AI Boom Shifts Focus From Chips to Power Infrastructure

BlackRock Investment Institute says the next AI trade may hinge on energy security and data-center power rather than chip supply. With more than 55 gigawatts of behind-the-meter capacity planned in the U.S. and long-term contracts like Microsoft-Chevron’s Kilby project, GE Vernova, Eaton and Vistra are positioned to benefit as hyperscalers seek on-site, dispatchable power amid grid bottlenecks and rising electricity costs.