Capital does not hit every part of the AI economy at once. It usually lands first where the bottlenecks are hardest.
Transformers, high-voltage equipment, transmission, grid automation, copper, and conductors sit upstream of the visible winners. A utility can announce new capacity, but the project still needs components with long lead times and suppliers capable of meeting technical specifications.
That is why the first beneficiaries may be equipment makers and engineering firms rather than utilities themselves. Follow backlog, delivery times, pricing power, and cash conversion. The money moves toward the layer that cannot be skipped.