“Round one winners from new tech demand like data centers, hyperscalers, and chip makers are well-owned already. Further investments in those beneficiaries should be made contingent on a realistic path to expand the power supply. In other words, the big new digital darlings can still win, but the ruddy old real world may have to win first.”

 “AI and data centers will consume 8% of U.S. power demand by 2030, compared with 3% currently... Natural gas will power 60% of the growth, while renewables are expected to make up the other 40%.”

 “Power demand from data centers has already been humongous, then came the AI hype and the need for power skyrocketed... With all the money spent on data centers, the power consumption will increase massively.”

 “The AI narrative is capturing the biggest amount of investor interest... It has the potential to be the biggest driver of the industry.”

 “We consider these themes, along with Goldman’s Broad AI basket, to be the most popular in the next few years.”