搭上AI算力概念，美股公用事业板块涨成“成长股”

Core Insights - The development of artificial intelligence (AI) has significantly boosted the S&P 500 index, transforming previously stagnant utility stocks into high-growth investment opportunities [1] - The utility sector has risen by 44% since the end of 2023, making it the third-best performing sector in the S&P 500, following communication services and information technology [1] - The demand for energy to support AI operations is expected to benefit utility companies, particularly independent power producers [1] Performance of Utility Stocks - Independent power producers have outperformed in the utility index, with NRG Energy's stock rising by 85%, Constellation Energy by 65%, and Vistra by 41% [3] - Historically, utility stocks have been viewed as defensive investments, providing stable cash flow during economic downturns, but their recent performance is notable amid a three-year bull market [3][4] - The utility sector's best performance year was in 2000 during the internet bubble burst, where it rose by 52% while the overall S&P 500 fell by 10% [3] Dividend Yield and Investment Sentiment - The dividend yield for the utility sector has decreased to approximately 2.6%, making it less attractive for investors compared to previous periods [4] - The rapid increase in stock prices has led to higher costs for investors looking to buy into utility stocks [4] Market Dynamics and Risks - The utility sector is experiencing momentum trading, becoming part of high beta trading, which increases its risk profile [7] - If investments in AI slow down, utility stocks may face revaluation similar to other assets linked to this growth [7] - The shift towards cyclical patterns in utility stocks raises questions about whether this change is a long-term transformation or a temporary fluctuation driven by AI [7] Future Outlook - The outlook for the utility sector remains optimistic due to increasing demand and approved price hikes by public utility commissions [8] - The sector is expected to be a robust growth area, although it may not serve as a safe investment option for those seeking stability [8]