Artificial intelligence has a power problem. Training large language models and running inference at scale requires massive amounts of electricity—far more than most investors realize. As companies like Anthropic and OpenAI expand their user bases, their computing infrastructure demands are creating unprecedented strain on electrical grids.
This constraint isn’t theoretical. Data centers already consume roughly 2% of total U.S. electricity, and that percentage is accelerating rapidly. Amazon, Microsoft, and Google are racing to secure dedicated power sources for their AI infrastructure, signaling that electricity availability has become a bottleneck to AI deployment.
For dividend investors, this creates an unusual opportunity. While AI stocks themselves rarely pay dividends, the companies providing the electricity and infrastructure to power AI operations offer both income and growth exposure to the AI boom. Three dividend-paying stocks are particularly well-positioned to benefit from surging electricity demand driven by artificial intelligence.
NextEra Energy Inc. (NEE)
Market Cap: $167 billion | Dividend Yield: 2.8%
NextEra Energy operates Florida Power & Light, the largest electric utility in the United States, serving over 6 million homes and businesses across Florida. As a regulated utility, the company’s rates are set by the Florida Public Service Commission, providing predictable revenue streams that support consistent dividend growth.
The company just secured a transformative new contract finalized on November 20th that takes effect January 1st. The agreement includes an immediate rate increase generating $945 million in additional annual revenue on top of the roughly $26 billion the company already earns. Then on January 1, 2027, another increase kicks in expected to generate an additional $705 million annually through December 31, 2029.
What makes this contract particularly relevant for AI investors is the inclusion of a new large-load tariff—the first of its kind in Florida. This tariff is specifically designed to meet the state’s growing energy needs from emerging technologies while protecting existing customers from cost increases. As AI data centers expand in Florida, NextEra can monetize that incremental demand without triggering political backlash from residential ratepayers.
Florida’s business-friendly climate and lack of state income tax make it an attractive location for tech company expansion. The state has actively courted data center development, and NextEra’s infrastructure investments position it to capture that growth. The company has been investing heavily in renewable energy capacity, which appeals to tech companies seeking carbon-neutral power sources for their AI operations.
NextEra has increased its dividend by 10% annually for each of the past three years, demonstrating commitment to shareholder returns even while funding substantial infrastructure investments. The current 2.8% yield provides meaningful income while the company’s growth investments in renewable energy and grid infrastructure should support continued dividend increases.
The regulated utility model provides downside protection during economic uncertainty. Rate increases approved by regulators create revenue visibility regardless of broader economic conditions, making NextEra’s dividend relatively secure compared to cyclical stocks. For investors seeking AI exposure with income and lower volatility, NextEra offers an attractive profile.
Vistra Corp. (VST)
Market Cap: $55 billion | Currently trading around $162 | Dividend Yield: 0.6%
Vistra operates in a completely different segment of the electricity market as a power generator selling primarily on the wholesale market rather than through regulated retail contracts. This unregulated positioning creates both higher risk and higher potential reward compared to traditional utilities.
The company generates electricity and sells it wholesale to other electric companies and utilities that need additional capacity. Vistra also sells directly to business and residential customers through its retail subsidiaries, but wholesale power sales drive the majority of revenue and profits.
Wholesale electricity markets are experiencing unprecedented demand, with utilization reaching the highest levels in decades. Unlike regulated utilities with fixed rate structures, Vistra benefits directly from tight supply-demand dynamics that drive wholesale power prices higher. When electricity demand surges—as it is with AI data center expansion—Vistra’s margins expand accordingly.
The company’s share price performance reflects this dynamic. The stock has surged in recent years as investors recognized the structural shift in electricity demand driven by AI, electric vehicles, and manufacturing reshoring. This appreciation has compressed the dividend yield to just 0.6%, making Vistra appear less attractive to pure income investors.
But the yield compression masks the dividend growth potential. Vistra’s booming wholesale electricity business should generate substantial free cash flow growth as AI-driven demand continues accelerating. The company has significant flexibility to increase dividends as cash generation improves, and the low current yield leaves ample room for aggressive dividend growth without straining the balance sheet.
Vistra’s asset base includes both natural gas and nuclear generation, providing fuel diversity and operational flexibility. Natural gas plants can ramp production quickly to meet peak demand, while nuclear provides low-cost baseload power. This generation mix positions Vistra to capitalize on both baseload demand growth and volatile spot pricing during peak periods.
