely sold out. The company is also starting to build some data centers itself instead of only leasing space. That investment phase is why revenue is growing very fast while net income is still deeply negative.

The company has shifted into a mostly AI-infrastructure supplier. Management says the bulk of growth is still ahead and is targeting $2 billion in quarterly revenue.

Kopin's AI infrastructure angle runs through Fabric.AI (FABC). Kopin owns 19.9% of Fabric.AI and is the exclusive manufacturer of Neural I/O optical interconnect chipsets for AI data centers. A $15M initial purchase order is included in FY2026 revenue guidance of $52-60M; at the midpoint, that's roughly 27% of the guided revenue. Management says this line could scale to $25-50M in 2027, but those are soft targets, not formal guidance.