Power Stocks Stumble as Investors See Cracks in AI-Fueled Rally

For most of the year, it looked like power demand from AI was insatiable, sending investors rushing into shares of the companies that generate electricity. Whether coal-fired, wind-driven or nuclear, generators across the board saw dizzying rallies.

Now, signs are emerging that the artificial intelligence boom might not drive a buildout in electricity generating capacity that meets Wall Street’s highest hopes, and investors are rushing to pocket gains.