There is some contracts nearing for Pembina to partner with some power providers and AI infrastructure companies to build a data center in Alberta yes. It is unlikely that Pembina would become a mainstay in terms of data center production for Meta, but I'd expect them to have their hands in all of the ones built in Alberta.
From everything known so far, this wouldn’t be transformative for Pembina Pipeline. It’s likely just another infrastructure development in a newer market, but far from a needle mover. However, it's tempting to get excited at the prospects because it involves AI.
Even if the company were to own or supply a mid-sized power plant tied to a data-centre deal, its participation would likely be a joint venture. An incremental boost to earnings, nothing material.
In terms of Cameco, uranium stocks, at least a lot of them, have had a large scale disconnect from valuations. This is likely due to the potential demand for uranium in regards to AI. We're in pure speculative territory now, with Cameco trading at nearly 60x expected earnings. This would not be my cup of tea, but who knows how long this goes on for.
Posted by Anonymous