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Governments view AI dominance as national security and will force power solutions, making utilities a prime buy as data centers add 125 GW of load by 2030.
Investors are rotating out of tech into defensives; Utilities leading with relative strength as capital seeks safety during the Nasdaq leadership breakdown.
Deliverable power, not intelligence, is the real AI bottleneck so own the physical substrate
Power is the new bottleneck, rotate into utilities, grid, batteries and the names feeding AI electricity
Utilities act great despite higher rates as AI data centers drive electricity demand higher
Utility companies win as rate cuts and data-center power demand crowd buyers into dividends
Public utilities in data center build locations are the cleanest manufactured-commodity AI trade
Chamath argues that if a tax-equity fund puts solar plus storage on tens of millions of homes, residential load leaves the grid and utility rate bases collapse, stranding their CapEx and bond obligations. He names utilities outright as the biggest short he sees.
AGI gets ignored, then a COVID-scale mobilization scrambles for power; electricity becomes the scarce asset that re-rates.