Wolfe GREEN Playbook 06/21/26

研报英文原文证据摘录

Wolfe GREEN Playbook 06/21/26

Clean Energy

Clean Energy – Market Weight

June 21, 2026

WOLFE GREEN PLAYBOOK

Data center correlations; Domestic module supply catches up; NXT and ARRY

check-ins

Steve Fleishman

Links: Clean Energy Comps, Models

What makes a ‘data center play’? Correlations in flux in 2026

OKLO and FLNC most correlated following NVDA partnership announcements

Being that we are nearing the halfway point of 2026, we thought it would be worthwhile to check in on the data

center correlations we first ran in our 2026 Clean Energy preview. The results highlight the everchanging

landscape and investors’ evolving definition of what constitutes a “data center play”. We also expanded the list

to include year-to-date coverage initiations (excluding 2026 IPOs), including ORA, OKLO, and PRIM. In terms of

methodology, we measure daily price return correlation to NVDA as a proxy for the data center theme (Exhibit

1). We note that FLNC recently announced a three-way collaboration with NVDA and Siemens, Oklo announced

a partnership with NVDA and Los Alamos National Lab, and ENPH appointed a former NVDA SVP of Enterprise

Business to its board.

EPCs out; storage and utility-scale solar back in

Perhaps the most striking change is the drop in correlation between EPC players and NVDA, with the former

dominating the top three spots in 2025 but scattering towards the middle and low-end of the list so far in 2026

(PRIM’s near zero correlation is expected given idiosyncratic renewables execution issues). Replacing these

names are nuclear (OKLO) and storage (FLNC, STEM). BE continues to screen in the top 1/4 . It’s also notable

that utility-scale solar names NXT and ARRY are showing much higher correlation – we think investors have