The $106 Trillion Trade. Free, in your inbox.

The building bill under AI: where the money goes, who gets paid and what could go wrong.

Free report

Three numbers from inside it

Everyone's watching AI. Underneath it sits a building bill.

$106 trillion

has to go into infrastructure by 2040 to keep up with what the world needs, McKinsey reckons

McKinsey, The infrastructure moment, September 2025. Report page 3.

About 950 TWh

of electricity used by data centres in 2030, up from 485 TWh in 2025, roughly doubling in five years

IEA, Key Questions on Energy and AI, April 2026. Report page 4.

61 months

median wait from asking to connect to switching on, for US power projects built in 2025

Lawrence Berkeley National Laboratory, Queued Up 2026 Edition, June 2026. Report page 5.

Figures accessed on 3 and 4 October 2026. The full source list is at the back of the report.

What's in the 16 pages

1
The bill and where it goes
McKinsey's $106 trillion, split into the areas it goes to, plus the private money already moving in.
2
Why it's urgent now
Data centres, a grid that can't keep up and the queue to plug in.
3
Who gets paid
The picks and shovels: grid kit, cables, power on site, the builders and the materials.
4
What could go wrong
Overbuilding, slow governments, share prices that run ahead and rising rates.
5
Already in your bills
The Heathrow substation fire, homes waiting for a connection, your bills, your savings and the markets.
6
What it means for your money
How to own a theme without letting it own you. Every number sourced, with the full list at the back.

Who it's from

I spent years as an execution broker for small and medium-sized hedge funds, then led growth at TradingView. I wrote this report with Tim.

Free, 16 pages

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