−6.9%
since Sep 30
The idea
I believe AI data centers are ordering electricity and hardware faster than the supply chain can build it, so the real opportunity sits in the bottlenecks rather than the headline names. This basket owns turbine and grid-equipment makers, on-site power like solar and gensets, the copper and nickel feeding all of it, plus a core of AI infrastructure as the demand anchor. It holds some cash and spreads across many companies rather than betting on one, meant to be held for years while the buildout plays out.
What it owns
- Gas turbines and electrical equipment have order books stretching years ahead, giving their makers pricing power in a constrained market. · GE VernovaControls the largest backlog of gas turbines, which are the exact bottleneck keeping the supply shortage tight., EatonMakes the electrical distribution gear between the grid and data center racks, facing the same stretched lead times as turbines., Quanta ServicesBuilds the grid connections and transmission lines that data centers wait years to access, capturing spending from a long hookup queue., HubbellMakes grid transformers and distribution equipment with order books sold out years ahead, capturing the pricing power of scarcity., Powell IndustriesMakes the switchgear that routes power inside data centers, a small company positioned at the tight point of the equipment queue.26%
- Operators unable to connect to the grid for years are building solar, fuel cells and backup generators on their own sites in bulk. · First SolarThe biggest US-made solar panel supplier captures orders from operators routing around slow utility hookups with on-site generation., CumminsThe standard backup generator for data centers sees rising orders as operators add on-site power while waiting years for utility connections., Bloom EnergyMakes fuel cells that let data centers generate their own power without waiting for the grid, embodying the on-site power workaround., NextrackerMakes solar trackers that tilt panels to maximize output, getting paid on nearly every large solar project built for data center power demand.19%
- The chips, cooling systems and data center real estate anchor the demand side that keeps the shortage tight across the supply chain. · VertivSells the cooling and power equipment installed inside data centers, making it a direct read on whether hardware orders and backlogs keep growing., NVIDIAIts chips are what drive all the power and copper infrastructure buildout, anchoring the demand side that keeps downstream shortages tight., Digital RealtyOwns the powered real estate that data centers must lease, making its scarce supply and grid connections more valuable as buildout accelerates.18%
- Data center expansion requires massive amounts of copper in wiring and transformers, while new mine supply takes a decade to arrive. · Freeport-McMoRanThe largest US copper miner benefits when data center wiring demand presses against flat mine supply for years., Global X Copper Miners ETFThis diversified copper miner ETF captures the shortage call across multiple producers without riding on any single company's execution., Southern CopperSits on some of the world's cheapest copper reserves, staying profitable at prices where higher-cost rivals struggle during a supply squeeze., Ero CopperOne of the few copper producers growing output gets paid twice during a squeeze: selling more pounds into higher prices.17%
- Grid-scale batteries smooth on-site power and back up the grid, pulling demand upstream for nickel and energy storage suppliers. · ValeOne of the largest nickel producers benefits when batteries backing up data centers and the grid pull on nickel supplies., Fluence EnergyBuilds grid-scale battery systems that data centers and utilities install to work around long utility connection delays., Lifezone MetalsDeveloping cleaner nickel production, betting that battery demand makes funding new supply worthwhile and hitting development milestones.13%
- Cash7%