The Global Power Play
Speakers
Renato Granmont
— Chief Investment Strategist, International Wealth Management, Morgan Stanley
Summary
Morgan Stanley's Chief Investment Strategist argues that AI's biggest bottleneck is energy, not chips or software. He introduces the concept of 'energy speed' and highlights massive electricity demand growth from data centers. The US is best positioned, while the UAE and Saudi Arabia emerge as attractive AI infrastructure hubs. The investment opportunity extends far beyond tech into utilities, natural gas, nuclear, grids, and related commodities.
- AI adoption will require massive new electricity generation and grid infrastructure.
- Global electricity demand could rise 40-50% by 2035; data center consumption up 275%.
- 'Energy speed' — the ability to permit, finance, and deliver power — defines competitive advantage.
- The United States holds the strongest position with abundant gas and deep capital markets.
- Europe is held back by high costs and slow permitting; China is the primary challenger.
- UAE and Saudi Arabia are emerging as attractive AI infrastructure locations.
- Sector opportunities span utilities, transmission, grid equipment, nat gas/LNG, nuclear, data centers, and electrical commodities.
Ideas
AI-infrastructure beneficiary map; no explicit trade
Watch UAE: The UAE and Saudi Arabia are emerging as attractive locations for AI infrastructure because of low-cost energy and faster project approvals. This positions them to capture a share of the AI buildout. This is an AI-infrastructure beneficiary map, not an explicit ownership/buy/hold/actionable trade.
AI-infrastructure beneficiary map; no explicit trade
Watch KSA: The UAE and Saudi Arabia are emerging as attractive locations for AI infrastructure because of low-cost energy and faster project approvals. This positions them to capture a share of the AI buildout. This is an AI-infrastructure beneficiary map, not an explicit ownership/buy/hold/actionable trade.
AI-infrastructure beneficiary map; no explicit trade
Watch UTILITIES: Artificial intelligence will require massive electricity and data center expansion. This creates a long investment cycle in power generation, grid modernization, and supporting infrastructure. Utilities, transmission infrastructure, grid equipment, natural gas and LNG, nuclear development, data centers with secured power, and the commodities needed to expand electrical networks are all poised to benefit. This is an AI-infrastructure beneficiary map, not an explicit ownership/buy/hold/actionable trade.
AI-infrastructure beneficiary map; no explicit trade
Watch Transmission Infrastructure: Artificial intelligence will require massive electricity and data center expansion. This creates a long investment cycle in power generation, grid modernization, and supporting infrastructure. Utilities, transmission infrastructure, grid equipment, natural gas and LNG, nuclear development, data centers with secured power, and the commodities needed to expand electrical networks are all poised to benefit. This is an AI-infrastructure beneficiary map, not an explicit ownership/buy/hold/actionable trade.
AI-infrastructure beneficiary map; no explicit trade
Watch Nuclear Development: Artificial intelligence will require massive electricity and data center expansion. This creates a long investment cycle in power generation, grid modernization, and supporting infrastructure. Utilities, transmission infrastructure, grid equipment, natural gas and LNG, nuclear development, data centers with secured power, and the commodities needed to expand electrical networks are all poised to benefit. This is an AI-infrastructure beneficiary map, not an explicit ownership/buy/hold/actionable trade.
AI-infrastructure beneficiary map; no explicit trade
Watch Electrical Network Commodities: Artificial intelligence will require massive electricity and data center expansion. This creates a long investment cycle in power generation, grid modernization, and supporting infrastructure. Utilities, transmission infrastructure, grid equipment, natural gas and LNG, nuclear development, data centers with secured power, and the commodities needed to expand electrical networks are all poised to benefit. This is an AI-infrastructure beneficiary map, not an explicit ownership/buy/hold/actionable trade.
AI-infrastructure beneficiary map; no explicit trade
Watch Grid Equipment: Artificial intelligence will require massive electricity and data center expansion. This creates a long investment cycle in power generation, grid modernization, and supporting infrastructure. Utilities, transmission infrastructure, grid equipment, natural gas and LNG, nuclear development, data centers with secured power, and the commodities needed to expand electrical networks are all poised to benefit. This is an AI-infrastructure beneficiary map, not an explicit ownership/buy/hold/actionable trade.
AI-infrastructure beneficiary map; no explicit trade
Watch DTCR: Artificial intelligence will require massive electricity and data center expansion. This creates a long investment cycle in power generation, grid modernization, and supporting infrastructure. Utilities, transmission infrastructure, grid equipment, natural gas and LNG, nuclear development, data centers with secured power, and the commodities needed to expand electrical networks are all poised to benefit. This is an AI-infrastructure beneficiary map, not an explicit ownership/buy/hold/actionable trade.
Up Next
This Morgan Stanley video, published August 11, 2026, features Renato Granmont discussing UAE, KSA, UTILITIES, Transmission Infrastructure, Nuclear Development, Electrical Network Commodities, Grid Equipment, DTCR. 8 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Renato Granmont · Tickers: UAE, KSA, UTILITIES, Transmission Infrastructure, Nuclear Development, Electrical Network Commodities, Grid Equipment, DTCR