AI's Power Play: Unlock the Next Boom

OpenAI’s president made it clear last week: the bottleneck for AI is infrastructure.

And one of the main infrastructure constraints is energy.

By 2030, training a single “frontier model” — the term for the largest, most advanced AI systems like GPT-5 and its successors — could carry a $100B price tag and consume gigawatts of electricity, enough to power several million U.S. homes for a year.

Without massive new generation and on-site supply, the AI boom runs straight into a wall…and likely quicker than you think.

Virginia, home to the world’s largest concentration of data centers, expects electricity demand to nearly double in the next decade. Texas passed laws giving utilities authority to disconnect data centers during peak emergencies. PJM, the mid-Atlantic grid operator serving 65 million people, is debating whether new data centers should even be guaranteed electricity at all.

Construction trends confirm business priorities. After all, capital flow doesn’t lie.

Office projects are shrinking while data center builds have gone vertical.

For the first time, data centers are on pace to overtake offices in square footage. Companies are spending less on housing employees and more on facilities that power machines, and those machines require reliable baseload power.

Nuclear is moving back to the center of the conversation.

Public support has reached its highest level in more than a decade, and the recent U.S.–U.K. nuclear agreement committed both nations to faster reactor approvals and expanded fuel cooperation.

The political will is here.

The demand is here.

What has been missing are the companies that can deliver.

Oklo (OKLO) has already delivered one of the most remarkable runs in our portfolio, climbing more than +400% in under five months.

The company is developing compact nuclear microreactors designed to run for up to a decade without refueling, giving data centers a way to bypass years-long delays to connect to the grid and secure dedicated on-site power. Investor and customer attention continues to build, with web visits hitting all-time highs in August, up +290% year over year.

The rally looks explosive well into the future.

• A new partnership with Vertiv ties Oklo’s reactors directly into power and cooling systems for hyperscale data centers, turning nuclear heat into both electricity and thermal management.

• A growing collaboration with Liberty Energy bridges immediate demand with natural gas, creating visibility on near-term revenue while reactors are developed.

• On the regulatory side, Oklo has secured a Department of Energy site-use permit and submitted its first combined license application to the NRC, both critical steps toward deployment.

• Demand is lining up as well, with letters of intent totaling 750 MW from data center operators preparing to lock in supply before the first unit even comes online.

• Policy tailwinds added fuel this month when the U.S.–U.K. nuclear agreement named advanced reactors and fuel as strategic investment areas, validating Oklo’s role in solving AI’s power crisis.

Oklo is out front, but it is not the only stock in our sights.

We have several other AI Power Plays to watch…