Venture capitalist Fred Wilson bets on energy, not chip stocks, as simplest AI play

Union Square Ventures co-founder Fred Wilson argues that energy, not tech stocks, is the simplest way to bet on AI, noting natural gas powers most new AI data centers yet its price has barely moved. He suggests copper and power offer cheap AI exposure with deep markets and leverage, though softer Chinese industrial data has weighed on copper demand. Meanwhile, chip stocks have slumped, with eight straight weekly losses, while natural gas prices remain flat or down despite powering nearly 75% of planned US data centers.