As investors await Nvidia’s (NVDA) highly anticipated earnings report, Raymond James Managing Director Pavel Molchanov joins Market Domination Overtime to discuss how the utilities sector is benefiting from the artificial intelligence race.
"If data centers, for the first time in 20 years, create growth overall in US power demand, that is a very good thing for utility companies across the board," Molchanov explains. He anticipates growth between 2 and 3% per year as the AI race heats up. The strategist also points to specific areas of data center growth, like Virginia and Ohio, where electricity prices are more affordable.
He says that investors looking to get in on the AI utilities play should pay close attention to GE Vernova (GEV): "GE Vernova does everything for the grid: natural gas, nuclear, hydro, wind, and also all the infrastructure, so the transmission networks, the power software for utilities. This company does it all, and half of its revenue is recurring."
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