6 pieces
When a shared resource becomes the constraint, the durable cash accrues to whoever controls or relieves it rather than to the demand story. Those businesses still collect the toll long after the headlines move on.
Telecom and social media rode the same wave of optimism to opposite outcomes, and the difference was how quickly spending turned into recurring cash. Being right about the technology has never been enough.
The risk in the AI build-out is not debt itself but refinancing dependency — having to return to lenders on a schedule you do not control. Businesses that fund their own progress keep the clock in their own hands.
Every megawatt, every mile of transmission, and every new data center runs through copper. As AI’s power needs collide with physical reality, the metal at the center of electrification is repricing — and long-term investors are paying attention.
The AI revolution’s real bottleneck isn’t chips anymore — it’s electricity. And that shift is creating one of the most compelling structural opportunities in today’s equity market.
AI in investing usually means algorithmic trading. The more interesting shift is happening on the other side of the industry — in the messy, judgment-heavy work of understanding businesses.