Kathryn Thompson, Partner and CEO of Thompson Research Group, argued that markets are overly focused on near-term chip pricing, missing the massive industrial rebuild driven by AI. She projects over $5 trillion in spending over the next five years for AI reindustrialization, which she says dwarfs combined US interstate and rail system builds. Thompson identified power as the critical near-term bottleneck and suggested investors consider "old-school" names in materials, construction, and power generation, as these distribution and power layers are not yet fully priced for the anticipated demand.