AI infrastructure requires power. Power takes years to secure. Four companies positioned early and now hold $57 billion in contracted infrastructure revenue from hyperscalers. Two adjacent players selling GPU compute add another $30 billion. The market values all six at $70-75 billion combined while speculative AI plays with zero revenue trade at similar or higher multiples. Either the contracts are worthless, or the market is still catching up to who actually benefits from AI infrastructure buildout. This thesis argues it's the latter, distinguishes infrastructure from compute, acknowledges what could prove it wrong, and provides the milestones to track.
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