The key risk is wholesale power price volatility. Unlike NextEra’s regulated revenue streams, Vistra’s profits fluctuate with market conditions. A mild summer reducing air conditioning demand or economic slowdown cutting industrial usage could pressure margins. But the secular growth in electricity demand from AI provides a multi-year tailwind that should outweigh cyclical fluctuations.
For dividend investors willing to accept lower current yield in exchange for growth potential, Vistra offers leveraged exposure to AI-driven electricity demand through its wholesale market positioning.
Vertiv Holdings Co. (VRT)
Market Cap: $63 billion | Currently trading around $164 | Dividend Yield: ~0.4%
Vertiv represents a different angle on AI’s power requirements. Rather than generating or distributing electricity, Vertiv manufactures the power systems, cooling equipment, and electrical infrastructure that data centers require to operate.
The company experienced explosive growth as the AI boom created unprecedented demand for data center infrastructure. Vertiv’s cooling systems and electrical equipment became essential components as tech companies raced to build computing capacity for AI workloads. This demand surge drove share price appreciation that transformed Vertiv from a relatively obscure industrial company into a $63 billion market cap business.
Vertiv only recently joined the ranks of dividend payers, but the growth trajectory has been impressive. The company raised its dividend from $0.25 per share to $0.37 in 2024—a 50% increase. Then in 2025, it raised the payout again to $0.63 per share, marking a 70% increase. While the rapid share price appreciation means the current yield remains modest around 0.4%, the dividend growth rate significantly outpaces traditional utility dividend increases.
What distinguishes Vertiv from NextEra and Vistra is direct rather than indirect AI exposure. While utilities benefit from overall electricity demand growth regardless of source, Vertiv’s products are specifically designed for data center applications. The company’s revenue growth directly correlates with AI infrastructure buildout rather than broader economic factors.
This direct exposure creates higher growth potential but also more concentration risk. If AI infrastructure spending slows or cloud providers optimize existing facilities rather than building new capacity, Vertiv’s growth could decelerate rapidly. The company’s fortunes are closely tied to a single industry trend rather than diversified across multiple end markets.
Vertiv’s gross margins and operational efficiency have improved as the company scales production and leverages its market position. The cooling and power management systems for AI data centers represent higher-margin products than traditional data center equipment, supporting profit growth that exceeds revenue growth.
The modest dividend yield won’t satisfy income-focused investors, but Vertiv offers something rare: a dividend-paying stock with direct exposure to AI infrastructure spending. For portfolios seeking both growth and income, Vertiv’s combination of aggressive dividend increases and AI-driven business momentum creates a unique profile.
The company’s ability to continue rapid dividend growth depends on sustained AI infrastructure investment. If tech companies maintain their current buildout pace, Vertiv should generate the cash flow necessary to keep raising payouts at rates that dwarf traditional dividend stocks.
The AI Power Investment Thesis
These three stocks offer different approaches to monetizing AI’s electricity requirements. NextEra provides regulated utility exposure with predictable revenue and steady dividend growth. Vistra delivers unregulated wholesale market positioning with higher risk and reward. Vertiv offers direct AI infrastructure exposure through equipment sales and manufacturing.
The unifying theme is positioning ahead of a multi-year electricity demand surge. AI computing requirements aren’t declining—they’re accelerating as models become more sophisticated and user adoption expands. This creates structural demand growth that should persist regardless of short-term economic fluctuations.
For dividend investors, these stocks solve a common problem: how to gain AI exposure while maintaining income generation. Pure-play AI companies like Anthropic or OpenAI don’t pay dividends and may not even be publicly traded. Chip designers and cloud providers offer minimal yields. But the power infrastructure supporting AI operations provides both growth and income.
The risk is that AI hype exceeds reality, leading to slower infrastructure buildout than current projections suggest. If AI adoption disappoints or efficiency improvements reduce power requirements per compute operation, electricity demand growth could moderate. Each of these companies would face headwinds in that scenario.
But the capital commitments already announced by major tech companies suggest AI infrastructure spending has momentum that should persist for years. Amazon, Microsoft, and Google have collectively committed hundreds of billions to data center expansion. That investment creates locked-in electricity demand regardless of near-term AI adoption rates.
For investors seeking both AI exposure and dividend income, these three stocks offer different risk-reward profiles within the same thematic opportunity. The combination of secular growth trends and income generation makes them worthy of consideration in diversified portfolios.
