Research Dashboard
Agency Era Thesis Tracker
A curated watchlist for the infrastructure side of the Agency Era thesis: power, compute, and the physical bottlenecks that capital is likely to chase as AI demand compounds.
Energy — Power the Buildout
AI is an energy story before it is a software story. Every watt of compute capacity requires baseload power, and nuclear is the only carbon-free source that scales to meet the demand curve. This vertical tracks the generation capacity and fuel cycle inputs that make the rest of the buildout physically possible.
Largest US nuclear fleet. 20-year power purchase agreements with Microsoft and Meta.
Deeper dive with live data →6,400+ MW nuclear fleet plus largest US competitive gas generation portfolio. 20-year PPA with Meta for 2,600 MW of nuclear capacity.
Deeper dive with live data →Nuclear reactor technology and SMR development. Over $2B in data center electrification orders in 2025, tripling prior year.
Deeper dive with live data →Second-largest uranium producer globally. Operates McArthur River and Cigar Lake, among the world's highest-grade uranium mines.
Deeper dive with live data →US-based ISR uranium producer. Ramping domestic production through 2026.
Deeper dive with live data →Only US-based uranium enricher using American-made centrifuge technology. Began domestic centrifuge manufacturing in December 2025.
Deeper dive with live data →Sam Altman-backed SMR developer. Pre-revenue. Next-gen form factor for distributed AI power.
Deeper dive with live data →First and only SMR design to receive NRC design certification. Second approval (77 MWe uprate) granted May 2025.
Deeper dive with live data →Electrical Infrastructure — Deliver the Power
The tightest bottleneck in the AI buildout sits between the power plant and the data center. Transformers, switchgear, and high-voltage cabling now carry multi-year lead times. Over half of US distribution transformers are past their expected service life. This vertical tracks the companies building, equipping, and wiring the grid to handle AI-scale power demand.
Data center orders +200% in Q4 2025. Backlog equals 11 years of construction. Transformers, switchgear, power distribution.
Deeper dive with live data →Medium-voltage switchgear specialist. First data center megaproject at ~$75M. Total DC orders exceeding $100M per quarter.
Deeper dive with live data →Builds transmission lines, substations, and grid interconnections. Record backlog with data center work as fastest-growing segment.
Deeper dive with live data →Power management, automation, and industrial control systems for data centers and grid infrastructure.
Deeper dive with live data →Transformers, switchgear, and grid equipment. Double-digit data center order growth. ~15% of Electrification division orders from DCs.
Deeper dive with live data →Full-stack: power distribution, UPS systems, and data center infrastructure management software. Present in most major DC builds globally.
Deeper dive with live data →World's largest cable manufacturer (includes Encore Wire). High-voltage power cables with 24+ month lead times.
Deeper dive with live data →Electrical connectors, enclosures, and utility solutions. Embedded in the grid modernization supply chain powering data center load growth.
Deeper dive with live data →Compute — Build the Infrastructure
The full compute supply chain: GPU design, custom silicon, semiconductor equipment, fabrication, memory, data center housing, networking, and cooling. Hundreds of billions in hyperscaler capex convert into physical infrastructure through these companies. The chokepoints are real: one lithography monopoly, three HBM producers, and ~90% of advanced fabrication on a single island.
GPU monopoly powering AI training and inference. The anchor of the entire compute layer.
Deeper dive with live data →Second GPU architecture for AI workloads. MI300/MI400 series gaining inference traction. Validates multi-vendor compute demand.
Deeper dive with live data →70%+ market share in custom AI ASICs. AI revenue +106% YoY to $8.4B. Primary beneficiary of hyperscaler shift to custom silicon.
Deeper dive with live data →Custom XPU silicon and electro-optics interconnects. 18 design wins in volume production. $75B lifetime revenue pipeline.
Deeper dive with live data →Manufactures ~90% of the world's most advanced chips. $52-56B 2026 capex. Most critical single node in the silicon supply chain.
Deeper dive with live data →Sole manufacturer of EUV lithography machines. No ASML, no advanced chips. Market cap above $500B.
Deeper dive with live data →Dominant in high-aspect-ratio etching for HBM4 production. HBM tool revenue +50% YoY.
Deeper dive with live data →Most diversified semi equipment maker. Guided 20%+ revenue growth for 2026. Record gross margins at 49.1%.
Deeper dive with live data →Western HBM producer. One of three manufacturers globally of the high-bandwidth memory inside every AI accelerator.
Deeper dive with live data →Largest data center REIT globally. 270+ facilities across 77 markets.
Deeper dive with live data →300+ data center facilities. 20 consecutive years of revenue growth.
Deeper dive with live data →43% market share in high-speed data center switching (400G/800G). The networking fabric connecting GPU clusters.
Deeper dive with live data →Power management and thermal systems for data centers. Positioned across both power delivery and liquid cooling.
Deeper dive with live data →AI server assembly and rack-scale architecture. Direct Nvidia GPU integration. Governance concerns create elevated company-specific risk.
Deeper dive with live data →Commodities — The Physical Constraint Layer
The raw materials underneath every other vertical on this tracker. A single AI data center consumes 25-33 tonnes of copper per megawatt of capacity before accounting for grid infrastructure. Transformer production depends on electrical steel made by one domestic producer. These supply constraints are structural: decade-long mine development timelines colliding with demand curves that move at venture speed. ETFs provide broad commodity exposure while individual names capture the thesis connections no index can.
Broad exposure to the uranium mining and nuclear fuel cycle. Tracks the commodity input powering the Energy vertical.
Deeper dive with live data →Basket of global copper producers. Copper deficit projected to widen through 2026+ as AI data center and grid buildout accelerates.
Deeper dive with live data →Silver miners basket. Industrial demand now over half of total silver consumption, driven by electrical contacts and DC components.
Deeper dive with live data →Lithium producers and battery technology. Grid-scale battery storage (BESS) is becoming required infrastructure for data center power.
Deeper dive with live data →Rare earth and strategic metals exposure. China controls ~91% of global rare earth refining. This ETF tracks the commodity layer underneath that chokepoint.
Deeper dive with live data →Only US producer of grain-oriented electrical steel. Building a $150M transformer plant in West Virginia. No ETF captures this story.
Deeper dive with live data →World's largest miner. Record copper production guidance for FY2026. Targeting ~2Mt copper by 2030s. Multi-vector commodity exposure across copper, iron, and potash.
Deeper dive with live data →