The artificial-intelligence trade may be one of the prevailing narratives in the stock market right now, but it turns out one “boring” sector is actually beating Big Tech in 2025 — utilities.

The S&P 500 Utilities Sector Index

XX:SP500.55 has seen a total return of 23.7% year to date as of Tuesday’s market close, according to Dow Jones Market Data. Total-return figures include dividends.