The artificial intelligence boom is reshaping how investors think about energy. According to OilPrice.com, energy and power providers have emerged as the top investor AI play for 2026, with BlackRock—the world's biggest asset manager—highlighting this shift in its 2026 Investment Directions report. The finding represents a significant pivot from the early days of the AI investment craze, when capital flowed almost exclusively toward chipmakers and hyperscalers.
BlackRock's survey of hundreds of clients reveals the reasoning behind this reallocation. While respondents believe in the AI theme and its value, they're seeking to diversify their exposure beyond the "Magnificent Seven" tech giants and major cloud providers. Energy infrastructure has become the new frontier for AI-focused investors looking to capture upside from the massive power demands that data centers require.
This investor appetite is already translating into real-world construction activity. According to OilPrice.com, data center planning applications in the UK hit an all-time high in 2025, with more than 60 separate planning applications filed in England and Wales—a 63 percent increase compared to 2024. The surge reflects what the publication describes as investors "rushing to gain a foothold in the burgeoning AI market," with the analysis excluding extensions to existing facilities.
The Infrastructure Challenge Ahead
The explosive growth in data center demand is creating both opportunity and tension in power markets. According to Wall Street Journal headlines referenced in recent coverage, America's biggest power grid operator faces what the publication calls "an AI problem—too many data centers." The issue has become significant enough that regulators are stepping in. Utility Dive reported that Illinois' Attorney General filed objections to ComEd data center agreements at FERC in January, signaling growing regulatory scrutiny around how utilities manage capacity for these power-hungry facilities.
Microsoft has attempted to address these concerns proactively. According to Reuters, the company rolled out an initiative in mid-January to limit data-center power costs and water use impact. President Trump praised the effort, with Reuters reporting that he said "Microsoft to make changes to curb data center power costs for Americans."
AI Chips and Strategic Partnerships
The infrastructure buildout is being supported by major deals in the AI semiconductor space. According to CNBC, Cerebras scored an OpenAI deal worth over $10 billion ahead of the AI chipmaker's IPO. The partnership is particularly significant because it helps Cerebras diversify away from the United Arab Emirates' G42, which accounted for 87 percent of the company's revenue in the first half of 2024.
Meanwhile, the broader AI software ecosystem continues to evolve. Salesforce released an updated Slackbot powered by Anthropic's AI model, according to CNBC, while Google launched a Personal Intelligence feature in its Gemini app to challenge Apple Intelligence, per the same source.
What This Means for Energy Markets
The shift in investor focus toward energy providers reflects a maturing understanding of AI's infrastructure requirements. Rather than betting on the companies building AI models, sophisticated investors are positioning themselves to profit from the power generation and distribution needed to run them. As data center planning applications surge and utilities grapple with managing unprecedented demand, energy companies are becoming the essential backbone of the AI economy.
For energy professionals and investors, the message is clear: the AI boom isn't just a tech story anymore. It's fundamentally reshaping how capital flows through the energy sector, creating new opportunities for power providers while simultaneously raising questions about grid capacity, regulatory oversight, and the long-term sustainability of current infrastructure.
Reporting based on coverage from OilPrice.com, BlackRock, CNBC, Reuters, Wall Street Journal, and Utility Dive.