The surge in artificial intelligence technology has created a most unlikely winner on the stock market. Following the worst market performance in more than two decades in 2023, the utilities sector is shining on Wall Street this year in a dramatic shift of sentiment and share price gains as investors are betting on the companies that will power the future of AI.
Utilities and regulators have raised significantly their forecasts for peak power demand in the coming decade. NextEra Energy's chief executive John Ketchum told analysts on the company's earnings call last month, 'We've been in a period of static demand for decades and the demand is not only coming from data centers.
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