Trump to Unveil $70 Billion Plan for AI and Energy Investment, EQT Hits New High Since July

TradingKey - On Tuesday, Donald Trump is set to announce a $70 billion investment in artificial intelligence and energy during an event in Pennsylvania. The initiative is aimed at accelerating development within these sectors.

The event, dubbed "Inaugural Pennsylvania Energy and Innovation Summit," will host 60 executives from leading AI and energy companies, including BlackRock, AI firms Anthropic and Palantir, and energy giants Exxon Mobil, Chevron, and EQT.

White House officials have disclosed that the funds will be allocated toward the construction of new data centers and the enhancement and expansion of the power grid.

Since his second term, Trump has been proactive in promoting AI by implementing incentive policies that attract private sector investments, relax regulations, and expedite approval processes for new projects. Earlier this year, he announced the "Stargate" initiative, a $100 billion project supported by SoftBank, OpenAI, and Oracle, to develop AI data centers.

Due to the massive energy requirements of the tech industry, Trump is keen on ensuring sufficient electricity supply to support data center expansions, maintaining the U.S. lead in the AI dominance race. Projections indicate that data centers will account for 8.6% of the U.S. power demand by 2035, up from the current 3.5%.

In May, Trump signed an executive order to expand U.S. nuclear power production and simplify reactor approval processes to secure energy supply. The U.S. Department of Energy has already invoked emergency powers to keep two planned-to-close power plants operational, hinting at further interventions.

Furthermore, reports suggest that BlackRock CEO Jon Gray is expected to reveal a $25 billion project at the summit for developing data center and energy infrastructure, alongside forming a joint venture to boost power generation.

On Monday, U.S. energy stocks rallied, with EQT rising 5.33% to close at $58.28, marking its highest finish since June 30. Nuclear firm Oklo, backed by OpenAI CEO Sam Altman, surged 11.29% to end at $62.41, its highest close since June 17, while Nuscale Power (SMR) jumped 12.38% to $42.12, reaching a new high since June 24.

BlackRock (BLK) shares connected to the summit climbed 0.89%, and Palantir Technologies Inc. (PLTR) rose 4.96%.

Related Stock Chart, Source: TradingView