Core Viewpoint - Infrastructure Dividend Split Corp. has launched an at-the-market equity program to issue Class A and Preferred Shares, allowing for sales at prevailing market prices through the Toronto Stock Exchange [1][2]. Group 1: ATM Program Details - The ATM Program will be executed under an equity distribution agreement with National Bank Financial Inc., allowing for "at-the-market distributions" on the TSX or other Canadian marketplaces [2]. - The maximum gross proceeds from the issuance of shares under the ATM Program is set at $75,000,000 for both Class A and Preferred Shares [3]. - The program will remain effective until July 17, 2027, unless terminated earlier by the Company [3]. Group 2: Use of Proceeds - Proceeds from the ATM Program will be utilized in alignment with the Company's investment objectives and strategies, focusing on a diversified portfolio of 20 to 25 dividend-paying issuers in the infrastructure sector [4]. Group 3: Investment Objectives - The Class A Shares aim to provide non-cumulative monthly cash distributions, with a targeted increase to $0.14 per share effective October 31, 2024, up from $0.125 [5]. - The Preferred Shares are designed to offer fixed cumulative preferential quarterly cash distributions of $0.18 per share and to return the original issue price by April 30, 2029 [5].

Core Insights - Companies across various sectors are attempting to capitalize on the excitement surrounding AI, with the term "AI" appearing frequently in conference calls, indicating a trend that investors need to scrutinize closely [1] - The article suggests that many AI products may struggle with monetization, similar to the challenges faced by Zoom Communications post-pandemic, despite having a strong platform [2][4] - A distinction is made between companies creating AI products and those providing foundational infrastructure for AI, with the latter being referred to as the "revenue side of AI" [5] Investment Strategies - Investors are advised to focus on the revenue side of AI and maintain reasonable valuations to avoid getting caught in market hype [6] - The article highlights that independent power producers (IPPs) and companies like GE Vernova (GEV) have seen significant stock price increases, with GEV up approximately 389.57% [7][10] Market Dynamics - The energy sector, particularly nuclear energy, is experiencing a boom due to its perceived reliability in supporting AI infrastructure [9] - The latest PJM auction results indicate increased prices, which are expected to bolster earnings for independent power producers [11] Growth Projections - Regulated electric utilities are positioned for long-term earnings growth of 6%-9% annually, benefiting from increased electricity demand and infrastructure investments [26][29] - The article notes that while the S&P may show higher nominal growth, regulated utilities are less cyclical and thus provide more stable growth [28] Valuation Considerations - Electric utilities are currently trading at a discount compared to the broader market, presenting a potential investment opportunity [30] - The article lists forward P/E ratios for various companies, indicating that regulated utilities have lower valuations compared to high-growth AI stocks [27][31]

Group 1 - New Jersey Resources Corporation (NYSE: NJR) is highlighted as a strong player among mid-cap regulated utilities due to its balanced portfolio and expanding core utility franchise [1] - The management of New Jersey Resources Corporation has a clear strategy for further earnings growth, indicating a positive outlook for the company's financial performance [1] Group 2 - The company benefits from a well-defined utility franchise that is positioned for growth, which is crucial for attracting potential investors [1]

Investment Rating - The industry view is rated as In-Line [7] Core Insights - The demand for data centers remains strong across multiple utility companies, with significant capital expenditure (capex) opportunities identified [2][3] - Regulatory environments in states like Missouri and Texas are improving, which is expected to support utility growth and infrastructure investments [2][3] - Long-term earnings per share (EPS) growth outlook for New Jersey Resources (NJR) is projected at 7-9%, supported by residential growth and active pipeline replacement programs [4] Summary by Company Ameren (AEE) - Active conversations with data centers and a recent tariff proposal filed in Missouri to ensure regulatory comfort for large loads [2] - Equity needs are met through 2026, with manageable capital requirements following recent storms [2] CenterPoint Energy (CNP) - Continued strong demand for data centers and multiple capex opportunities, including significant projects in Texas [3] - Anticipated guidance refresh in September to reflect new capex opportunities [3] New Jersey Resources (NJR) - Confident in achieving 7-9% long-term EPS growth, with a quiet regulatory agenda expected after recent rate case conclusions [4] - Focus on utility-like earnings in unregulated businesses through stable pricing and long-term contracts [4] Other Companies - Duke Energy (DUK) has high confidence in its data center pipeline and is streamlining interconnection processes [10] - PPL Corp (PPL) is constructive on the regulatory backdrop in Kentucky and has not seen a slowdown in its data center pipeline [12] - Xcel Energy (XEL) has safe harbored renewables in its plans and is on track to achieve data center load growth [14] - Spire (SR) anticipates a potential settlement in its Missouri rate case, which could improve its earnings outlook [21][22]