The real AI play is power infrastructure, plus our take on uranium & iBuying
Investment Theme 1: Nuclear Energy's Resurgence Amid Uranium Supply Constraints
Global support for nuclear energy is intensifying as governments accelerate reactor approvals and extend plant lifespans to meet clean energy goals. This policy shift comes amid persistent uranium supply shortages, with 2025 production projected to reach only 187.9 million pounds of U₃O₈—insufficient to meet reactor demand. The supply-demand imbalance is further tightened by SPUT's capital raise, which directly removes physical uranium from the market.
Term prices remain firm at $80/lb, signaling producer discipline and utilities' need to secure long-term contracts amid dwindling inventories. With uranium spot prices up 9.99% in June 2025 alone (reaching $78.56/lb) and continuing to climb in July, the market fundamentals support sustained price appreciation.
Companies positioned to benefit:
UUUU: Energy Fuels - A uniquely diversified player in the uranium space that is strategically transforming from a pure uranium producer into a critical minerals powerhouse. The company leverages its White Mesa Mill's unique processing capabilities to not only produce uranium but also extract rare earth elements and potentially medical isotopes. This diversification provides multiple revenue streams tied to clean energy and advanced technology, while still maintaining significant exposure to the uranium market through high-grade production at mines like Pinyon Plain, which recently achieved record production of 151,400 lbs at 1.64% grade in April 2025. Read More →
Investment Theme 2: Real Estate Tech Platforms Disrupt Traditional Markets
The global PropTech market is projected to grow at 15% annually through 2032, reaching $119.45 billion, fueled by AI, big data, and IoT adoption. This digital transformation is accelerating as consumers increasingly prefer tech-enabled solutions that streamline the traditionally complex real estate transaction process.
Unlike traditional real estate, iBuying platforms thrive in volatile conditions by offering speed and certainty, making them recession-resilient. This advantage is particularly valuable amid current economic uncertainty, with global real estate transactions rising 34% year-over-year to $185 billion in Q1 2025—concentrated in tech-enabled deals.
Companies positioned to benefit:
Z: Zillow Group - The company is executing a strategic transformation from a traditional real estate listing platform into a comprehensive "housing super app" that integrates search, touring, financing, and agent services. This evolution allows Zillow to capture a greater share of the residential real estate transaction value chain. Zillow's massive audience (four times the traffic of its nearest competitor) provides a powerful foundation for this expansion, while its AI-powered tools like Zillow Showcase drive higher listing engagement and sale prices. The company is rapidly scaling its Enhanced Markets program (targeting >35% of connections by end of 2025) and Rentals business (expecting ~40% growth in 2025), creating multiple growth vectors within the digitizing real estate ecosystem. Read More →
Investment Theme 3: AI's Power Demands Drive Energy Infrastructure Investment
The AI revolution's most overlooked aspect is its massive energy requirements. Training a single large language model can consume as much electricity as 100 American homes use in a year, and the proliferation of data centers is straining existing power infrastructure. This creates an urgent need for reliable, scalable, and clean energy solutions.
Hydrogen is emerging as a critical component of this energy transition, with recent U.S. energy legislation incentivizing clean hydrogen development. Companies like Plug Power are expanding production capacity (currently 40 tons/day across Georgia, Tennessee, and Louisiana) to meet this growing demand. Simultaneously, the global solar inverter market is projected to grow from $18.52 billion in 2025 to $28.23 billion by 2029 (11.1% CAGR), driven by renewable energy's role in powering AI infrastructure.
Companies positioned to benefit:
PLUG: Plug Power - A leader in hydrogen fuel cell systems that is intensely focused on achieving profitability by year-end 2025 through its Project Quantum Leap cost reduction initiative. The company's integrated hydrogen ecosystem spans production, liquefaction, transport, storage, and end-use applications, providing a comprehensive solution for AI data centers and other power-intensive applications. Plug's recent multi-year hydrogen supply agreement extension with improved economics supports its expansion of 40+ new sites in 2025, directly addressing the growing demand for reliable, clean power solutions needed for AI infrastructure. The company's $1.66 billion DOE loan guarantee and $525 million secured debt facility provide the financial foundation to scale hydrogen production capacity to meet surging AI-driven energy demands. Read More →
ENPH: Enphase Energy - A technological leader in microinverter and advanced battery technologies that is uniquely positioned to address AI's distributed power needs. The company's proprietary microinverter technology, including the upcoming GaN-powered IQ9 and integrated 4th Gen IQ Battery, offers superior performance, reliability, and safety—critical requirements for AI infrastructure. Enphase's solutions enable higher energy production and lower installed costs, providing the stable, efficient power delivery essential for data centers and AI computing facilities. The company is strategically expanding its addressable market through new product introductions and geographic penetration, particularly in the growing commercial solar segment that serves data centers and AI computing facilities. Read More →
BE: Bloom Energy - A provider of solid oxide fuel cell technology that offers quantifiable advantages directly addressing the critical power needs of AI data centers. Bloom's fuel cells deliver up to 60% electrical efficiency (90% with combined heat and power when using hydrogen), exceptional reliability (99.995% fleet availability), and unique capabilities like islanded operation and load following without batteries. These features are particularly valuable for AI infrastructure, which requires uninterrupted, high-quality power. The company's recent financial performance demonstrates strong growth momentum, with Q1 2025 revenue up 38.6% year-over-year, positioning Bloom to capitalize on the urgent, unprecedented demand for distributed power driven by AI data centers, electrification, and manufacturing growth. Read More →
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