(Bloomberg) -- Microsoft Corp.’s plan to invest $2.9 billion to boost hyperscale cloud computing and artificial intelligence infrastructure in Japan sent the country’s utility and industrial shares jumping.

Tokyo Electric Power Co. and Hokkaido Electric Power Co. each surged at least 4.7%, with a measure of utilities rising the most on the Topix index. Takasago Thermal Engineering Co., which develops clean room systems for chip makers, gained as much as 3.8%, while power transmission companies Kyudenko Corp. and Kinden Corp. also advanced.

“Microsoft’s AI investment could have a positive impact on Japan’s electricity consumption, as intensive computing could consume more electricity,” though the actual impact is still difficult to measure at the moment, said Kelvin Ng, an analyst at Bloomberg Intelligence.

Microsoft announced its plans on Tuesday in Washington, marking its biggest investment in the country. The company plans to open a lab in Japan focused on AI and robotics, while deepening its cybersecurity collaboration with the Japanese government, it also said in a statement.

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