Power stocks surge on AI demand, but the easy gains may be over: WSJ

Power stocks have surged this year due to AI-driven electricity demand, spanning renewables, fossil fuels, utilities, startups, and equipment makers. However, future gains may be limited as the market already reflects optimism. Investors may demand concrete evidence of growth by 2026. Renewable energy stocks have rebounded, but valuation multiples remain stable. Constraints in engineering and construction capacity could impact future winners. The easy gains may be over, according to The Wall Street Journal's 'Heard on the Street' column.