Buzzberg Cup Live

Data Center Build-Out Supports High Valuations: Bilicic

Watch on YouTube ↗  |  July 17, 2026 at 14:54  |  9:12  |  Bloomberg Markets
Speakers
Andre Calder — Executive Committee Member, Kirkland & Ellis
George Bilicic — Global Head of Power, Energy & Infrastructure at Lazard

Summary

Andrew Calder and George Bilicic discuss the consolidation wave in energy and utilities, the impact of AI and data center demand on dealmaking, and how the enormous total addressable market for AI data center technology supports high valuations in that sector. They also cover the blurring lines between power, utility, and midstream, and the role of natural gas in new generation.

  • George Bilicic expects steady consolidation in energy and utility industries, not rapid acceleration.
  • Andrew Calder sees AI demand driving M&A in energy space.
  • The need for scale in utilities may lead to some mergers or take-private deals.
  • AI and data center build-out are creating massive capital investment opportunities.
  • The lines between power, utility, and midstream sectors are blurring, possibly leading to vertical integration.
  • Data center demand supports high valuations in AI data center technology due to huge total addressable market.
  • Natural gas is expected to fuel much of the new power generation needed.
Ideas
Andre Calder Executive Committee Member, Kirkland & Ellis 8:26
Data center build-out remains hot investment.
Demand for data center build-out driven by AI will continue to make it a very hot place to invest.
Data center build-out MED
George Bilicic Global Head of Power, Energy & Infrastructure at Lazard 8:48
AI data center TAM supports high valuations.
The total addressable market for investment in the broad AI data center technology space is so large that it supports super high valuations, rationalizing high valuation prints.
AI data center technology sector HIGH
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This Bloomberg Markets video, published July 17, 2026, features Andre Calder, George Bilicic discussing Data center build-out, AI data center technology sector. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Andre Calder, George Bilicic  · Tickers: Data center build-out, AI data center technology sector