MLD’s AI Fund targets the physical backbone of the digital age, where capital formation meets compute, energy, and resources
For years, conversations about artificial intelligence centered on algorithms, models, and code. But the real story of AI’s next decade isn’t digital, it’s physical.
It might seem that AI lives in the cloud, focusing attention on the platforms that connect it to people – such as ChatGPT, Anthropic, and Perplexity – and that that is where the investment should be.
But the vital infrastructure for AI is physical: the servers, substations, and semiconductors that make the cloud possible.
At MLD, we built our AI Fund around a simple truth that every leap in compute creates demand for the tangible systems that power it.
The AI revolution is driving an industrial scale buildout of hardware, energy, and materials. Capital formation is happening not in software startups, but in power grids, transmission lines, and fabrication plants.
Each new generation of AI requires exponentially more compute and therefore more electricity, metals, and cooling capacity.
Data centres have become one of the fastest-growing consumers of power worldwide and this shift is transforming utilities, grid operators, and energy producers from background infrastructure into direct beneficiaries of AI demand.
Then there are individual commodities, for example copper that moves electricity across grids and data halls, the lithium storing that power in grid-scale batteries, and rare earths enabling the magnets and turbines that drive everything from EV motors to cooling systems.
These are the resource backbones of digital intelligence and the companies that mine, process, and distribute them are the ones building the foundation of the AI economy.
Powering the Machine
As AI workloads scale, so does the need for reliable, round-the-clock power.
That’s where nuclear energy and midstream gas infrastructure come in and far from being relics of the old economy, they’re the stabilizers of the new one. Baseload power is critical for keeping data centres online, balancing renewables, and meeting the energy density AI demands.
For these reasons, firms like Constellation Energy, BWX Technologies, and Enterprise Products Partners are quietly becoming as essential to AI as Nvidia or AMD.
In any technological boom, stories multiply faster than profits. The key is separating speculative narratives from tangible, cash-flow-generative exposure.
We look for companies that earn through contracts, regulated rates, and infrastructure usage, not hype.
MLD ALPHA - AI own the enablers including the chipmakers, power transmitters, gas transporters, and resource producers that make AI work.
What’s unfolding now is less a software revolution than a reindustrialization.
The supply chains being built to support AI, from semiconductor fabrication plants to hyperscale data centres, represent one of the largest coordinated capital investments of the modern era. Trillions of dollars will flow into physical systems that can sustain exponential compute.
That’s why we think of AI not as a sector, but as a system that includes digital intelligence at the top and a massive industrial base underneath.
Our portfolios are designed to capture that full ecosystem, balancing high-growth compute exposure with stable, income-producing holdings in utilities, infrastructure, and resources. It’s how we turn innovation into durability.
Investing in Intelligence as a System
Resilience comes from balance, which is why we pair high-growth AI compute exposure with stable, income-producing holdings in utilities, infrastructure, and resources.
It captures innovation without relying on speculation. This mix converts the AI boom into durable, cash-flow-based returns. It is how we invest in intelligence as a system, not a trend.
