Canadian businessman Kevin O’Leary says he is positioning for the artificial intelligence boom without buying more technology stocks, instead directing his money toward energy infrastructure over the next 36 months.
Speaking on the podcast Stock Sharks: The Deep End, as reported by Benzinga, O’Leary said his focus is on electricity production and uranium, which he considers essential to powering AI systems. He described himself as a “picks and shovels guy,” saying he would rather invest in the infrastructure that generates power than in individual AI technology companies, which he characterized as volatile and unpredictable.
Betting on Power Over Tech Equities
O’Leary said his preferred investments are in businesses tied to natural gas, turbines and uranium, which he sees as the assets underpinning the physical demands of AI computing. He pointed to a recent $3 billion deal in Finland, in which Google agreed to a long-term power purchase contract with a local utility, as evidence supporting his approach. He noted that the agreement had nothing to do with AI directly and did not involve data centers, but argued it shows major technology companies are treating electricity access as a strategic asset in its own right, separate from their AI investments.
Nuclear and Uranium at the Center of the Thesis
O’Leary said nuclear power will be central to meeting the electricity needs of computing infrastructure going forward. He pointed to small modular reactors specifically, which he described as the cleanest and cheapest source of electricity available, and said he expects them to be a primary driver of power generation over the next seven to eight years. Because these reactors require uranium pellets to run, he said that link is what underlies his uranium investment thesis. He summarized his overall view by saying the real trade right now is energy rather than AI itself.
Canada’s Role in the Strategy
On geography, O’Leary said Canada has a significant global advantage in energy commodities, pointing specifically to uranium reserves in Saskatchewan. He said he is concentrating his power-related investments in the Nordic countries and in Alberta, citing their relatively low electricity costs per kilowatt-hour as an increasingly important factor as AI infrastructure continues to expand its power demands globally.
This article references reporting from:
