Forget Chips: AI Is Now a Power Trade. These 2 Dividend-Paying Industrials Prove It.

Data centers that use artificial intelligence (AI) all need one thing -- a steady power supply. That's where NextEra Energy (NYSE: NEE) and Oneok (NYSE: OKE), companies that can deliver dependable energy, come in.

NextEra Energy is the largest publicly traded electric utility by market capitalization, valued at more than $178 billion. It is a hybrid utility that mixes regulated stability with aggressive clean-energy growth.

Midstream operator Oneok has more than 60,000 miles of pipelines that deliver natural gas and crude oil. Its earnings per share (EPS) compound annual growth rate is 13% over the past decade.

As a bonus, both companies offer attractive dividend yields and a history of dividend growth. Here's why I like each of these stocks.

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NextEra's huge size and scope give it plenty of options

NextEra operates through two complementary divisions that mitigate downside risk while capturing upside growth: Florida Power & Light, which benefits from strong population growth in Florida and has dependable rate-base-driven revenue and earnings growth; and NextEra Energy Resources, a global leader in wind, solar, and battery storage development. This unregulated competitive energy segment provides a growth multiplier that traditional utilities cannot match.

The company will get even bigger if its proposed $67 billion all-stock merger with Dominion Energy goes through, which would make it the world's largest regulated utility, serving more than 10 million customers. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2027, pending approval by federal and state regulators.

Massive tailwinds from data centers and electrification

Electricity demand in the U.S. is experiencing structural growth for the first time in decades, propelled by AI data centers, industrial reshoring, and broad electrification. NextEra's massive development pipeline and national footprint position it as a primary partner for hyperscalers looking to secure gigawatts of clean, reliable power.

The company already has gigawatts of large-load demand in advanced discussions specifically tied to data center power purchase agreements. The merger with Dominion would give the company 110 gigawatts of power, much of it from nuclear sources, more than 10% of the electric capacity in the U.S.

NextEra raised its quarterly dividend by 10% this year and has increased its dividend for 31 consecutive years. The yield, at its current share price, is around 2.8%.

Oneok offers fee-based cash-flow stability

Oneok operates an extensive midstream energy network across major U.S. basins, including the Permian, Bakken, and Mid-Continent. The vast majority of its earnings are generated through long-term, fee-based contracts rather than direct commodity ownership. This structure insulates its revenue from short-term volatility in natural gas and natural gas liquids (NGL) prices, providing predictable operating cash flows even during broader market swings.

Oneok's ability to deliver natural gas is enabling it to sign deals with data centers seeking steady, secure energy sources. It recently secured a 1-gigawatt natural gas power generation supply agreement dedicated to supporting data centers and power generation demand, and said it is engaged with more than 40 counterparties related to data center and electric generation projects.

Reliable high yield and proven dividend growth

For income-oriented portfolios, Oneok stands out for its strong balance sheet and payout history. Its dividend yield at its current price is around 4.8%, more than twice NextEra Energy's yield. It has increased its dividend for three consecutive years and by more than 78% over the past decade, and has not cut its dividend since 1989.

Its payout yield is around 73%, much higher than NextEra Energy, though with predictable fee-based income, that may not be a major problem

James Halley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends NextEra Energy. The Motley Fool recommends Dominion Energy and Oneok. The Motley Fool has a disclosure policy.