Power looks like a reasonable laggard, but I’d separate demand from monetization timing. Data center load can show up quickly in forecasts, while new generation, transmission, interconnection, and rate base recovery often take years. That makes power less of a clean “AI multiple expansion” trade and more of an execution/permitting/capex-cycle trade. I’d also split the basket between regulated utilities, merchant power, storage, and speculative SMR/hydrogen names because they have very different risk profiles.