The race to power AI data centers may create one of the last major pockets of equipment demand still open this decade. BNP Paribas says behind-the-meter gas generation is emerging as a key solution as electricity demand outpaces grid expansion, with gas reciprocating engines positioned to benefit. The firm estimates about 50 gigawatts of U.S. demand for the technology through 2032 and says roughly half is already visible in project pipelines, supporting strong order growth. BNP initiated coverage of INNIO with an outperform rating, arguing the company is well positioned to capitalize on the trend thanks to its market share, premium products and growing service business. (anvee.bhutani@wsj.com)