The AI buildout hasn’t stopped. Electricity demand tied to data centers is still growing. What has changed is how investors are reacting. The market is no longer rewarding exposure to the theme — it’s rewarding companies that are clearly turning that demand into steady profits and cash flow.
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Utilities are a good example of that shift. Duke Energy (DUK) and Portland General Electric (POR) both moved higher because their business model is built around predictable returns. When electricity demand rises — especially from industrial and data center customers — they invest in grid upgrades and earn an approved return on that spending. POR’s latest results showed industrial load growth driven by data centers and reaffirmed full-year earnings guidance, reinforcing that this demand is already flowing through to results. It’s not flashy growth, but it’s visible and dependable — exactly what investors are gravitating toward.
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On the infrastructure side, Vertiv (VRT) shows what happens when AI demand converts directly into earnings. The stock jumped roughly 20% after reporting Q4 sales up 23% to $2.88B, a surge in orders, and backlog reaching $15B. The company generated about $910M of free cash in the quarter and guided to another step up in 2026. That combination — revenue growth, expanding margins, strong cash flow, and clear forward visibility — tells investors this isn’t just an AI narrative, it’s an operating machine producing real returns.
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Power Solutions International (PSIX) fits the same pattern. Revenue rose 62% year over year to $203.8M and EPS climbed 60% to $1.20, supported by data center-related demand. The stock’s sharp move higher reflects the same principle: earnings momentum matters more than theme momentum.
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Centrus (LEU), on the other hand, illustrates the other side of the market’s discipline. Even though it remains tied to the long-term nuclear power and energy security story supporting AI growth, the stock fell sharply because uranium revenue declined year over year and guidance suggests growth may level off in 2026. In this environment, being part of the AI-energy narrative is not enough. Investors want steady revenue growth, improving margins, and visible profitability now — not just long-term potential.