The selloff​ extended to shares of natural-gas producers, pipeline operators, mining companies​, and electricity generators.

Energy demands are rising due to AI and consumer demand, but we don’t need to fill the gap with more natural gas.

And finally, in the year 2025, here comes DeepSeek to blow up the industry’s whole narrative about AI’s bottomless appetite for power, and potentially break the spell that had kept Wall Street funneling money to anyone with the words “harnessing artificial intelligence” in their pitch deck.

The Chinese company is rapidly changing assumptions about individual models’ power needs, but the AI sector’s emissions are still a concern.