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The secret winners of AI boom? The companies expected to power it

Investors looking for a unique way to get into the stock market’s artificial intelligence boom will find an intriguing bank in what is traditionally the most boring corner of the stock universe: utilities.

AI is the buzzword these days, with everyone from chip makers to computer equipment manufacturers and car companies trying to paint themselves in its hopeful colors. It’s also the driving force behind the latest stock market rally, as investors have seen over the past week.

On Thursday, shares of Meta Platforms posted their worst performance since October 2022 after the company said it would spend far more than expected on AI development. On Friday, Google parent Alphabet soared past $2 trillion in market value, while shares of Microsoft also rose after the companies showed progress in AI in their quarterly results.

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