Editorial companion

What stands out

Valtrion CEO Rob Luna lays out a clear narrative: utility stocks are moving lower even as demand for electricity from artificial intelligence (AI) data centers climbs. He links investor discomfort to a combination of higher near-term spending needs on transmission and distribution and uncertainty over who pays for the upgrades, ratepayers, shareholders, or tech customers. That tension, from boardroom capital-allocation debates to regulatory hearings, compresses sentiment around the sector and helps explain recent share-price weakness.