Constellation Energy Corporation, ticker CEG, has become one of the most closely watched stocks linked to the artificial intelligence power demand theme.

The logic is simple. AI needs data centres. Data centres need vast amounts of reliable electricity. Reliable, clean, around-the-clock electricity is becoming harder to secure. Constellation owns one of the most important nuclear power fleets in the United States.

That makes CEG more than a standard utility or power generation stock. It sits at the centre of several powerful market themes: artificial intelligence, data centre growth, nuclear power, grid reliability, clean energy policy and tightening US electricity markets.

The trade idea is interesting, but it is not risk-free. The…