Sunrun Stock Rises on Monday: What's Driving the Action? – Sunrun (NASDAQ:RUN)

Sunrun Inc RUN Shares are trading higher on Monday after reports the company is in talks to supply solar power to data centers.

What happened: According to Bloomberg, Sunrun is in talks with data center companies about providing distributed solar power generation for data facilities.

CEO Mary Powell Sunrun reportedly said Friday at the Dervos 2024 conference that Sunrun is exploring various approaches, including working with power companies to provide solar systems for new data centers or using the company's existing systems in nearby areas.

The report indicates that the Sunrun boss did not want to reveal further details about the company's plans due to non-disclosure agreements with developers.

“It's just a radical collaboration that has incredible benefits for everyone,” Powell reportedly said at the conference.

Shares of Sunrun rose about 5% late Friday and continued to climb Monday morning.

Check this out: These nuclear energy stocks are exploding because Big Tech believes they can meet the energy needs of AI

The potential collaboration between Sunrun and data center companies comes as major technology companies increasingly look for solutions to meet the increasing energy demands associated with the AI ​​boom.

Nuclear companies have been the biggest beneficiaries in recent weeks Google announced a deal to purchase power from a fleet of small modular reactors (SMRs) and Amazon announced plans to invest over $500 million in nuclear energy.

Sunrun is expected to report its third-quarter financial results after the market closes on November 7th. Investors will be watching for updates on potential data center power deals. According to Benzinga Pro estimates, the company is expected to report a loss of 14 cents per share and revenue of $564.862 million.

RUN price promotion: According to Benzinga Pro, Sunrun shares were up 5.14% at $15.11 at the time of publication.

Photo: Pixabay.