Prysmian — AI supply-chain exposure

Prysmian is the world's largest cable maker, and its relevance to AI runs through power. It manufactures high-voltage and HVDC power cables and submarine cables — the heavy, long-lead infrastructure that carries electricity across regions and links new supply to the grid corridors where data centres cluster. It sits in the energy layer as a producer of grid capacity, not of compute.

The structural hook is that the AI build-out is increasingly power-constrained rather than chip-constrained, and power has to physically arrive. Interconnecting new generation and moving it to data-centre hubs depends on the HV and HVDC cable Prysmian makes — a product with long lead times and few credible substitutes — while its submarine business also ties into subsea bandwidth. That combination of scarce, slow-to-build and hard to replace is why the model reads it as a central node in power delivery.