Value chain
- Power generation
- Grid and electrical equipment
- Cooling
- Networking
- Compute
- Construction
Research theme
AI Data Center Buildout
The physical infrastructure, power, cooling, networking, and component demands created by accelerated computing.
Working thesis
What the theme research is testing
AI infrastructure investment may reward essential bottleneck providers, but durable economics depend on capacity discipline, customer concentration, and returns on invested capital.
Potential beneficiaries
- Mission-critical component suppliers
- Network infrastructure providers
- Power and cooling specialists
Principal risks
- Overbuilding
- Customer concentration
- Technology substitution
- Power and permitting delays
Monitoring questions
- Where is capacity genuinely constrained?
- Which suppliers convert demand into cash flow?
- Are customer commitments durable?