NVIDIA WAS WAVE ONE.
POWER, COOLING AND NETWORKS ARE NEXT.

THE HEADLINE TRADE ALREADY RAN

By mid-2024, NVIDIA had become a household name. Retail investors, momentum funds and late-cycle buyers piled in.

The stock more than tripled from its 2023 lows. If you were not positioned before that move, you did not miss AI. You missed the first wave.

AI spending did not stop with NVIDIA. Every data center still needs power, cooling, networks and fabrication. Those suppliers get paid before the first AI model runs.

THREE HARD SIGNALS THE BUILDOUT IS NOT FINISHED

01 / CAPITAL

The five largest technology companies spent more than $400 billion on capital expenditures in 2025. The 2026 projection is up 75 percent. That is committed, contract-backed spending on data centers, power infrastructure and custom silicon — not speculation.

02 / REAL DEMAND

Data-center electricity consumption grew 17 percent in 2025, and AI-focused facilities grew even faster. The International Energy Agency now projects data-center power demand will rise from 415 terawatt-hours in 2024 to 945 terawatt-hours by 2030. That is a 128 percent increase in six years.

03 / THE POWER WALL

The most underreported bottleneck is not the GPU. It is the grid. Large-scale AI clusters now require gigawatts of reliable power.

The utilities, land rights, transmission lines and cooling systems needed to deliver that power are years behind the chip timeline. Whoever controls those assets controls the next chokepoint.

NO POWER. NO DATA CENTER. NO AI.

WHAT THE REPORT GIVES YOU

Fourteen companies. One price, one number and one break line for every name.

• Seven Core companies with stronger revenue, margins and market control.
• Seven Challengers with more upside, more downside and smaller position sizes.
• Current price, market cap, sales multiple and operating results on every company card.
• The next dated number that must hit.
• The exact fact that kills every trade.
• All fourteen stocks compared on one board.
• Why Bloom Energy, Arista Networks and AMD missed the cut — and what earns them back in.
• Position sizes, add rules, earnings checks and a one-page Command Sheet.
• Thirty-eight sources. Verified at kingresearchgroup.com/sources.

DO NOT MAKE THESE THREE MISTAKES

DO NOT CHASE NVIDIA TO FIX FOMO

Missing the easiest price does not make today’s price attractive. Judge the current numbers and the current valuation.

DO NOT CONFUSE REAL DEMAND WITH A FAIR PRICE

AI infrastructure demand can be real while the stock is still too expensive. The label does not decide the entry.

DO NOT ASSUME AN ETF OWNS THE BEST NAMES

An ETF owns whatever its index includes at the weight it assigns. Know which companies collect the money and what each stock already assumes.

THE BOTTOM LINE

AI spending is still rising. Data centers cannot turn on without power, cooling and network gear. That is where the next constraint sits.

Do not chase another hot ticker. Get the price, the number and the break line before emotion arrives.

SOURCES

1. International Energy Agency, Key Questions on Energy and AI, April 16, 2026.
2. International Energy Agency, Data centre electricity use surged in 2025, April 16, 2026.
3. International Energy Agency, Energy demand from AI, April 10, 2025.
4. International Energy Agency, AI and energy security, April 10, 2025.
5. NVIDIA, Q1 FY2027 financial results, May 20, 2026.
6. Microsoft, FY2026 Q3 earnings call, April 29, 2026.
7. Alphabet, Q4 2025 earnings call, February 4, 2026.

King Research Group publishes general educational research, not personalized investment advice. This article is not tailored to your objectives, risk tolerance or financial situation; securities can lose substantial or all value; past performance does not predict future results. Industry projections are uncertain, so review current filings, market data and relevant conflicts disclosures before making any decision.