#power-grid

Nvidia was the obvious AI trade. The non-obvious one is whoever plugs the grid into the building. Hyperscalers are guiding to $725 billion of 2026 capex, and the binding constraint is no longer chips. It's turbines, transformers, and interconnection queues.

The warehouse trade is over. Logistics rents fell 4.5% in 2025 while data center rents hit a record $196.25 per kW/month at 1.4% vacancy. The next industrial asset class is here, and its scarce input is not land, it's power.