Artificial intelligence is shining its aura on one of the most benighted corners of the stock-market. While two AI hardware firms top the S&P 500 leaderboard so far this year — Super Micro Computer Inc. and Nvidia Corp. — a close third is Constellation Energy Corp., which runs the sort of nuclear power plants that were cutting edge maybe half a century ago.
While human intelligence needs regular doses of water, snacks and sleep, the artificial kind devours electricity pretty much non-stop. Forecasts of US data centers’ power consumption tripling by the end of the decade have sparked life into the stocks of independent power producers, or IPPs, like Constellation. Their rally heralds a profound shift in US energy, with implications...
