AI infrastructure will continue to lead the market through 2026. Current bottlenecks are in silicon, memory, compute, storage. Next bottleneck emerging in 2026 will be networking, optical gear, and fiber due to non-linear scaling as AI chip clusters grow from 100,000 to millions and data centers interconnect.

US grid is essentially sold out. Customers must bring own energy via behind-the-meter solutions. About 1/3 of data center projects use such solutions. Gas turbines first choice for speed. Nuclear will play big part - 6.6GW already signed. Investing in Constellation Energy as scale player for reliable efficiency crucial for AI data centers.

Next leg of networking is connecting data centers across states (100km+). Sienna enables this as 'railroads for AI traffic' - can't get enough power to scale up single data center, so must distribute across locations.