AI Power and Grid Investment Thesis

The binding constraint on AI is power, not chips. The investable opportunity is in generation, interconnection, and the equipment that connects the two.

Why this is the bottleneck

Compute demand can be deployed in months. Power generation and interconnection take years. That mismatch is durable, and it is being priced into long-duration contracts that did not exist three years ago.

Where I focus

Behind-the-meter generation adjacent to data centres
Grid interconnection rights and substation capacity
Transformers, switchgear, and the equipment supply chain
Long-duration power purchase agreements

https://niklaslindahl.com/thesis/ai-infrastructure/power-and-grid