Energy stocks +30% in 2026, crude oil -30% from April peak. Is $XLE pricing AI power demand, not oil?

Investor summaryNeutral

Questions if XLE's 30% surge is driven by AI power demand rather than crude oil, highlighting a major divergence between energy stocks and oil prices.

Bull points

Energy stocks are surging despite falling crude oil, indicating strong underlying demand.
AI power demand is emerging as a robust new catalyst, decoupling the sector from traditional oil cycles.

Bear points

Crude oil has dropped 30%, which traditionally weighs heavily on energy sector fundamentals.
Energy stocks may be overvalued if the AI power demand narrative is overhyped.

XLEAI 电力 / 核能

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