CEG - AI's Growth Potential Has Helped Power a More Than 140% Rally for This Surprising Stock. Does It Still Have Fuel to Keep Heading Higher?
2024-06-29 05:45:00 ET
AI is a game-changing technology. It can significantly boost productivity and reduce costs. That's driving companies to pour billions of dollars into buying AI chips to train models and power applications.
The AI investment frenzy has driven up semiconductor stocks like Nvidia . However, chip sellers aren't the only ones benefiting from the AI boom. One potential beneficiary that might come as a surprise is Constellation Energy (NASDAQ: CEG) . The leading nuclear power producer's stock has surged over 140% in the past year. Here's a look at what's fueling that rally and whether the power producer's stock can keep rising.
AI applications have several major requirements. They need an enormous amount of data to train AI models and a tremendous amount of power to run the specialized chips developed by companies like Nvidia. These catalysts are driving growing demand for data centers to house AI servers and processes.
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AI's Growth Potential Has Helped Power a More Than 140% Rally for This Surprising Stock. Does It Still Have Fuel to Keep Heading Higher?