{"id":231976,"date":"2025-10-08T10:15:00","date_gmt":"2025-10-08T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=231976"},"modified":"2025-10-09T05:47:01","modified_gmt":"2025-10-09T09:47:01","slug":"build-baby-build","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/build-baby-build\/","title":{"rendered":"Build baby, build"},"content":{"rendered":"\n

President Trump\u2019s famous axiom about drilling was reframed and rephrased with regularity at the annual thought leadership event hosted last week by Prologis<\/a>. Your author, who stayed up late to participate virtually in this invite-only event broadcast from Los Angeles, heard how the US needs more energy infrastructure \u2013 and quickly<\/strong>.<\/p>\n\n\n\n

Prologis, the largest industrial real estate business in the world, has hosted a forum annually since 2021 (see prior posts here<\/a>, here<\/a>, here<\/a> and here<\/a>). As with each event, the purpose is to bring together panels of luminaries to discuss topical issues \u2013 call them future trends<\/em> \u2013 and to demonstrate how Prologis is positioning to benefit from them. The 2025 programme<\/a> included senior members of the Trump administration, chief executives of S&P 500 Index businesses, leading academics, decorated ex-military members and start-up founders.<\/p>\n\n\n\n

We have written about power shortages<\/strong> since 2011<\/a> and most recently in 2022<\/a>. The subsequent AI infrastructure boom has only exacerbated these challenges. Hamid Moghadam, the co-founder and Chief Executive of Prologis, highlighted how customers not only want \u201cabundant and reliable energy\u201d but don\u2019t <\/em>want it to be a \u201cconstraint on their business.\u201d<\/strong> Against this background, Doug Burgum, the US Secretary of the Interior (who joined Hamid in the opening keynote), reiterated that the US Government is seeking to \u201chelp the world move more quickly\u2026[by] unleashing more energy.\u201d<\/p>\n\n\n\n

Forget the energy transition<\/em> and think more about how to prioritise energy addition<\/em> (in the words of Secretary Burgum). In practical terms, this means accelerating and improving permitting mechanisms for new builds, thinking more intelligently about locating new infrastructure close to power sources and embracing all forms of energy inputs<\/strong>. We have long argued<\/a> that countries prosper best with diversified energy portfolios<\/strong>. A strong case was made for increased use of natural gas small modular nuclear reactors and geothermal energy. We are geothermal fans<\/a> too and see this energy source as ideal for baseload power. Like natural gas, it also has the advantage of being domestically abundant in the US.<\/p>\n\n\n\n

Given Prologis\u2019 ownership of 800m square feet of warehouses in the US (and 1.3bn globally), more rooftop solar also makes sense. Additionally, some of its existing warehouses have the potential to be repurposed as data centres. Their often-strategic locations, close to demand hubs, are an added benefit. For Prologis, it is about \u201clistening to their customers and serving their needs.\u201d For the world more broadly, it\u2019s about satisfying our growing hunger for power<\/strong> \u2013 both to keep the lights on and in the ongoing battle for AI dominance.<\/strong><\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted on October 8, 2025 – Build baby, build<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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