Who benefits from the AI power bottleneck?

Catalyst with Shayle Kann · Dec 4, 2025 · 34m

The bottleneck holding back AI is a scarcity of power, or so goes the story. That may be true — and plenty of reporting backs it up — but different actors in the space face varying incentives to play up or play down that narrative.

So what incentives are at play, and how do they shape each player's story?

In this episode, Shayle talks to Shanu Mathew, senior vice president and portfolio manager-analyst for U.S, sustainable equity at Lazard. Last month on X, he posted a breakdown of the actors — including hyperscalers, chip makers, utilities, and others – and how the different incentives they…