How the Iran War Exposed the Physical Backbone of the AI Boom

The article warns that the AI investment boom faces a physical supply-chain bottleneck: helium shortages and electrical-equipment constraints threaten semiconductor and data-center buildouts that underpin tech sector growth. Global helium production in 2025 was about 190 million cubic meters, with the US, Qatar and Russia supplying roughly 84%. An Iranian strike on Qatar’s Ras Laffan on March 18, 2026, and Russia’s April 2026 export controls (through end-2027) have tightened supply, while transformer, switchgear and battery shortages are delaying roughly half of US data-center projects. The piece frames these disruptions as execution risks for AI-linked stocks and infrastructure, suggesting the tech-heavy US Tech 100 could face headwinds despite strong capex and bullish pricing.