The biggest winners from the AI boom may not be the tech giants building data centers, but the energy companies powering them. For more, we bring it now Yahoo Finance's Inez Ferreira. Inez.

Josh, if you take a look at the energy complex, at least today, the energy companies are the ones that are really monetizing the AI boom. And I'll show you what I mean. If you look at the seven energy companies that were compiled by Saxo Bank versus the Mag 7. and these companies include Exon Mobile, Chevron, Conco Phillips, Total Energies, and so forth. If you look at those companies versus the Mag 7, you're seeing that those seven big energy companies have delivered an average year-over-year return of 38%. That's versus 18% for the Mag 7.

So, this doesn't mean that the AI trade has failed when it comes to Big Tech. They have posted strong revenue, strong profits, but the cost of maintaining growth has been escalating. And if you look for example at Meta's second quarter earnings, you'll see that Meta's second quarter revenue rose to uh 60 billion, but its CAPEX rose to 31 billion.

It's really the opposite when you talk about energy companies because they are generating cash free cash flow today. Their infrastructure is in place. They have been focused for years on returning cash to shareholders, so their investments have been constrained. And then you have $95 oil prices because of these geopolitical issues that have really helped these companies with their bottom line.

And if you take a look for example at Exxon Mobile last quarter, their uh earnings more than doubled last quarter. And by the way, it's not just the price of oil that is higher, but it's also the refining profits that have gone up. So, while you think about the AI trade and Big Tech, the hyperscalers that are building out that infrastructure and when they will see their return on investment, for the energy complex, the energy companies, they are monetizing on that today. They're already seeing that return. Josh?

All right, thank you, Inez.