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Mar 19, 2026 12:30 PM

Move Over Meta, Microsoft — Constellation, NextEra Hit Big Tech Valuations In 2026's Weirdest Trade

The stock market's strangest trend of 2026 might be hiding in the utility sector. Constellation Energy Corp. (NASDAQ:CEG) and NextEra Energy Inc. (NYSE:NEE), two stalwarts of the U.S. power grid, are now trading at earnings multiples that rival Silicon Valley's biggest names.

CEG stock is moving. See the chart and price action here. 

Constellation's price-to-earnings ratio has surged to 30.3, topping Meta Platforms' (NASDAQ:META) 21.5 and even edging past Microsoft (NASDAQ:MSFT) at 26, according to Benzinga Pro data. 

Meanwhile, NextEra Energy sits at 25.3, roughly in line with premium tech valuations. 

For a sector once prized mainly for stability and dividend yield, the shift represents ...