The surge in investor focus on generative AI (Gen AI) has led to one of the most powerful rallies in technology stocks in recent memory. We believe Gen AI is here to stay, but we also believe the rally overlooks listed infrastructure, where companies enable growth in data consumption, data centers and the power demand that is already supporting the technology. Gen AI has the potential to be a game changer not only in our everyday lives, but also in the growth profiles for the infrastructure that supports it.

We are currently seeing strong pricing power for our data center owners, accelerating load growth for our public utilities and increased demand for renewable developers and low-carbon portfolios to provide clean energy to support data center assets. This Gen AI–related growth comes in addition to infrastructure’s broader secular underpinnings, which include the demands for global decarbonization, energy security and modernized assets.

An overlooked oppo