”The U.S. still leads the world in advanced AI chip technology. But when it comes to the infrastructure required to accommodate rising electricity demand, the U.S. is behind—and then some. And it’s not just about the buildout of AI data centers. Simply put, U.S. economic growth is becoming increasingly electricity-intensive. Think reshoring, domestic prioritization of energy-intensive sectors and the broader electrification of the economy. Meanwhile, from flat generation to declining transmission construction to aging transformers, the U.S. infrastructure base is still woefully underprepared for what’s to come. The good news: With this comes a range of potential investment opportunities, from companies specializing in electrical equipment or grid modernization to natural gas and other commodities. Power will continue to be a key theme of the economy and markets in 2026, in our view.”
Morten W. Langer
