Electrons are the base of the stack: the energy that feeds the hardware that runs the software that serves the model. Every token generated anywhere on Earth terminates in a power contract.
The electrification supercycle is the least understood layer of the AI transition. Data centers are becoming energy projects with computers attached. The firms and regions that secure cheap, reliable power will set the terms for everyone above them in the stack, the same way railroads once set the terms for freight.
This layer moves slower than the others and compounds longer. That is exactly why it belongs in the thesis.
Projects in this layer
- Electrification and energy infrastructure thesis: capital and strategy work on the energy side of the intelligence build-out, inside the portfolio.
- Energy-aware deployments: SelfBuiltSystems infrastructure designs that treat power as a first-class constraint, not an afterthought.