How We’re Trading Interlocked Macro Trends: Reindustrialization, Embodied AI, Energy, And Crypto
Positioning For The Next Phase: Reindustrialization, Embodied AI, Energy, and Crypto—And How We’re Trading It
Big picture: I’m constructive on U.S. equities. Multiple structural, policy, and technological currents are converging—reindustrialization, AI infrastructure → embodied AI, an energy build‑out (including nuclear), and pro‑crypto policy clarity—while near‑term macro fears (tariffs reigniting inflation, “AI bubble” narratives, etc.) have not derailed earnings or capex. I’m leaning into the secular winners and keeping “safety first” hedges on while they’re inexpensive.
The Interlocking Macro Themes
1. Reindustrialization & Strategic Reshoring
Two motives reinforce each other: (a) the political focus on “bringing manufacturing back” (jobs, innovation spillovers from working with atoms, resilience), and (b) strategic / national‑security logic—reducing dependency on geopolitical rivals for critical components (advanced manufacturing equipment, energy technologies, defense electronics). This catalyzes incremental demand for power systems, precision components, industrial software, and localized supply chains.
2. AI Infrastructure → Embodied AI
Phase 1 of the AI trade was “who can secure GPUs / networking / power” (capex arms race). We’re now in an early transition to Phase 2: operationalization, application layer ROI, and embodied deployments (sensors, robotics, edge compute). Capital is still flowing into data centers—liquid cooling, power distribution, interconnects—but incremental alpha increasingly comes from companies leveraging that stack (or supplying the specialized hardware that lets it escape pure commoditization).
3. The Energy (and Nuclear) Build‑Out
AI + reshoring = structural electricity demand uplift. That underwrites new gas peaking plants, grid hardening, distributed generation, and a reopening bull case for nuclear (modular reactors, fuel cycle bottlenecks). Industrial electrification and datacenter cooling both amplify this. We position in names that (i) supply critical gear to data centers, (ii) sit in the nuclear fuel / technology chain, or (iii) ride natural gas compression & infrastructure.
4. Crypto Policy Tailwinds & Institutionalization
Crypto backed the winning political coalition last cycle; we’re seeing regulatory clarity and friendlier postures (appointments, rhetoric, enforcement direction). That’s most immediately bullish for network beta (BTC, ETH) and platform rails / on‑ramps. Additionally, “BTC / digital asset treasury” angles (companies holding or staking) create hybrid narratives—operating businesses with embedded crypto leverage. We took entries in April’s correction on select “treasury” names while sentiment reset.
| Theme | Company (Ticker) | Why It Fits / Core Exposure |
|---|---|---|
| Nuclear & Energy Infrastructure | Oklo, Inc. (OKLO) | Developing micro‑modular nuclear reactors aimed at reliable, high‑density baseload / campus power—optionality on datacenter & remote industrial demand. |
| Nuclear & Energy Infrastructure | Centrus Energy Corp. (LEU) | One of the few U.S. pathways to HALEU enrichment—critical fuel bottleneck for next‑gen reactors (microreactors / SMRs) and strategic reshoring angle. |
| Nuclear & Energy / Industrial Power | Powell Industries, Inc. (POWL) | Switchgear and engineered power control systems benefitting from grid hardening, datacenter build‑outs, and onshoring of heavy/energy‑intensive facilities. |
| Datacenter Thermal & Resiliency | Tecogen, Inc. (TGEN) | Natural‑gas engine chillers & cogeneration improving datacenter cooling resiliency, offering peak‑power hedge vs grid stress (efficiency + uptime narrative). |
| Advanced Manufacturing / AI Hardware Integration | Celestica, Inc. (CLS) | High‑mix electronics manufacturing & design services leveraged to … |
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