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LuGomesLong power producers
Composition
Themes
T1power generation and electricity producersT2grid transformers switchgear and transmission equipmentT3data center infrastructureT4nuclear power generation
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as of Jun 19, 2026Post
Long power producers
Long power producers and electrical infrastructure, not AI software
The market still talks about AI as a software story. I think Q3 is increasingly a power availability story.
The key bottleneck is no longer training models. It’s deploying enough compute at scale.
Every new AI model announcement ultimately turns into:
- More GPUs
- More data centers
- More electricity
- More transmission equipment
The entire stack above software has become the constraint.
My thesis
The biggest surprise of the AI cycle is that AI is behaving less like software and more like industrial infrastructure.
The market expected the value capture to look like:
AI applications → AI software → cloud providers → chips
Instead, we’re getting:
Electricity → grid equipment → data centers → chips → everyone else
The reason is simple:
You can copy software features quickly.
You cannot build a 500 MW power connection quickly.
A transformer, transmission line, gas turbine, substation, or nuclear reactor approval is far harder to replicate than another chatbot.
The core idea is that AI is transitioning from a software boom into an infrastructure boom, and infrastructure providers are often the last part of the value chain to be fully appreciated by the market. Given your existing interest in uranium and industrial exposure (URA, XLI), this is also one of the few AI-related theses that doesn’t require betting on which model or chatbot wins.