WEEX Labs: In the second half of AI, is it the "old economy"

IntelCEOChen Li Mu recently acceptedNo PriorsDuring the podcast interview, a central judgement to subvert the inherent perception of the market was thrown out:AIThere are already more bottlenecksGPUI don't know。

He pointed out that industrial systems such as electricity supply, heat-discretion cooling, new materials, sealing manufacturing, etc. were becoming a real neck chain。

Indeed, according to numerous reports, the data centre's consumption of electricity is endless, and the consumption of basic materials, such as grid expansion, copper and rare soil, and advanced manufacturing capacity, which binds tens of billions of transistors together, is becoming a constraintAIReal development“..It's fateIt's not the sameI don't know。

Chen's point of view reveals a clear investment line— AIThe second half, not justGPUAnd heavy assets, mainly electricity, materials and manufacturing, long-term“..Physical infrastructureIt's not the sameI don't know。

WEEX LabsThis article is inspired by Intel ' s view, breaking down the key American stockmarks under this trend and decorating the core American stockmarks under this trend。

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I Electricity and energy networks:AIYes“..BloodIt's not the same

Construction EnergyZeniumMarket value: approximately990US$ billion

Main business: United States largest nuclear power operator and carbon-free energy generator。

Core strengths: Nuclear power is the only available24/7Zero carbon“..Quill powerIt's not the sameEnergy. As the technology giant goes crazy and grabs long-term power purchase protocols(PPA)I don't knowCEGThe vast nuclear power matrix is the most direct beneficiary。2026YearQ1Collection111US$ billionI'm sorryBig aheadI'm not sureIfPPAThere was continued landing and room for upward valuation。

GE Vernova (GEVON)ZeniumMarket value: approximately3000US$ billion

Main operations: Global power giants with core products including gas turbines, grid equipment and storage systems。

Core strengths: Unsatisfactory in renewable energyAINatural gas generation becomes a key transition option when the demand for the base is met。GEVThe global gas turbine market is monopolized. This yearQ1At the end of the day, their gas power orders surged to100 GWat least at the end of the year Da110 GWPerformance certainty is extremely high。

EatonZeniumMarket value: approximately1640US$ billion

Main business: leading global smart power management company, covering“..From grid to chipIt's not the sameFull chain。

Core strengths: power distribution, circuit protection and liquid cooling integration programmes for data centres. YesAIStrong demand-driven data centres2026YearQ1Both earnings and profits are higher than expected, and companies are moving up all year's organic growth guidelines10%and projected for the second half of the yearEBITDAThe speed will climb to18-24 per centI don't know。

Vistra (VSTON)ZeniumMarket value: approximately560US$ billion

Main operations: the largest unregulated power producer and retail energy supplier in the United States。

Core strengths: ownership44GWPower assemblyI'm sorryGas, nuclear power, etcI'm not sureIt serves nearly one third of the electricity consumers in Texas. Recent andMetaSigning of major nuclear power supply agreements and acquisitionCogentrixAdd5.5 GWGas loading, yesAICore beneficiaries of the electricity outbreak。

Oklo (OKLOON)ZeniumMarket value: approximately100US$ billion

Main operations: small modular nuclear reactors(SMR)Pioneer developer。

Core strengths: primary“Aurora Powerhouse”Fusion power plant, adopted“..Nuclear power is serviceIt's not the sameLong-term sales contract model. At an early stage, but the fitAIThe data centre enjoys an extremely high elastic premium for long-term narratives of clean and reliable power at the base。

 

II Data centre physical facilities and heat management:AIYes“..Bones and heat spreadIt's not the same

Vertiv Holdings (VRTON)ZeniumMarket value: approximately1380US$ billion

Main operations: Global data centre critical infrastructure and liquid coolingI'm sorryThermal management is absolute lead。

Core strengths: withAIThe chip's working beyond the limit. The liquid cools“..OptionalIt's not the sameChange“..SelectedIt's not the sameI don't know。VertivOwnership150Billion dollar order backlog and withNVIDIAJoint development. The recent completion of two successive strategic acquisitions of heat management has further consolidated its dominance in the field of high-performance computing heat dispersion。

Equinix (EQIXON)ZeniumMarket value: approximately1100US$ billion

Main operations: the largest data centre worldwideREITs()Real estate trustI'm not sure, provides hosting and interconnection services。

Core strengths: global71Market operations260Data centre. AsAIComputer infrastructure“..LandlordIt's not the sameI don't knowEquinixIt's a direct benefitAICluster expansion needs. Higher power density means higher single-case rent, with rent and capacity expansion“..Double clickIt's not the sameI don't know。

CoreWeaveI'm sorryCRWVONI'm not sureZeniumMarket value: approximately600US$ billion

Main operations: specialAIA cloud infrastructure platform built on task loads providedGPULease of powerAINative Cloud Service and Data Centre hosting。

Core strengths:NVIDIADepth binding. Client coverageOpenAII don't knowAnthropicI don't knowMetaI don't knowGoogleI don't knowMicrosoftThe headAIPlayer. As at2026YearQ1It's a collectionbacklog(Income backlog)994Billion dollars, year-round guidelines120-130Billion dollars. As pureAIComputer infrastructure“..PrecisionIt's not the samePlayerCoreWeaveIt's a direct benefitAIFrom training to the era of reasoning。

 

III Key raw materials:AIYes“..Building blocksIt's not the same

Freeport-McMoRan (FCXON)ZeniumMarket value: approximately990US$ billion

Main business: One of the world ' s largest publicly listed copper producers。

Core advantages: Copper is in the era of electrification“..BloodIt's not the sameI don't know. From grid upgrades, transformers to internal wiring in data centresAIEvery aspect of this expansion is dependent on a massive copper resource. In a difficult context for new mining approvalsFCXLong-term benefit from high-quality copper mining assetsAIGenerating copper demand super-cycle。

MP Materials (MPON)ZeniumMarket value: approximately100US$ billion

Main operations: The largest producer of rare earth elements in the Western Hemisphere, with the only active large-scale rare earth mine in the United States。

Core advantages: Rare earth isAIRobotics serve the electrons, high-performance chips and advanced containment cores。2026YearQ1The company has a record production of oxidizers. As the only rare-earth supply chain enterprise in the United States of AmericaMPPerfect“..Supply chain securityIt's not the sameStrategy with an extremely high geostrategic premium。

 

Concluding remarks

Chen Li Wu's point of view is broken“AIJust moreGPU”The illusion— AIThe prosperity is sinking deep into the physical worldI don't knowElectricity, materials, manufacturing are no longer traditional“..Old economyIt's not the sameIt's the supportAIThe core of this skyscraper。

These industrial giants have a more resilient and long-term potential for complex growth than purely conceptual units, but the current valuation reflects some optimistic expectations that investors need to combine macro-interest rates, progress in implementation with geo-factorsDYORI don't know。