Jeff Bezos & John Elkann - Italian Tech Week 2025· Oct 3, 2025
AI and (to a lesser extent) commercial space are reinforcing a multi-year infrastructure capex cycle best expressed via semiconductors, data-center real estate, and grid buildout, while hedging the risk of a valuation reset in speculative “innovation” equities.
Position Reasoning
Grid electrification and interconnect/transmission work should benefit from rising data-center power demand (second-order effect of AI capex).
Why "AI Coming for Your Job" is Not a Bad Thing· Aug 5, 2025
Even if AI valuations are frothy, the most durable, investable spillover is rising electricity demand and grid/datacenter electrification capex that benefits utilities and electrical infrastructure alongside selective semiconductors.
Position Reasoning
Targets second-order grid buildout: transmission, distribution, and data-center electrical infrastructure construction/services that should see sustained demand if AI/robotics drives higher power consumption.
Why "AI Coming for Your Job" is Not a Bad Thing· Aug 5, 2025
Even if AI application winners are uncertain and valuations are frothy, the more durable, economy-wide implication is a multi-year surge in U.S. electricity demand and grid/electrification capex, favoring utilities and power infrastructure over high-multiple “AI hype” baskets.
Position Reasoning
Grid buildout and electrification capex beneficiary (engineering/construction for transmission/distribution), aligned with second-order effects of AI-driven load growth and infrastructure constraints.