Summary

• The AI buildout is revealing capacity constraints in many key inputs, with power being one of the most strained.
• BlackRock technology investors see the system adjusting across multiple time horizons but suggest a more dynamic environment requires shifting from a broad AI lens to more precise stock selection in the theme.
• The increasing use of power to build AI Infrastructure has forced a collision between two radically different operating cultures.
• As we move into the 2030s, two developments have the potential to materially change how AI infrastructure is powered and scaled.

By Tony Kim & Tomas Hamudis

Scarce Today, Abundant Tomorrow: Power and the AI Buildout

We are in the middle of what could be a once-in-a-generation industrial buildout. It requires semiconductors, equipment, labor, data centers, and massive amounts of

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