Semiconductors remain essential to AI, but chip demand is more exposed to technology cycles, competition and rapidly changing architectures. Power is a harder constraint. More AI data centres mean more generation capacity, transformers, switchgear, transmission infrastructure and grid connections, regardless of which chipmaker ultimately wins.

The interesting part is that this demand extends beyond AI. Electrification, EVs, manufacturing and ageing grids also require substantial investment, giving the power theme multiple structural drivers.

I would still keep semiconductor exposure, but for a longer-term infrastructure play, I think the less glamorous bottleneck of supplying and delivering electricity could offer the more durable opportunity.