ENB - 1 Magnificent Stock With Plenty of Power to Cash In on the AI Megatrend
2024-05-18 05:09:00 ET
Enbridge (NYSE: ENB) has quietly done a magnificent job of growing value for its shareholders over the long term. The Canadian energy infrastructure giant has increased its dividend annually for nearly 30 straight years. The company's high-yielding, steadily rising dividend has helped give it the fuel to produce an 11% average annual total shareholder return over the last 20 years.
The pipeline and utility company should have plenty of power to continue growing its dividend and shareholder value in the future. One emerging catalyst that could become a powerful long-term growth driver is artificial intelligence (AI) . Here's a look at all the ways it could cash in on AI's insatiable need for energy.
AI and the data centers that house these applications and the computing power needed to run them will require a lot of energy in the coming years. Enbridge's CEO Greg Ebel highlighted this opportunity on the first-quarter earnings conference call. He stated: "The build out of data centers and generative AI is forecasted to require a material increase in power generation. This new power generation will be fed by a combination of natural gas and renewables, and supports our view that the world needs all forms of energy."
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1 Magnificent Stock With Plenty of Power to Cash In on the AI Megatrend