Core Insights - Rapid advancements in artificial intelligence (AI) and increasing demand for related technology are creating significant infrastructure needs, leading to new investment opportunities [1] Investment Opportunities - The ALPS Electrification Infrastructure ETF (ELFY) offers a way for investors to engage with the AI/infrastructure sector, focusing on companies with market values of at least $5 billion to mitigate risks associated with this emerging investment concept [2] - ELFY expands the infrastructure investment landscape, which has traditionally been accessible only to affluent investors, coinciding with rising interest driven by innovative technologies like AI and clean energy [3] Infrastructure Relevance - Infrastructure is essential for daily life, encompassing utilities for heating, data transmission towers, and data centers that support AI proliferation [4] - ELFY allocates two-thirds of its investments to utilities and industrial stocks, which are foundational to traditional infrastructure funds, yet it also emphasizes companies with exposure to new technologies [5][6] AI and Infrastructure Synergy - AI is viewed as an "accelerator" for infrastructure investment, suggesting that investors optimistic about AI should also consider infrastructure investments [8] - Infrastructure companies linked to AI are expected to remain resilient even if AI-related earnings or spending decline, indicating a stable investment outlook [8][9]

Your next guest is one of the leading power deal makers in the world. His energy capital partners, a leading investor in Kpine, which was sold earlier this year to Constellation Energy, more than 26 billion dollars, including debt. Doug Kimmelman is founder and now executive chair of Energy Capital Partners, ECP, and joins us now.Doug, it's great to have you on set. Thanks, Frank. Good to be back.43 years in this business, did you ever think we'd get to this point where power has now become really the hotte ...

POLAND - 2024/12/04: In this photo illustration, the Sempra Energy company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesD and PCG are Sempra’s competitors in the Multi-Utilities sector that possess:1) A lower valuation (P/OpInc) compared to Sempra stock2) Yet they demonstrate higher revenue and operating income growthThis divergence between valuation and performance might suggest that investi ...

Core Insights - The market is experiencing a dual sentiment where both risk-on and risk-off assets are performing well, indicating a complex economic outlook with strong earnings growth and concerns over geopolitical issues and debt [2][3][4] Investment Strategies - Focus on high-quality companies that are less affected by market volatility, with an emphasis on midcap and small cap stocks that are currently undervalued compared to large caps and emerging markets [3][4] - Utilities have shown significant performance, up approximately 19% this year, and are trading at 19 times earnings, making them an attractive investment compared to the tech sector, which trades at 25-26 times earnings [5][7] - Consumer staples like Walmart and Costco continue to perform well despite rising costs, indicating pockets of opportunity in the market [8] Market Trends - The Russell 2000 index has seen record highs this year, reflecting a resurgence in small-cap stocks [5] - There is a notable increase in multibillion-dollar deals in the tech sector, raising concerns about the sustainability of profitability among companies like OpenAI, which is currently not profitable [9][12] - Historical parallels are drawn to the late 1990s tech boom, suggesting caution as some companies may not deliver the expected returns on investment [10][14]

Straits Times Index (^STI) is the main benchmark of Singapore’s stock market.The index tracks the top 30 listed companies on the Singapore Exchange (SGX).Collectively known as blue chips, they are often regarded as well-established with strong reputations and solid financial standing.While they are less volatile, they are by no-means risk free.Sector AllocationThe STI’s 30 blue chip stocks cut across multiple industries of Singapore’s diverse economy.The index, however, is heavily weighted towards financial ...

Lotfi Karoui +1(917)343-1548 | lotfi.karoui@gs.com Goldman Sachs & Co. LLC Spencer Rogers, CFA +1(801)884-1104 | spencer.rogers@gs.com Goldman Sachs & Co. LLC Sara Grut +44(20)7774-8622 | sara.grut@gs.com Goldman Sachs International Ben Shumway +1(801)578-2553 | ben.shumway@gs.com Goldman Sachs & Co. LLC 2 October 2025 | 10:05PM EDT Credit Strategy Research GLOBAL CREDIT TRADER AI capex turns to the debt side AI capex is now also a credit story Tight spreads or cheap base rates? USD HY: Consumer tremors ami ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the transformative impact of **Artificial Intelligence (AI)** on various industries, particularly focusing on the **data center** sector and its power demands [6][19][38]. Core Insights and Arguments 1. **Historical Context of Technological Shifts**: The evolution of technology has historically driven economic progress, with AI representing the latest paradigm shift akin to the impact of railroads and the internet [5][6][7]. 2. **Capital and Infrastructure Needs**: Significant capital investment is required to support the infrastructure necessary for AI, with the average cost to establish a 250 MW AI data center estimated at **$12 billion** [8][9]. 3. **Surge in Power Demand**: Global data center power demand is projected to increase by **160% by 2030**, primarily due to AI workloads that utilize energy-intensive GPUs [9][17][37]. 4. **Challenges in Power Supply**: The existing power grid is not equipped to handle the anticipated surge in demand, with current power supply growth lagging behind the needs of AI development [9][40][41]. 5. **Investment Trends**: Hyperscalers are expected to invest **$1 trillion** in AI technology by 2027, indicating a robust growth trajectory for the sector [22][38]. 6. **Data Center Development**: The demand for data centers is outpacing supply, with vacancy rates at a record low of **3%** and a projected shortfall in capacity [28][72]. 7. **Innovative Financing Solutions**: New financing structures are emerging to support the capital-intensive nature of AI data centers, including joint ventures and creative credit enhancements [30][33][80]. Additional Important Insights 1. **Geopolitical Implications**: Data centers are becoming strategic assets in geopolitical relations, with countries leveraging their development for economic and political advantages [70][71]. 2. **Environmental Considerations**: The transition to renewable energy sources is critical, but current technologies like wind and solar are intermittent, necessitating a diverse energy mix including nuclear and natural gas [59][62]. 3. **Regulatory Challenges**: The expansion of power capacity faces regulatory hurdles, with the need for faster permitting processes to meet the growing demand [40][52]. 4. **Long-term Energy Solutions**: The exploration of small modular reactors (SMRs) and other advanced technologies is underway to provide reliable, carbon-free power for data centers [48][65]. 5. **Market Dynamics**: The capital markets are evolving to meet the unique demands of AI infrastructure, with a shift towards more integrated financing solutions that encompass both public and private capital [85][88]. This summary encapsulates the critical themes and insights from the conference call, highlighting the intersection of AI, data center infrastructure, and the evolving energy landscape.

Constellation Energy offers exactly what data centers and artificial intelligence players need: reliable 24/7 power.Big tech has a big issue: Its data centers consume colossal amounts of power, and not all of it is clean.Electricity demand in the U.S. is expected to grow about 25% by 2030, from 2023 levels, and 78% by 2050. Enter Constellation Energy (CEG 3.96%). As the country's largest producer of carbon-free electricity, as well as its biggest provider of nuclear power, Constellation is at the center of ...

The UK is expected to have a bigger buffer of power generation to guard against shortages this winter, but the availability of natural gas is due to tighten https://t.co/SSm6MWEaEu ...

Weather forecasters are finding a lucrative niche in Japan’s power-trading boom, selling hyper-specialized data to firms seeking an edge in one of the world’s most volatile electricity markets https://t.co/to5CdIeihn ...