Investing in the bottlenecks of the AI Age

Infrastructure takes years to build. How can investors tell whether today’s bottlenecks will endure? “That is exactly the right lens. Two assets in the same sector can have very different risk profiles because they address problems of different duration. Neoclouds are a useful example. We manage a data centre business with some neocloud customers. We have debated and assessed that opportunity for about three years without investing directly, precisely because we need to distinguish an enduring bottleneck from a temporary supply-demand mismatch that can be corrected. Energy may be widely discussed, but the market still underestimates how binding that constraint