Read more The next big wave of investments in artificial intelligence will not concern chips but electricity, with the new value chain focusing on network infrastructure.For more than two years, the investment community focused almost exclusively on semiconductors, GPUs and large language models as the core growth drivers of artificial intelligence.The explosive rise of companies like NVIDIA created the impression that the battle for AI would be judged exclusively on computing power.Today, however, the market is entering a new phase.The first phase of AI concerned software and processors.The second phase into which we have entered concerns the physical infrastructure that makes their operation possible: electricity, transmission networks, substations, cooling systems and large expanses of land.It is no coincidence that more and more investment capital is shifting from chip manufacturers toward companies that possess secured energy power and mature infrastructure.According to estimates by McKinsey, more than 5.2 trillion dollars will be invested globally in artificial intelligence infrastructure by the end of the decade, while the total capital requirement for energy and digital infrastructure may approach 6.7 trillion dollars.The market is now passing from software development to physical infrastructure development.In this new environment, Bitzero (NASDAQ: AIBZ) as a characteristic example is attempting to position itself in one of the most strategic links of the value chain: the securing of electrical power.The market changes prioritiesThe largest technology groups in the world are increasing their investments at unprecedented rates.Amazon estimates that its capital expenditures will shape at approximately 200 billion dollars in 2026.Microsoft and Alphabet are moving close to 190 billion dollars each, while Meta has presented an investment program amounting to 600 billion dollars in the United States by 2028.In total, the four hyperscalers are estimated to invest up to 725 billion dollars in 2026 alone.The most important thing though is the composition of these investments.The largest part of the capital is no longer directed only into servers and GPUs, but into data centers, substations, electrical networks, cooling facilities, land and energy infrastructure.The market is beginning to value not only technology but also the physical assets that allow artificial intelligence to operate.Electrical networks in the spotlightThe new bottleneck, the strategic point of the supply chain, is not GPUs but the electrical network.Until recently, investors considered that the shortage of GPUs constituted the most important limiting factor for the development of AI.Today, more and more analysts agree that the real shortage is shifting to electricity.The electricity consumption of data centers is expected to approach 945 TWh by 2030, an amount corresponding to the total consumption of Japan.At the same time:1) more than 70% of connection applications to electrical netwo
