3 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.
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.