Intel CEO Pat Gelsinger recently threw out a core judgment that subverts the inherent perceptions of the market during an exclusive interview with the “No Priors” podcast: the AI bottleneck is already beyond just GPUs.

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

In fact, according to numerous reports, data centers' consumption of electricity is endless, the expansion of the power grid, the consumption of basic materials like copper and rare earths, as well as the advanced manufacturing capacity that packages hundreds of billions of transistors, are becoming the true "fatal weaknesses" restricting AI development.

Gelsinger's viewpoint reveals a clear investment theme — the second half of AI is not only about GPUs but also about heavy assets and long-cycle "physical infrastructure battles" involving power, materials, and manufacturing.

This WEEX Labs article takes Intel's perspective as the starting point, breaking down key US stock targets under this trend and categorizing the core US stock targets 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 zero-carbon energy producer in the US.

Core Advantage: Nuclear power is the only energy source that can provide 24/7 zero-carbon “baseload electricity.” As tech giants rush for long-term power purchase agreements (PPAs), CEG has become the most direct beneficiary with its enormous nuclear power matrix. In Q1 2026, revenue reached $11.1 billion (significantly exceeding expectations), and if PPAs continue to materialize, there is still room for valuation upward.

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

Main Business: A global powerhouse in electrical equipment, with core products including gas turbines, grid equipment, and energy storage systems.

Core Advantage: When renewable energy cannot meet AI baseload demands, 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 orders surged to 100GW, with backlog orders expected to reach at least 110GW by year-end, demonstrating strong earnings certainty.

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

Main Business: A global leader in smart power management, covering the full link from “grid to chip.”

Core Advantage: Providing power distribution, circuit protection, and liquid cooling integration solutions for data centers. Driven by strong demand from AI data centers, Q1 2026 revenue and profits both exceeded expectations, and the company raised its full-year organic growth guidance to 10%, expecting EBITDA growth to rise to 18%-24% in the second half of the year.

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

Main Business: The largest non-regulated electricity producer and retail energy supplier in the US.

Core Advantage: With 44GW of power generation capacity (including natural gas, nuclear, etc.), the company serves nearly one-third of Texas's electricity consumers. Recently, it signed a major 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 pioneering developer of small modular reactors (SMRs).

Core Advantage: Focused on the “Aurora Powerhouse” fission power plant, using a long-term sales contract model termed "nuclear power as a service." Though still in the early stage, it aligns with the long-term narrative of clean, reliable baseload power required by AI data centers, enjoying an extremely high premium for track elasticity.

2. Data Center Physical Facilities and Thermal Management: The “Skeleton and Cooling” of AI

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

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

Core Advantage: As AI chip power consumption breaks limits, liquid cooling has shifted from “optional” to “mandatory.” Vertiv holds approximately $15 billion in backlog orders and has initiated joint development with NVIDIA. Recently, it 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 hosting and interconnection services.

Core Advantage: Operating 260 data centers in 71 global markets. As the “landlord” of AI computing infrastructure, Equinix directly benefits from the demand for AI cluster expansions. Higher power density translates to increased rental income per cabinet, achieving a "double hit" of rent and capacity expansion.

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

Main Business: A cloud infrastructure platform specifically designed for AI workloads, providing GPU compute leasing, AI-native cloud services, and data center hosting.

Core Advantage: Deeply embedded with NVIDIA, serving clients including leading AI players such as OpenAI, Anthropic, Meta, Google, and Microsoft. As of Q1 2026, revenue backlog reached $99.4 billion, with a full-year revenue guidance of $12-13 billion. As a “specialized” player in pure AI compute 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 grid upgrades, transformer manufacturing to internal wiring in data centers, every link in the AI computing expansion relies on vast amounts of copper resources. Amid the difficulty in new mine approvals, FCX benefits long-term from the super cycle of copper demand triggered by AI with its high-quality copper mine assets.

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

Main Business: The largest producer of rare earth elements in the Western Hemisphere, operating the only large-scale rare earth mine active in the US.

Core Advantage: Rare earths are core materials for AI robotic servos, high-performance chips, and advanced packaging. In Q1 2026, the company's production of neodymium-praseodymium oxides was record-breaking. As the only scaled rare earth supply chain company domestically, MP perfectly aligns with the EU and US "supply chain security" strategy, offering extremely high geopolitical premium.

Conclusion

Gelsinger's viewpoint 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 critical foundation supporting the skyscraper of AI.

Compared to pure concept stocks, these industrial giants offer more resilience and 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.

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