I have been observing something quite interesting about how the benefits of AI are actually being distributed. It's not so much in the applications or software where everyone thought, but in the physical infrastructure and the energy that supports it.

Look, NVIDIA is the most obvious case. Its market capitalization went from $1.2 trillion to $4.4 trillion, while its revenue tripled to $215.9 billion in fiscal year 2026. That’s no coincidence. But what’s interesting is that Microsoft, with all its massive investments in AI, has yet to translate that into clear returns for its shareholders. The difference is that NVIDIA is selling the picks in the AI gold rush.

Then there’s the energy side. Electricity demand, especially nuclear, is skyrocketing. Companies like Vistra and Constellation Energy have seen their stocks soar. It makes sense: data centers need constant, massive energy. And here is where the benefits of AI become tangible in new ways.

Copper is another fascinating indicator. Prices are at all-time highs because these data centers need tons of this material for infrastructure. It’s a domino effect: more AI requires more hardware, more hardware requires more copper, more data centers require more energy.

From a geopolitical perspective, the United States is winning the bet. It invested $109 billion in private AI funding in 2024, leaving China far behind. But this confirms what I say: the real benefits of AI are not in who has the best model, but in who controls the infrastructure and the energy that powers it. The global race remains fierce, but it’s clear that energy and technology are the pillars on which all this is built.