Group 1: AI Market Dynamics - Many AI stocks have experienced significant price increases due to rising demand for AI-related hardware, particularly chips, leading to high valuations that may present more downside risk than upside potential [1] - The demand for energy to power AI chips and data centers is creating robust demand for natural gas, benefiting leading gas producers like EQT [2] Group 2: EQT's Competitive Position - EQT is the only large-scale, vertically integrated natural gas producer in the U.S., with extensive upstream production assets in the Appalachian Basin and strategic midstream infrastructure [4] - The company controls over 1 million undeveloped core net acres across Pennsylvania, Ohio, and West Virginia, making it one of the lowest-cost gas producers at $2 per MMBtu [5] Group 3: Power Demand and Growth Opportunities - U.S. data centers' power demand is projected to rise from nearly 62 gigawatts (GW) last year to over 134 GW by 2030, driving the need for new gas-fired generation [6] - EQT is positioning itself as a leader in supplying gas to the power sector through integrated gas supply and midstream contracts for large-scale projects, including the 3.6 GW Shippingport Power Station and the 4.4 GW Homer City redevelopment project [7]