The U.S. power landscape is rapidly changing. After two decades of near-flat growth, U.S. electricity demand is projected to increase by as much as 50% between 2024 and 2040, driven by AI data centres, manufacturing, and electric vehicles. Meeting expanding power needs will likely require a significant buildout of both power generation facilities and power grid infrastructure.

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Institutional allocators in 2026 are dealing with a familiar problem, but it has become more acute. Equity valuations remain elevated, fixed income has not consistently delivered diversification in periods of stress, and geopolitical risk is driving sharp moves that are hard to time.

The infrastructure of capital markets is evolving. Two applications sit at the centre of this shift: stablecoins, which provide a digital cash layer, and tokenisation, which provides a digital asset layer. Together, they may compress settlement times, extend market hours and widen access to asset classes long reserved for institutions.

Energy security shocks, geopolitical tensions, and supply constraints are driving volatility and reinforcing long-term investment themes across commodities.