The AI Energy Stack: The Actual Industry Winners

This is the long-awaited Energy Stack episode. The AI trade is shifting from GPUs to the power, wiring, and data center infrastructure needed to support them.
Today, we cover Bloom Energy, optical networking companies like Lumentum and Corning, Marvell’s role in AI hardware, and neocloud providers such as Nebius, CoreWeave, and IREN.
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TIMESTAMPS
0:00 GPU Bottleneck Shifts
0:37 Power Becomes the Constraint
3:15 Five-Year Grid Delays
5:47 Bloom’s Fast Energy Fix
9:54 Data Transfer Hits Limits
11:51 Light Replaces Copper
17:25 Power Delivery Gets Harder
18:22 Marvell Wins Power Design
20:35 Renting Compute at Scale
21:08 Nebius and NeoClouds
25:17 Compute Becomes an Asset
29:47 The Substrate Layer Ahead
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RESOURCES
Josh: x.com/JoshKale
Ejaaz: x.com/cryptopunk7213
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Not financial or tax advice. See our investment disclosures here:
bankless.com/disclosures⁠
Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.