The focus in AI has evolved from rapid software capability gains to the physical constraints of its adoption. The demand for compute power is expected to significantly outstrip supply, making infrastructure—not algorithms—the defining bottleneck for future growth.
The massive computing power required by AI is causing energy demand in developed nations to rise for the first time in years. This shifts the energy conversation from a supply issue to a pressing political one, as policymakers must balance costs, reliability, and grid stability for consumers.
The most powerful investment opportunities are not in isolated themes but in their intersections. For example, AI's energy demand shapes national politics, which influences global supply chains and societal outcomes. Understanding these reinforcing forces is key to identifying underappreciated opportunities.