One of the biggest mistakes investors make during a major technology shift is focusing only on what’s obvious.
Right now, when people think about AI, they immediately go to the usual names - Nvidia, Microsoft, Google. And to be clear, those are great companies. But they’re also the most crowded trades in the market today.
What’s getting far less attention is the infrastructure being built behind the AI boom.
And in my opinion, that’s where things start to get really interesting.
Elon’s Next Project
Over the past few months, I’ve been digging into a project tied to Elon Musk that doesn’t show up in the headlines very often. The more I look at it, the more I think it represents a different way to think about where AI is heading next.
Most investors still view AI as something that lives on a screen - chatbots, software, search, and content. But the real shift now is toward AI operating in the physical world. Not something you interact with… but something that works for you.
If that sounds like a small distinction, it’s not.
It reminds me a lot of the early days of the internet. Back then, you had to sit down at a computer to access it. Then smartphones came along and suddenly the internet was everywhere. That one shift created trillions in value and completely reshaped the market.
I think we’re at a similar point with AI.
Behind the scenes, there are already hundreds of facilities tied to this broader effort, spread across the U.S. and globally. They’re not flashy, and they’re not getting much media coverage, but they’re part of a much larger buildout that could matter a lot more over time than people realize.
If this plays out the way he envisions, it won’t just impact Tesla. It has the potential to shift leadership across multiple sectors - technology, infrastructure, even parts of energy and transportation.
Bottom Line
Now, that doesn’t mean every company tied to AI is going to win. Every major technology cycle creates both big winners and clear losers. The key is understanding where the puck is going before it becomes obvious.
And right now, I’d argue we’re still early.
The infrastructure is being built. The groundwork is being laid. But the broader market hasn’t fully connected the dots yet.
That’s usually the phase where the best opportunities exist.
I put together a short video breaking down what I’m seeing, how it all connects, and what I’m watching closely from here.
If you’re trying to get ahead of the next phase of the AI trend - not just follow what’s already worked - it’s worth taking a few minutes to watch..
Here’s to the future,
Matt McCall
Founder, NXT Wave Research
