About a month ago, Google admitted in its annual sustainability report that its emissions had climbed by nearly 50% over the five years since 2019. The reason: data centers and artificial intelligence. Microsoft has also seen a massive increase in its electricity consumption—it has doubled since 2020, driven by Big Tech’s AI race. Its emissions, like Google’s, also rose substantially, by 42%. But investors are watching the consumption trend and buying power utility stock. Those may be the next market darlings. Inflows into utility…
