www.bloomberg.com
The AI boom has significantly boosted demand for electricity, benefiting utility companies that power data centers. This surge initially caused utility stocks to rise sharply as they capitalized on the increasing energy needs of these facilities. However, the recent pullback in tech stocks, particularly those associated with AI development, has subsequently impacted the utility sector, causing their stocks to decline as well. This highlights the interconnectedness of the tech and utility markets, with the performance of one influencing the other.
