As artificial intelligence (AI) continues to reshape industries and daily life around the world, the demand for energy to power this technological revolution has soared to unprecedented heights. From the United States to Singapore, companies and investors are scrambling to capitalize on the AI-driven energy boom, which is fueling not only data centers but also a new generation of infrastructure upgrades and energy innovations.
According to 24/7 Wall St., Nvidia (NASDAQ:NVDA) has long been the poster child for AI investing, with its stock surging 45% over the last year as its chips became the backbone of AI data centers and gaming. But while Nvidia has delivered headline-grabbing returns, a closer look at the market reveals that some lesser-known players are quietly outperforming the tech giant—especially those in the energy sector, which is increasingly critical to AI’s relentless appetite for power.
One such standout is EQT Corporation (NYSE:EQT), the largest natural gas producer in the United States. EQT operates primarily in the Appalachian Basin, focusing on the Marcellus and Utica shales. The company supplies natural gas and natural gas liquids to marketers, utilities, and industrial customers, leveraging an extensive pipeline network. What sets EQT apart is its strategic investment in certified low-emissions natural gas, a move that has caught the attention of environmentally conscious data center developers who require stable, 24/7 power for their AI operations.
Over the past 12 months, EQT’s stock has surged 64%, handily outpacing Nvidia’s 45% gain. Trading at around $52.85 per share and sporting a market capitalization of $33 billion, EQT’s financials are robust. The company boasts a low debt-to-equity ratio of 0.39, reflecting a conservative approach to financing. Its most recent quarterly earnings came in at $1.30 per share, beating consensus estimates by $0.05, although adjusted operating revenue of $1.6 billion—up 35% year-over-year—fell short of the anticipated $1.79 billion. Still, analysts project that EQT’s profits will double in 2025, with a compounded annual earnings growth rate of 47% over the next five years. Its forward price-to-earnings (P/E) ratio of less than 10x suggests the stock remains a bargain relative to its sector peers.
Dividend growth is another feather in EQT’s cap. The company offers a quarterly dividend of $0.1575 per share, translating to an annualized yield of 1.2%—a figure six times greater than Nvidia’s 0.2%. EQT’s dividend has grown at a compound annual growth rate (CAGR) of 39% over five years and 25% over ten years. With a free cash flow payout ratio of just 19%, the dividend appears both safe and primed for future increases. Notably, 92% of EQT’s stock is held by hedge funds and institutions such as Vanguard, BlackRock, and Wellington Management Group, signaling strong institutional confidence in its trajectory. As of August 2025, 16 of 25 analysts rate EQT a “Buy,” with an average 12-month price target of $63.44 per share—implying roughly 20% upside. Its price-to-earnings-growth (PEG) ratio of 0.60 further underscores its value proposition.
But the energy story doesn’t end in the United States. According to The Smart Investor, Singapore is also riding the AI energy wave, with several homegrown companies positioning themselves to benefit from the global surge in power demand. Geo Energy Resources (SGX: RE4), for instance, is a coal mining company specializing in coal-fired power generation and infrastructure. In the first quarter of 2025, Geo Energy reported a 68% year-on-year revenue jump to US$166 million and a 63% rise in net profit to US$14.1 million. The company delivered 3.5 million tonnes of coal in Q1 2025—double the amount from the same period a year earlier. Geo Energy credits its cost-resilient model, which ties cash production costs to the Indonesian Coal Index 4 (ICI4), for its robust cash profit of US$11.6 per tonne. With its subsidiary PT Marga Bara Jaya developing integrated infrastructure expected to be completed by June 2026, the group anticipates increasing production by over 20 million tonnes per year, resulting in significant logistical savings. The company is also eyeing the US market, planning to boost coal technology and exports to meet the growing power needs of domestic manufacturing and AI data centers.
Another Singaporean player, Seatrium Limited (SGX: 5E2), specializes in maritime and energy engineering solutions. In the first half of 2025, Seatrium’s revenue soared 34% year-on-year to S$5.4 billion, while net profit skyrocketed 301% to S$144 million. The company’s oil and gas segment saw a 26% revenue increase to S$3.6 billion, credited to successful project deliveries and rising global energy demand from data centers and AI. Meanwhile, its offshore wind segment’s revenue more than doubled, climbing 106% to S$1.1 billion. On April 16, 2024, Seatrium announced a partnership with A*STAR, Singapore’s premier public research agency, to develop new hydrogen and ammonia fuel solutions and implement AI applications in offshore maritime infrastructure. These innovations are set to diversify Seatrium’s energy portfolio and position it to capitalize on the AI-fueled energy surge.
Keppel Infrastructure Trust (SGX: A7RU), or KIT, rounds out Singapore’s trio of AI energy beneficiaries. KIT manages infrastructure assets with a focus on energy utilities. In the first half of 2025, KIT’s distributable income climbed 31% year-on-year to S$119 million, with its City Energy segment leading the way—posting a 43.4% increase in distributable income to S$30.1 million. The City Energy segment, which supplies piped town gas for commercial and residential use, is expanding into liquified petroleum gas and electric vehicle charging. On June 25, 2025, KIT’s parent company, Keppel Ltd, announced a S$1.5 billion funding partnership with the Asian Infrastructure Investment Bank to develop sustainable, technology-enabled infrastructure—a move that responds to rapid urbanization and the soaring power needs of the AI sector.
Back in the US, the scale of investment is staggering. Investor-owned utilities are projected to spend over US$1.1 trillion between 2025 and 2029 to upgrade grid infrastructure and boost capacity for AI-driven demand. This unprecedented spending spree is not just about keeping the lights on—it’s about enabling the next wave of innovation, from smart cities to autonomous vehicles, all of which hinge on reliable, scalable energy supplies.
So, what does this all mean for investors? While tech giants like Nvidia remain attractive for their dominance in AI hardware, the real winners in the next phase of the AI revolution may well be those providing the energy to keep the algorithms running. Whether it’s EQT’s low-emissions natural gas, Geo Energy’s coal-fired infrastructure, Seatrium’s diversified energy engineering, or KIT’s smart utility management, these companies are proving that the AI boom is as much about watts as it is about bytes.
As the world’s power grids strain under the weight of AI’s ambitions, those who can deliver sustainable, scalable energy solutions are poised to reap long-term rewards—sometimes in places and sectors investors might not expect.
