Utilities have traditionally been known for their defensive properties, which makes the combination of robust economic growth, technological excitement, and elevated bond yields an unlikely recipe for their strong performance. That said, the sector’s 23% gain kept pace with the broader market last year. In 2025, this momentum should continue. For investors looking to diversify tech exposure, utilities could offer an attractive way to invest in the many themes driving markets today, but with a very different wrapper. To share what she’s seeing across the utilities sector, Gabriela Santos, my new co-host, will be joined by Teresa Kim, a utilities-focused equity research analyst here at J.P. Morgan Asset Management.