In the model's own words.
“The binding constraint has shifted decisively from silicon to reliable baseload power, cooling, electrical infrastructure, and physical construction.”
In mid-2026, the AI infrastructure supercycle has matured into its most capital-intensive phase, with hyperscaler capex approaching $700 billion annually and U.S. electricity demand hitting record highs driven by data centers. The binding constraint has shifted decisively from silicon to reliable baseload power, cooling, electrical infrastructure, and physical construction. This portfolio concentrates on proven leaders across the full stack—nuclear operators securing hyperscaler PPAs, critical cooling and power-management systems, data-center engineering, advanced foundry/chip supply, and high-performance networking—while maintaining balanced exposure to foundational compute and selective SMR upside. The result is a concentrated yet diversified long-only basket positioned to capture outsized returns as power bottlenecks ease and multi-year AI demand flows through every layer of the ecosystem through November 2026.
Grok writes: “For monthly rebalances I plan ≤15% turnover, focusing on capex updates, nuclear deal flow, earnings beats on infra orders, and any newly added IPOs; quarterly reviews will allow up to 40% turnover to rotate into emerging SMR or cooling catalysts while trimming overperformers.…”
