Analyst and former banker Felix Prehn argues that the real AI investment opportunity lies in electricity infrastructure rather than chips. He identifies four companies with concrete contracts with major AI infrastructure buyers: Constellation Energy, which signed 920 megawatts in nuclear power purchase agreements, Talen Energy, supplying up to 1,920 megawatts to Amazon Web Services, Vistra, partnering with Meta and Amazon while launching Helix Digital Infrastructure alongside NVIDIA, KKR, and the Kuwait Investment Authority, and GE Vernova, whose backlog reached $176 billion. The analyst warns that if AI spending slows or expected profits fail to materialize, share prices across this group could fall sharply.
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