EQT Rises on Trump, McCormick's $70B AI, Energy Investment Plans for Pennsylvania

EQT shares jumped 5.2% on Monday as President Trump and Senator McCormick plan to announce $70B in AI and energy investments for Pennsylvania during an innovation summit in Pittsburgh. The investments represent a major boost for the state's economy and are expected to be a key focus of the summit.

EQT (NYSE: EQT) shares rose by 5.2% on Monday following the announcement that President Trump and Pennsylvania Senator David McCormick plan to unveil $70 billion in artificial intelligence (AI) and energy investments at an innovation summit in Pittsburgh on Tuesday. The investments, which include new data centers, power generation expansion, and AI training programs, are expected to significantly boost Pennsylvania's economy and create thousands of new jobs.

The $70 billion figure represents a substantial commitment from various companies, including BlackRock, Palantir, Chevron, and ExxonMobil. Blackstone Inc.'s president and COO Jon Gray is expected to announce a $25 billion project for data-center and energy infrastructure development, which is anticipated to bring 6,000 construction jobs annually and 3,000 permanent jobs [1].

The summit, hosted by Senator McCormick at Carnegie Mellon University, aims to showcase the economic and national-security benefits of building AI infrastructure and attract global investment in the state. Attendees include over 60 CEOs and leaders from energy, AI, labor, and the world's largest sources of capital. Notable figures such as Larry Fink (BlackRock), Alex Karp (Palantir), Darren Woods (ExxonMobil), and Mike Wirth (Chevron) are expected to participate [2].

The Trump administration's focus on AI and energy investments is part of a broader strategy to keep the U.S. ahead of China in the AI race. China's recent advancements in AI, exemplified by the DeepSeek R1 model, have raised concerns about the U.S.'s competitive edge. The administration's moves include easing regulations, accelerating the permit process, and investing in AI data centers [2].

The event also highlights the importance of ensuring sufficient power supply for energy-hungry AI data centers. By 2035, data centers are projected to account for 8.6% of all U.S. electricity demand, more than double their current share. The Trump administration has emphasized the need for expanded use of coal-fired power, natural gas, and nuclear energy to meet this demand and has warned of potential blackouts if these measures are not implemented [2].

By hosting the summit in Pennsylvania, Trump and McCormick are elevating the political importance of accelerating AI development. Pennsylvania is a battleground state that has been pivotal in recent presidential elections, and the event follows the closing of the $14.1 billion acquisition of Pittsburgh-based U.S. Steel Corp. by Nippon Steel Corp. This deal is expected to boost domestic steel production and protect thousands of jobs [1].

The Pennsylvania Energy and Innovation Summit is set to be a significant milestone in the U.S.'s AI and energy development strategy, with potential long-term benefits for both the state and the country as a whole.

References:
[1] https://www.axios.com/2025/07/14/trump-mccormick-ai-energy-summit-pittsburgh
[2] https://www.bloomberg.com/news/articles/2025-07-14/trump-to-unveil-70-billion-in-ai-and-energy-investments