Beyond the Tech Giants: 35 Non-Tech AI Opportunities

20. The Williams Companies, Inc. (NYSE:WMB)

Number of Hedge Fund Holders: 37 

The Williams Companies, Inc. (NYSE:WMB) operates as an energy infrastructure company primarily in the United States. As AI data center build leads to a major increase in demand for electricity, energy companies are scrambling to keep up with the supply. Alan Armstrong, the CEO of Williams, recently said at an energy conference that his firm was on track to add 12 natural gas projects representing 4.2B cf/day of capacity during 2024-27. The new projects will help meet growing demand from customers in several US Mid-Atlantic and Southeast states, including fast-growing demand for electricity from data centers, per the CEO.

The Williams Companies, Inc. (NYSE:WMB) is viewed positively on Wall Street. RBC Capital analyst Elvira Scotto recently raised the price target on the stock to $47 from $44 and kept an Outperform rating, backing Williams to achieve the top half of its 2024 adjusted EBITDA guidance despite weak natural gas prices, and underlining that the existing backlog of projects will drive growth across the business, with meaningful longer-term growth opportunities driven by power demand.