Jeff Bezos & John Elkann - Italian Tech Week 2025· Oct 3, 2025
The universal adoption of AI across all industries will trigger a prolonged capital expenditure cycle for the foundational infrastructure of computing power, electricity, and data center hardware.
Position Reasoning
Addresses the most fundamental input for AI: electricity. The massive projected growth in data center power consumption provides a significant, long-term demand catalyst for the utilities sector. This is a more defensive, broader play on the same infrastructure theme.