“Round one winners from new tech demand like data centers, hyperscalers, and chip makers are well-owned already. Further investments in those beneficiaries should be made contingent on a realistic path to expand the power supply. In other words, the big new digital darlings can still win, but the ruddy old real world may have to win first.”

 “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.”

 “I don’t see the big productivity miracle yet from AI. When I ask our analysts outside the tech sector if they have significantly changed their cost or revenue projections as a result of AI, there’s a lot of shrugging of shoulders, which says to me that this is evolution, not revolution.”

 “The market has decided to interpret it not as a cyclical rebound, but as a structural improvement... Widespread adoption of technological advances, and the economic benefits they bring, tends to take time and to expect the benefits to be seen as little as two years after the entrance of AI into the general consciousness would be unusually rapid.”

 “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.”