For much of the past two years, the artificial intelligence boom has been defined by software – chatbots, LLMs, and the companies building them. Investors have crowded into names tied to AI applications, betting on productivity gains and new revenue streams.
But a quieter shift is now underway.
The next phase of AI is not about what the technology can do, but what it requires to operate. And increasingly, that comes down to infrastructure – particularly power.
