The excitement surrounding artificial intelligence (AI) has been permeating the stock market, with significant implications beyond just the tech industry.

Nvidia’s (NASDAQ:NVDA) earnings call on Wednesday night will mark a year since the chipmaker first surprised Wall Street with its robust demand for AI chips. Since then, references to AI on earnings calls have surged by 186% since Q1 2023, according to Bank of America Research.

Initially focused on AI chipmakers like Nvidia and AMD (NASDAQ:AMD), the AI conversation has expanded to major AI users such as Alphabet (NASDAQ:GOOGL), Meta (NASDAQ:META), Amazon (NASDAQ:AMZN), and Microsoft (NASDAQ:MSFT). More recently, strategists have highlighted the potential benefits for other sectors, including Energy, Utilities, and Commodities, due to increased power usage from AI technologies.

“It’s not just about NVDA anymore,” noted Ohsung Kwon, a US and Canada equity strategist at Bank of America, in a Monday client note.

This market shift is already evident. Several precious metals, including copper, have reached new highs, driven by anticipated AI-related spending. The Utilities and Energy sectors are among the top performers in the S&P 500 this year, up approximately 15% and 13%, respectively.

Individual stocks have mirrored Nvidia’s impressive rise in 2024. Texas-based Vistra Corp (NYSE:VST) has surged roughly 140% this year, while Constellation Energy (NASDAQ:CEG) shares have nearly doubled, matching Nvidia’s ascent.

In a Sunday note, Morgan Stanley’s chief investment officer Mike Wilson designated Utilities as an Overweight sector, emphasizing its potential benefits from the AI power surge. Wilson pointed out that the Power and Utilities team at Morgan Stanley anticipates electricity consumption in the US to increase from 3% in 2023 to about 10% by 2030, fueled by AI data centers, which are significantly larger than their predecessors.

“Both traditional and alternative energy providers could see upside revisions due to the growing need for AI data center power and more favorable power deals,” Wilson wrote.

Companies have also been emphasizing their involvement in AI developments. Research from Goldman Sachs, led by David Kostin, revealed that AI mentions skyrocketed in the first quarter. Over 66% of companies in the Energy sector discussed AI during their earnings calls this quarter, up from 19.1% last quarter.

Given the broader market implications, investors are keenly watching Nvidia’s report for insights into AI chip demand.

Nvidia has consistently exceeded analyst expectations for quarterly results and raised its future outlook amid strong AI server demand. Whether this trend continues or falters could significantly impact multiple sectors.

“If markets start to think, ‘Maybe we overestimated the excitement and pulled forward some earnings,’ and that sentiment is reflected in valuations,” JPMorgan Asset Management’s global market strategist Jack Manley told Yahoo Finance, “then we might see a bit of a rocky road ahead.”