Energy sector surveys the DeepSeek fallout

• Their report explores several kinds of companies, including independent power heavyweights like Vistra and Constellation.
• "We still see meaningful upside if the urgency level in the industry remains high and gigawatt-scale data centers remain part of the strategy for AI training," they note.

"We still believe data center growth will result in more electricity demand, but not as much as market valuations suggested," Morningstar strategist Travis Miller writes.

The bottom line: Gaming out future data center power needs was ferociously hard even before DeepSeek caused this week's market freakout that hit energy companies.

• "This abrupt reaction highlights that the market currently does not yet have adequate tools and information to assess the outlook for AI-driven electricity demand," said International Energy Agency analyst Thomas Spencer tells the Financial Times.