AI Infrastructure Stocks Are Leaving the ‘Old Economy’ Behind

Earnings season highlighted a sharp market bifurcation: AI-infrastructure companies reported blowout results, raised guidance, and are seeing multi-year, backlog-driven demand, while many traditional “old economy” firms are cutting forecasts as higher oil and supply-chain costs bite. Data-center suppliers (Vertiv), power and electrification providers (GE Vernova), defense/imaging vendors (Teledyne), and semiconductor-equipment makers (ASM International) all posted strong orders, cash flow and guidance, signaling persistent capex from hyperscalers and governments. The piece argues capital is rotating into infrastructure exposure that supports AI growth, widening performance dispersion versus energy- and consumer-facing sectors hurt by elevated oil prices and rate sensitivity. Overall market takeaway: structural tailwinds for AI infrastructure are strengthening, suggesting continued outperformance for AI-related stocks (primary focus: NVDA.OQ) versus the old economy.