The AI frenzy that has gripped the stock market is no longer confined to tech giants like Nvidia and Microsoft. A year after Nvidia’s groundbreaking earnings call sparked a surge in demand for AI chips, the ripple effects are being felt across diverse sectors. From energy and utilities to commodities, companies are increasingly touting their role in the AI revolution.

This shift is evident in the market, with energy and utilities sectors leading the S&P 500 this year and some individual stocks rivaling Nvidia’s meteoric rise. Morgan Stanley even highlighted the potential for upside revisions in both traditional and alternative energy providers due to the increased power needs of AI data centers.

The fervor extends to earnings calls, with AI mentions skyrocketing across industries. Notably, the energy sector saw a significant jump in AI references, indicating a growing awareness of the technology’s broader implications.

However, with the growing enthusiasm comes a note of caution. JPMorgan Asset Management’s Jack Manley warns that if the market’s optimism proves to be overly exuberant, a bumpy road could lie ahead.

Nvidia’s upcoming earnings report will be a key indicator of the sustainability of this AI-driven momentum. Its performance could have far-reaching consequences, influencing not only the tech sector but also a wide array of industries now intertwined with the AI narrative.

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