After the initial surge in AI stocks, many investors started to believe the opportunity had already passed. Prices had run up aggressively, and it felt like everything important had already been priced in.

But that assumption is exactly where most people get it wrong.

Markets don’t move based on what already happened, they move based on what’s about to happen next. And right now, the next phase of AI is only beginning to take shape.

Recent projections from JPMorgan Chase suggest that global spending on AI infrastructure could exceed $600 billion in 2026.

This isn’t speculative interest, it’s real capital being deployed.

Companies across industries are investing heavily into systems that allow them to integrate AI into operations, decision-making, and long-term strategy. That level of spending doesn’t disappear overnight. It compounds.

And when capital flows at this scale, markets tend to follow.

There’s a common misunderstanding when it comes to AI.

Most people focus on the surface, chatbots, automation tools, or consumer-facing applications. But those are only the visible layer.

The real value sits underneath.

It’s in the chips that process the data, the servers that handle computation, and the cloud systems that allow AI models to operate at scale. This is where institutional capital is being deployed most aggressively.

If you’re only looking at the front-end of AI, you’re missing where the majority of the money is actually flowing.

As AI adoption accelerates, a less obvious constraint is starting to emerge.

Energy.

Training and running large-scale AI models requires an enormous amount of power. As demand increases, so does the strain on infrastructure supporting it.

This creates a tension that the market hasn’t fully priced in yet.

On one side, you have explosive growth in AI demand. On the other, rising costs and potential bottlenecks in energy supply.

It doesn’t stop the trend, but it does shape how it unfolds.

Instead of reacting to headlines, the more useful approach is to watch where capital is moving and what that implies.

Pay attention to how much companies are spending on AI infrastructure, how semiconductor demand evolves, and whether energy costs begin to affect margins.

These are not short-term signals. They are early indicators of how sustainable this trend really is.

Because at this stage, the question isn’t whether AI will grow.

It’s how far, and who captures the majority of that value.

With 20 years of investment expertise, Caleb Gan is a seasoned professional in stock trading. The hard work and dedication were recognized when his partner and him were featured on Singapore TV Channel 9's MoneyWeek, a prominent financial program. He's also had the privildge to share insights on radio stations like 93.8Live, Capital 95.8FM, and 96.3FM through live interviews about stock market investments. Beyond that, he's also the co-founder of NDU System, where he continues to help others navigate the world of trading.

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