Chevron joins AI power race: oil giant becomes data center energy supplier

Oil giant Chevron has stepped well outside its traditional business by securing an agreement to supply power to large-scale data centers serving artificial intelligence workloads. The deal immediately moved markets, with shares of energy equipment maker GE Vernova and industrial conglomerate Caterpillar rising sharply as key hardware suppliers. Microsoft is reportedly the technology partner on the deal, giving the project considerable strategic scope. Analysts view the move as evidence that the enormous power appetite of AI computing is opening an entirely new revenue stream for oil and gas companies. For investors, the development suggests that beneficiaries of the AI boom can be found not only among tech names but also among conventional energy producers.