The buildout of AI data centers has been a boon for utilities, makers of power-generation equipment, and hosts of industrial companies supplying electrical components. Investors, however, might need to refine their portfolios a little to keep getting the jolt from artificial intelligence. “Heading into 2026, we expect baseload power sources to remain top of mind for investors, though we expect the thematic trade to become more nuanced by individual stock fundamentals and valuation, rather than simply by exposure,” wrote J.P. Morgan analyst Mark Strouse on Monday.