When markets talk about “$3 trillion flowing into AI,” the assumption is usually software, models, and abstract innovation. In reality, the bulk of the capital is being deployed into physical systems: data centers, high-density compute, networking, cooling, and the power infrastructure required to run them continuously. This is not a digital spending cycle—it is an industrial one. What’s unfolding is closer to the buildout of railroads, telecom, or electrification than a typi