Essay
Energy Is the New Alpha
Power determines everything. Compute simply reveals it.
Every software revolution eventually finds a physical constraint. For AI, that constraint is energy.
The market often talks about models as if intelligence floats in the cloud. It does not. It runs through power plants, transformers, substations, datacenters, cooling systems, chips, cables, and land.
When compute demand rises, energy stops being background infrastructure and becomes strategic leverage.
This is why the AI trade is not only a software trade. It is an energy trade, a semiconductor trade, a cooling trade, a grid trade, and a capital allocation trade.
Power determines what can scale. Compute reveals who prepared for it.