Dominion Energy reports the data center boom in the world's largest market is not slowing down.

Dominion Energy, which provides electricity to Loudoun County in northern Virginia—known as "Data Center Alley" for hosting the world's largest cluster of data centers—reported on Thursday that data center demand in the region shows no signs of slowing. During the company's first-quarter earnings call, Chief Financial Officer Steven Ridge told analysts, "We have not observed any evidence of slowing demand from data center customers across our service area." The utility serves the Big Tech companies investing tens of billions of dollars in building data centers for training artificial intelligence models.

Despite widespread Wall Street speculation about a potential pullback in tech sector investment, Dominion's executives reported no pause in customer spending. Concerns about slowing demand stem from President Donald Trump's tariffs, which could make it more difficult to source parts and raise recession risks. The emergence of China's DeepSeek AI lab also sparked a sell-off in power stocks earlier in the year, as investors worried the model's greater energy efficiency might reduce data center buildout needs.

Dominion has 40 gigawatts of data center capacity in various stages of contracting, and CEO Robert Blue emphasized the continued urgency among customers. "We're seeing continued appetite for additional data center capacity in our service territory," Blue said. "They want to go fast, they always want to go fast. That's their business, that's always been their business. We've been effective at serving them thus far. I don't see any reason why that's going to change in the future." Blue noted that data center customers have not shown any concerns about economic uncertainty or paused spending on new projects.

The utility's outlook was reinforced by comments from major companies in the sector. Executives with Amazon and Nvidia said last week at an energy conference in Oklahoma City that data center demand is not slowing. Dominion shares rose about 1 percent in Thursday trading as the utility maintained its full-year operating earnings guidance of $3.28 to $3.52 per share.