The artificial intelligence boom has created obvious winners—Nvidia, Microsoft, and the hyperscalers building massive data centers. But one of 2026's most surprising AI beneficiaries isn't a tech company at all. It's the world's largest oilfield services firm.

SLB, formerly known as Schlumberger, has surged 14% since the start of the year, touching its highest levels in more than 14 months. The rally has caught many investors off guard, but the thesis is increasingly clear: artificial intelligence runs on electricity, and electricity increasingly runs on natural gas.

The AI-Energy Connection

Data centers are extraordinarily power-hungry. A single large AI training facility can consume as much electricity as a small city. As tech companies race to build out AI infrastructure—exemplified by the $500 billion Stargate project—they're confronting an inconvenient reality: the U.S. power grid wasn't built for this.

Enter natural gas. While renewable energy captures headlines, gas-fired power plants remain the fastest, most reliable way to add significant generation capacity. And oil and gas companies are positioning themselves at the center of this buildout.

Chevron has partnered with gas turbine maker GE Vernova and investment firm Engine No. 1 to develop gas-fired power plants specifically for data centers. Analysts predict 2026 will be a breakout year for such projects, with oil majors funding and operating the power infrastructure that AI requires.

Why SLB Stands Out

Stephanie Link, chief investment strategist at Hightower Advisors, recently highlighted SLB as one of her top picks for 2026, calling it "a hidden artificial intelligence beneficiary."

"SLB is one of my favorite stocks for 2026," Link told CNBC. The company's expertise in drilling services, equipment, and technology positions it to capture spending as energy companies ramp up natural gas production to meet soaring power demand.

The Valuation Case

Despite the recent rally, SLB trades at a meaningful discount to both the broader market and its technology-adjacent peers. The stock offers a dividend yield above 2% and trades at roughly 12 times forward earnings—a fraction of what investors pay for pure-play AI stocks.

For investors seeking AI exposure without paying AI multiples, energy services offer an intriguing alternative.

Natural Gas: The 2026 Bright Spot

While crude oil struggled through much of 2025—with Brent falling nearly 20% from mid-$70s to the low $60s—natural gas is entering 2026 with considerably more momentum.

Several tailwinds are aligned:

  • LNG export boom: The Trump administration removed a Biden-era moratorium on new liquefied natural gas exports to non-free-trade-agreement countries. U.S. LNG exports remain robust, with total gas exports now at an impressive 24 billion cubic feet per day.
  • Data center demand: Hyperscalers' insatiable appetite for power is creating a structural demand tailwind that didn't exist five years ago.
  • Discipline from producers: After years of overproduction, U.S. natural gas companies have become more disciplined about capital allocation, supporting prices.

The Venezuela Factor

Oil and gas stocks received an additional boost this week following the capture and arrest of Venezuelan President Nicolás Maduro. Venezuela holds some of the world's largest proven oil reserves, and analysts believe U.S. intervention could eventually boost oil exports from the country.

Chevron, which maintains operations in Venezuela, surged more than 5% following the news. Other energy giants including Exxon Mobil also posted gains.

While the near-term impact on global supply remains uncertain, the development has reminded investors of the geopolitical premium embedded in energy markets.

The Bear Case: Supply Overhang

Not everyone is bullish on energy. Global oil markets face the prospect of a growing supply surplus through 2026, according to forecasts from the U.S. Energy Information Administration, the International Energy Agency, and BloombergNEF.

Production growth is expected to outpace demand growth, with a projected surplus of 2.1 to 4 million barrels per day in the first half of the year. That overhang could cap upside for oil prices and, by extension, energy stocks.

The Contrarian View

Some analysts see the pessimism as overdone. With positioning "extremely bearish" and costs rising, certain strategists argue energy is setting up for a powerful reversal once sentiment shifts.

"Low prices are forcing discipline, squeezing supply, and creating a rare setup where sentiment and fundamentals are deeply misaligned," one analyst noted.

How to Play the Theme

Investors looking to capitalize on energy's AI connection have several options:

  • SLB: The oilfield services giant offers direct exposure to increased drilling activity and energy infrastructure spending.
  • Natural gas producers: Companies like EQT and Coterra Energy are positioned to benefit from rising domestic demand.
  • LNG exporters: Cheniere Energy remains the dominant player in U.S. liquefied natural gas exports.
  • Pipeline operators: Midstream companies like Kinder Morgan and Williams Companies offer yield-oriented exposure to growing gas volumes.

The Bottom Line

The AI revolution requires massive amounts of power, and that power has to come from somewhere. While the long-term transition to renewables continues, the intermediate term belongs to natural gas—and the companies that produce, service, and transport it.

SLB's 14% surge to start 2026 suggests investors are beginning to connect these dots. For those willing to look beyond the obvious AI winners, energy may offer one of the year's most compelling—and contrarian—investment opportunities.