Anthony Zhang | Cofounder of Vinovest, a leading wine and spirits investment platform.
Most of my commentary has centered around wine and spirits—markets driven by scarcity, provenance and aging. Lately, though, investors in Grand Cru Burgundy and rare Japanese whisky have been asking me about a radically different asset class: artificial intelligence. The key isn’t investing directly in models, but rather in the infrastructure that powers them.
AI infrastructure, such as high-performance computing (HPC), graphics processing units (GPUs) and energy-intensive data centers, echoes wine’s fundamentals such as limited supply, heavy upfront capital and long-term upside for those who understand where to direct capital. Investors now face three strategic paths: backing hyperscalers, energy/data center operators or specialist HPC and AI cloud firms.
Hyperscalers
AWS, Microsoft Azure and Google Cloud dominate cloud infrastructure. (Full disclosure: I own shares of Microsoft, Google and Amazon.) Their leadership is built on scale and operational efficiency, as well as reliability. For risk-averse investors, hyperscalers offer the potential for long-term growth. But their expansions require massive capital expenditures and face regulatory hurdles.
Power And Data Centers
The second tier comprises power producers and traditional data center operators. Firms such as NextEra, Vistra and Talen Energy benefit from the surging electricity demand driven by AI workloads. The IEA forecasts that global data center electricity use could double by 2026—rising from around 460 TWh to over 1,000 TWh.
These types of companies offer contract-backed returns and serve as a defensive play, though they lack exposure to the high-margin compute layer and face growing scrutiny over sustainability and resource use.
Specialized HPC Providers
From my standpoint, the highest-growth potential lies with specialized HPC and AI cloud providers—think CoreWeave, Crusoe and QumulusAI. These types of providers deploy GPU-dense infrastructure tailored for AI workloads, commanding higher pricing power: Their rates range from about $4 to $20 per GPU hour depending on configuration—well above the $2 to $3 typical in general-purpose clouds.
Having directly invested in an HPC data center operator, I’ve seen both the operational demands and upside—rapid scale, hardware supply constraints and real-time leverage to AI’s growth curve. NVIDIA controls over 80% of the supply, which can lead to supply constraints. Additionally, since they are specialized providers, if the AI bubble bursts, HPC providers could have trouble diversifying because many of them have very focused revenue streams.
Key Investor Considerations
Three metrics are critical for evaluating these options. First, energy efficiency: Electricity is a core cost for AI data centers, and those leveraging renewables or advanced cooling sustain better margins and mitigate environmental risk. Second, GPU pricing and supply stability: With NVIDIA dominating the high-end GPU market (registration required), bottlenecks can severely limit capacity. Third, regulatory pressure: Policy changes around emissions and resource use could reshape the landscape across all segments.
Matching Risk Profiles And Exit Paths
Hyperscalers and utilities suit conservative investors seeking steady returns. A balanced strategy offers growth while maintaining stability. Aggressive investors comfortable with operational complexity may find the specialized HPC route the most direct and potentially most rewarding exposure to AI expansion.
Exit strategies also vary. Hyperscalers and utilities compound value slowly over decades. Specialist HPC providers, in contrast, may offer faster liquidity through IPOs, M&A by hyperscalers or peer consolidation.
Staying Grounded In Fundamentals
The analogy to wine investing remains apt: True value lies beneath the surface—in terroir and provenance for wine, and in data centers, chips and power infrastructure for AI. The fundamentals differ, but the lesson stays the same. Investors who understand what drives long-term value will be best positioned to reap the returns.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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