Move Over Meta, Microsoft — Constellation, NextEra Hit Big Tech Valuations In 2026's Weirdest Trade

In a surprising market shift in 2026, utility companies Constellation Energy and NextEra Energy are achieving valuations comparable to major tech firms like Meta and Microsoft. This unusual rerating is largely driven by the explosive energy demand from AI data centers, positioning these electricity providers, especially those in clean energy, as new growth stocks. Meanwhile, traditional tech giants are undergoing a valuation recalibration due to high AI capital expenditures and slowing software growth.