An arms race is taking shape in the artificial intelligence (AI) space, with companies working as quickly as possible to build bigger and better AI technology. Since AI is basically just a fancy computer program, a key factor in this growth is electricity. In fact, powering the data centers that house AI has become a very contentious issue.
That hasn't stopped the building spree, with the International Energy Agency predicting that AI power demand will double between 2024 and 2030. At that point, AI will require 945 terawatt-hours of power. That equates to 15% annual consumption growth. Bloom Energy (BE +2.81%), Plug Power (PLUG -2.89%), Eaton (ETN +1.21%), Vertiv (VRT -0.39%), GE Vernova (GEV +0.54%), and NextEra Energy (NEE +0.01%) could all benefit, highlighting the vast opportunity AI electricity demand is creating. Here's a quick look at each of these six companies.
Image source: Getty Images.
Providing power where it is needed
One of the biggest pushbacks against AI right now is that the massive amount of power it consumes drives up electricity rates for consumers. There is an effort underway to force AI data centers to "bring their own power." Hydrogen fuel cells provide a quick solution to the problem.
Bloom Energy, for example, has seen a dramatic increase in demand for its fuel cells, which are factory-built and can be placed next to data centers. Demand for its fuel cells increased 140% year over year to $6 billion at the start of 2026. The backlog is likely even higher today. The huge demand for its fuel cells has helped to push the company's bottom line solidly into the green after years of red ink.
NYSE: BE
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Plug Power is a more speculative hydrogen play, with the company looking to build "an end-to-end green hydrogen ecosystem." That includes selling the fuel as well as selling fuel cells and electrolyzers that others can use to make hydrogen. The company remains unprofitable, but may be worth a look for more aggressive investors who think it has a Bloom Energy-like opportunity ahead.
NASDAQ: PLUG
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Building AI infrastructure
Another key AI angle to consider is the build-out of the assets that house AI: data centers. A lot goes into building a data center, and industrial companies like Eaton, which makes electrical components, and Vertiv, which makes power and cooling systems, are already benefiting.
NYSE: ETN
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At the end of the second quarter of 2026, Eaton estimated that AI data centers would be its largest end market this year, accounting for 21% of sales, with revenues expected to grow strongly. Demand from data centers has helped to push the company's North American backlog to record levels. If demand remains as strong as it has, Eaton will continue to benefit, noting that the company raised its full-year guidance when it reported second-quarter earnings.
NYSE: VRT
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Vertiv also raised its full-year guidance when it reported second-quarter 2026 earnings, stating that, "We are delivering data center infrastructure solutions at an increasing scale and level of complexity." The industrial company's sales rose 24% year over year in the quarter, with earnings up roughly 60%. And, like Eaton, the pipeline of work that lies ahead looks robust.
The electric grid will benefit, too
Even if more companies "bring their own power," the electric grid will still see increased electricity demand thanks to AI. There are two ways to benefit in this space, starting with utilities like NextEra Energy. The company is one of the world's largest utilities, with a regulated utility business and a renewable power business. The more interesting backstory here, however, is NextEra's plans to buy Dominion Energy (D -0.18%), as it leans into the growth in electricity demand. Dominion has a regulated monopoly in one of the world's most important data center markets. NextEra clearly sees the AI opportunity ahead and wants to play a bigger part in AI's expansion.
NYSE: NEE
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That said, part of the problem that utilities like NextEra and Dominion face is producing enough electricity. New demand basically requires that new electricity production be built. And that's where a company like GE Vernova comes in, offering a second grid-related investment angle. GE Vernova makes the turbines that produce electricity. The company ended the second quarter with a $176 billion backlog. To keep up with demand, it is expanding its production capacity. If utilities are growing, it is highly likely that GE Vernova will be growing, too.
NYSE: GEV
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AI's impact is broad-based and huge
It is pretty clear that AI will be a world-changing technology. As the foundation for supporting AI is laid down, a broad group of companies will benefit. That's great news for investors, because it means there are multiple ways to play the same trend.
Income investors may prefer a utility like NextEra. Growth investors may appreciate GE Vernova, Eaton, and Vertiv. And the most speculative investors may opt for Bloom Energy and, for the truly risk-tolerant, Plug Power. There's really is something for everyone in the AI story.
