The Infrastructure Thesis

  AI infrastructure is expanding at a remarkable pace. New data centers are being built around the world, filled with powerful processors and large clusters of GPUs. In the early phase of the AI boom, these systems were seen as cutting-edge technology. But as the industry grows, something interesting begins to happen. AI hardware starts to resemble a utility. Utilities provide essential services that modern economies depend on. Electricity, water, and telecommunications all operate this way. They are not optional. They are foundational infrastructure. A similar shift may be happening with AI compute. Large technology companies are investing billions of dollars in data centers and specialized hardware. Cloud platforms now offer AI compute capacity as a service. Businesses no longer need to own their own hardware. Instead, they rent computing power from centralized infrastructure providers. This model looks increasingly similar to traditional utili...