“The build-up is inflationary because of the infrastructure and everything you’re going to need to rely on in the future in terms of power, CPU, grids — things like that.”

 “Later it will be deflationary as companies use AI to become more efficient.”

 “We continue to see The Williams Cos. as the most direct play, but expect the AI data center buildout to spread to several regions, which could drive higher multiples for all gas companies.”

 “One of our favorite dividend strategies is to buy companies with a virtuous combination of (1) high dividend growth, and (2) a high free cash flow yield.”

 “Dividends will be table-stakes for big tech going forward. I think if you don’t pay one, it will now be taken as a sign your business is more volatile.”

 “These companies are still in the thrall of buybacks, and the dividend yields aren’t significant, but I think it is very telling that these companies are moving in this direction... As a dividend investor, a maturing company declaring a dividend is a good sign, but it is only meaningful if the yield adds up, and we’re not there yet.”