WEEX Labs: In the second half of AI, is it actually competing with the "old economy"?

Intel CEO Chen Liwu recently made a groundbreaking assertion during an interview with the "No Priors" podcast, challenging the conventional understanding of the market: the AI bottleneck is no longer limited to GPUs.

He pointed out that constraints in industrial systems such as power supply, cooling, new materials, and packaging manufacturing are becoming the real choke points.

In fact, numerous reports indicate that the insatiable appetite of data centers for power is endless. The expansion of the power grid, the consumption of basic materials like copper and rare earths, and the advanced manufacturing capacity to package hundreds of billions of transistors are becoming the true "vital points" constraining AI development.

Chen Liwu's perspective reveals a clear investment theme— the second half of AI is not just about GPUs, but also about heavy assets and long-cycle "physical infrastructure wars" centered around power, materials, and manufacturing.

This article from WEEX Labs uses Intel's viewpoint as a starting point to analyze key U.S. stocks under this trend, categorizing core U.S. stocks by sector.

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1. Power and Energy Networks: The "Blood" of AI

Constellation Energy (CEGON) | Market Cap: Approximately $99 billion

Main Business: The largest nuclear power operator and carbon-free energy producer in the U.S.

Core Advantage: Nuclear power is the only energy source that can provide 24/7 zero-carbon "baseload power." As tech giants scramble for long-term Power Purchase Agreements (PPAs), CEG, with its vast nuclear power matrix, has become the most direct beneficiary. Q1 2026 revenue reached $11.1 billion (significantly exceeding expectations), and if PPAs continue to be implemented, there is still room for valuation growth.

GE Vernova (GEVON) | Market Cap: Approximately $300 billion

Main Business: A global power equipment giant, with core products including gas turbines, grid equipment, and energy storage systems.

Core Advantage: When renewable energy cannot meet the baseload demand for AI, natural gas power generation becomes a key transitional solution. GEV holds a monopoly position in the global gas turbine market. By the end of Q1 this year, its gas power generation orders surged to 100GW, with expected backlog orders reaching at least 110GW by year-end, ensuring strong performance certainty.

Eaton (ETNON) | Market Cap: Approximately $164 billion

Main Business: A global leader in intelligent power management, covering the entire "from grid to chip" link.

Core Advantage: Provides power distribution, circuit protection, and liquid cooling integrated solutions for data centers. Driven by strong demand from AI data centers, Q1 2026 revenue and profit both exceeded expectations, prompting the company to raise its full-year organic growth guidance to 10%, with EBITDA growth expected to rise to 18%-24% in the second half.

Vistra (VSTON) | Market Cap: Approximately $56 billion

Main Business: The largest non-regulated power producer and retail energy supplier in the U.S.

Core Advantage: Operates 44GW of generation capacity (including natural gas, nuclear, etc.), serving nearly one-third of Texas's power consumers. Recently signed a significant nuclear power supply agreement with Meta and acquired Cogentrix, adding 5.5GW of natural gas capacity, making it a core beneficiary of the AI power explosion.

Oklo (OKLOON) | Market Cap: Approximately $10 billion

Main Business: A pioneer developer of small modular reactors (SMRs).

Core Advantage: Focuses on the "Aurora Powerhouse" fission power plant, using a long-term electricity sales contract model of "nuclear power as a service." Although in the early stages, it aligns with the long-term narrative of AI data centers needing clean, reliable baseload power, enjoying a high premium for its market potential.

2. Physical Facilities and Thermal Management of Data Centers: The "Skeleton and Cooling" of AI

Vertiv Holdings (VRTON) | Market Cap: Approximately $138 billion

Main Business: A global leader in critical infrastructure for data centers and liquid cooling/thermal management.

Core Advantage: As AI chip power consumption breaks limits, liquid cooling has shifted from "optional" to "essential." Vertiv has approximately $15 billion in backlog orders and is collaborating with NVIDIA on joint development. Recently completed two strategic acquisitions in thermal management, further solidifying its dominant position in high-performance computing cooling.

Equinix (EQIXON) | Market Cap: Approximately $110 billion

Main Business: The largest data center REIT (Real Estate Investment Trust) globally, providing colocation and interconnection services.

Core Advantage: Operates 260 data centers across 71 global markets. As the "landlord" of AI computing infrastructure, Equinix directly benefits from the demand for AI cluster expansion. Higher power density means higher rents per cabinet, achieving a "double hit" on rent and expansion.

CoreWeave (CRWVON) | Market Cap: Approximately $60 billion

Main Business: A cloud infrastructure platform designed specifically for AI workloads, offering GPU computing leasing, AI-native cloud services, and data center colocation.

Core Advantage: Deeply integrated with NVIDIA, serving clients including leading AI players like OpenAI, Anthropic, Meta, Google, and Microsoft. As of Q1 2026, the revenue backlog reached $99.4 billion, with full-year revenue guidance of $12-13 billion. As a "specialized" player in pure AI computing infrastructure, CoreWeave directly benefits from the wave of AI transitioning from training to inference.

3. Key Raw Materials: The "Cornerstone" of AI

Freeport-McMoRan (FCXON) | Market Cap: Approximately $99 billion

Main Business: One of the largest publicly traded copper mining companies globally.

Core Advantage: Copper is the "blood" of the electrification era. From power grid upgrades and transformer manufacturing to internal wiring in data centers, every aspect of AI computing expansion relies on vast copper resources. Against the backdrop of difficult new mine approvals, FCX benefits long-term from the supercycle of copper demand triggered by AI due to its high-quality copper mining assets.

MP Materials (MPON) | Market Cap: Approximately $10 billion

Main Business: The largest rare earth element producer in the Western Hemisphere, owning the only active large-scale rare earth mine in the U.S.

Core Advantage: Rare earths are core materials for AI robotic servo motors, high-performance chips, and advanced packaging. In Q1 2026, the company's production of neodymium-praseodymium oxide reached record levels. As the only scaled rare earth supply chain company in the U.S., MP perfectly aligns with the "supply chain security" strategy in Europe and the U.S., possessing a high geopolitical strategic premium.

Conclusion

Chen Liwu's perspective shatters the illusion that "AI only needs more GPUs"—the prosperity of AI is deeply sinking into the physical world—power, materials, and manufacturing are no longer part of the traditional "old economy," but rather the most core foundation supporting the skyscraper of AI.

Compared to pure concept stocks, these industrial giants are more resilient and possess long-term compound growth potential, but current valuations already reflect some optimistic expectations. Investors need to consider macro interest rates, execution progress, and geopolitical factors, DYOR.