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The AI buildout is still playing catch-up
Raoul Pal’s take is basically: the AI race has turned data centers into the new oil fields, and we’re still early. He says they’re only about 30% built versus where they should be, which means the money pile may keep getting bigger instead of cooling off.
Why investors should care
If he’s right, this isn’t just about Nvidia selling more chips and calling it a day. It’s about a whole ecosystem of construction, electrical, and infrastructure companies getting dragged into the party because somebody has to build the boxes, wire the rooms, and keep the servers from melting.
The names in the frame
The article calls out a few likely winners from the buildout:
- Sterling Infrastructure
- Comfort Systems USA
- Quanta Services
Sterling even got a fresh pop in the piece, with the stock up 5.75% on Friday and another 6.18% in early pre-market trading Tuesday. So yes, the market is already sniffing out the theme like a dog hearing a treat bag.
Big picture
The real story here is less “one stock to rule them all” and more “the AI arms race is becoming a construction boom.” If the capex supercycle keeps rolling, the winners may be the companies that make the AI boom physically possible — not just the ones selling the AI itself.