Key Highlights

● Alliant Energy rose modestly on Friday, October 30, 2026.

● Third-quarter Earnings of $1.52 a share beat the $1.09 estimate.

● The Capital spending plan rose to $15.9 billion.

● The plan reflects 3.4 gigawatts of data-center demand.

Alliant Energy (NASDAQ:LNT) rose modestly on Friday, October 30, 2026, after reporting third-quarter earnings of $1.52 a share, well above the $1.09 analysts had expected. The Madison, Wisconsin-based Utility also issued 2027 earnings guidance of $3.63 to $3.73 a share.

The headline figure was its capital spending plan. Alliant raised the plan to $15.9 billion, citing 3.4 gigawatts of data-center demand. That is a large amount of new load for a regional utility, and it reflects how technology companies are seeking power for the computing facilities behind artificial intelligence.

Alliant serves electricity and Natural Gas customers in Iowa and Wisconsin. Higher capital spending typically allows a regulated utility to grow its rate base, the asset value on which it is permitted to earn a return.

Data-center Demand meets a tech selloff

The timing was notable. On the same day Alliant pointed to strong data-center demand, investors were punishing technology companies over the cost of the AI buildout. Amazon (NASDAQ:AMZN) reported trailing 12-month free Cash Flow of negative $42.4 billion and signaled more capital spending next year, while Alphabet (NASDAQ:GOOGL) extended losses after a record drop on Thursday driven in part by heavy spending.

A market analyst said that "Together, Amazon, Google, Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META) spent more than $200bn in the third quarter alone," and that "the risk is that higher financing costs will absorb more of the cash generated,"

Utilities, however, finished in positive territory as investors moved into defensive sectors. Dominion Energy rose after operating earnings of $1.28 a share beat the $1.06 estimate, and Exelon gained after topping expectations and narrowing its 2026 guidance to a range of $2.85 to $2.91 a share. Both companies benefited from the same shift into defensive sectors.

The broader market

The major indexes suffered their worst day since June. The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average lost 572.25 points to 51,770.31 and the Nasdaq Composite tumbled 747.73 points to 25,437.00. The Russell 2000 dropped 47.37 points to 2,811.84.

Intel (NASDAQ:INTC) set off the selloff with a fourth-quarter Revenue forecast of $15 billion to $16 billion, well short of expectations, and a warning about cash burn. Chip stocks fell sharply, and the Philadelphia Semiconductor index closed at 10,688.80.

Other forces weighed too. West Texas Intermediate crude rose to $104.12 a barrel amid tensions near the Strait of Hormuz, gold slid to a 52-week low and crypto stocks fell after Binance was reportedly hacked for about $6.3 billion. The Federal Reserve left its benchmark rate range unchanged on Wednesday, but markets now expect a hike in December, and several Fed officials said on Friday that rates may need to move higher.

Energy, consumer staples, utilities and health care led the six sectors that finished higher, while technology was the worst performer.

What to watch

Investors will look for details on how Alliant plans to fund its larger capital program and on the timing of the data-center projects behind it. Regulatory approvals and customer contracts will be key to turning the planned spending into earnings growth.

The midterm elections on Tuesday, November 3, are also relevant, as investors watch state and local races for data-center implications. Apple (NASDAQ:AAPL) reports on Monday, November 2, and the October jobs report arrives on Friday, November 6, which will shape expectations for the Fed's next move.