AI Doesn’t Run on Hype. It Runs on Gigawatts.

Just two months ago, AI infrastructure stocks were tumbling. Investor confidence was shaken, and whispers rippled through the market that Big Tech might be pulling back.

Even Microsoft, a core pillar of the AI boom, was rumored to be slowing its data center expansion. The narrative was shifting—from boundless optimism to skeptical restraint. But here’s the twist:

AI doesn’t run on hype. It runs on concrete, copper, and gigawatts.

In just a few short weeks, we’ve seen a cascade of moves reshaping the landscape.

Amazon?
A week ago, Amazon revealed a $10 billion investment to expand its AI infrastructure in North Carolina, one of the largest in state history. This move will create over 500 high-skilled jobs and support thousands more in the AWS data center ecosystem.

It’s not just about servers and silicon, Amazon is also launching training programs, funding K-12 STEM education, and backing local community projects. North Carolina is quickly becoming a hub for AI-driven innovation, and this investment signals just how fast the future is arriving.

And then this week Amazon announced a $20 billion investment to build two AI and cloud computing data center complexes in Pennsylvania, marking the largest private sector investment in the state’s history. The Salem Township facility is planned adjacent to the Susquehanna nuclear power plant, aiming for a direct power supply. This “behind-the-meter” arrangement is currently under review by the Federal Energy Regulatory Commission due to concerns about grid fairness and energy distribution.

Meta?
Meta signed a 20-year PPA with Constellation Energy to secure the full output from the Clinton Clean Energy Center, extending its life through June 2027 and adding 30 MW capacity, powering AI operations while sustaining 1,100 jobs and outputting as much energy as 800,000 homes.

The UK government just pledged £1 billion to expand AI compute infrastructure, 20× boost in national capacity, announced during London Tech Week.

GlobalFoundries just committed an additional $3 billion to expand AI chip manufacturing in Saratoga County, NY, and Essex Junction, VT, on top of a previous $13 billion CHIPS Act-backed build-out.

Applied Digital signed two long-term leases with CoreWeave to deliver 250 MW of capacity at its Ellendale, North Dakota data center, expected to generate $7 billion over 15 years. Purpose-built for AI and HPC, the site can scale to 1 GW, with an option for CoreWeave to lease an additional 150 MW, reinforcing Ellendale’s role as a scalable AI infrastructure hub.

Now some of those same stocks?
Vertiv?+95%. Constellation Energy? +75%.

The AI gold rush isn’t just about the algorithms.
It’s also about who supplies the picks and shovels.