After a dismal performance in the first four months, the renewable energy space showed a remarkable comeback in May driven by bullishness surrounding artificial intelligence (AI).
Yes, AI is using quite a lot of energy. However, should that technology develop in the way its proponents believe it will, it could propel clean, renewable, energy-efficient technologies.
Renewable energy ETFs are making a comeback after a dismal showing in the first half of the year. And much of the gains have been fueled by an unlikely source – the rising tide of bullishness over artificial intelligence.
On a year-to-date basis, many clean energy stocks and related ETFs are saddled with steep losses. However, some of those assets are proving responsive to recent positive headlines regarding renewable adoption.