Shares of power producers were flat as traders rotated into defensive sectors ahead of the Federal Reserve meeting.
One strategist said the 2024 trend of power companies garnering lucrative contracts from tech firms with electricy-hungry data centers is likely to continue for the foreseeable future. "As large-cap tech companies deliver more computationally intensive AI services, we expect continued robust AI capex investment in the years ahead," said Solita Marcelli, chief investment officer, Americas, at money manager UBS Global Wealth Management.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-13-24 1755ET
