Kevin Stevens · 30 August 2026 · Investment Thesis

Every Overbuild Ends the Same Way

Kevin Stevens, Partner @ Energize

Throughout history, infrastructure overbuilds in railroads, cable, telecom, and cleantech destroyed investor returns but benefited consumers through lower prices and better access. AI infrastructure spending may follow the same pattern: builders may fail, but customers win and early investors in the winning infrastructure win too.

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Topics: AI (Horizontal) · Energy & Climate

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