AI Exchanges: Power Problems?

Bullish:

• $INFRA - Massive infrastructure buildout required for AI with hyperscalers increasing capex by $300B+ and power demand growing 220% by 2030, creating significant opportunities for infrastructure enablers.

  • “we have seen the hyperscalers' capital budgets and r and d budgets in 2026 and 2027 combined increase by more than $300,000,000,000”

    Brian·1:23

  • “that is going to trickle down into power and a whole host of other uses. And so we've been focused on where will that money go and what are the investment opportunities for the enablers?”

    Brian·1:44

  • “We're now assuming about 220% global growth in AI, in global AI and broader non AI data center power demand. 2030 versus 2023”

    Brian·4:01
• $POWER - Power demand from data centers expected to grow 220% by 2030, equivalent to adding another top 10 power consuming country, with hyperscalers willing to pay premium prices for reliable power.

  • “To put what that means into perspective, that would be like adding another top 10 consuming country to the mix. It would basically be the number six or so on the list of countries consuming power.”

    Brian·4:11

  • “if those solutions cost $40 per megawatt hour more relative to natural gas combined cycle, and the hyperscalers paid all of that, not just for US power demand from data centers and that growth, but all the global growth coming from data centers, that would only have an impact of about 2.5% on their 2030 EBITDA”

    Brian·10:55