In fact, the American Society of Civil Engineers (ASCE) graded the US infrastructure with an overall C in their 2025 Report Card. The best grade it's given in decades, but still a C.

The funding needed to improve it has only grown. In 2021, ASCE estimated the shortfall at $2.6 trillion. In their 2025 report, that number increased to $3.7 trillion. This is despite attempts to fund it through infrastructure law.

So where does this show up for investors? Getting exposure to the enabling layer is important to the growth story we are witnessing given the interaction between the physical and agentic world:

• Raw materials: Steel and copper. Grain oriented electrical steel is the raw material layer of the entire grid. S&P Global projects copper demand to reach 42 million metric tons by 2040, a 50% increase from current levels.
• Building physical infrastructure: Crushed stone, sand, gravel, and ready-mix concrete, which are the literal material that roads and foundations are made of. This also includes construction equipment makers.
• Transporting the infrastructure and materials: Rail is often the only practical inland transport for oversized, heavy cargo. For example, a large power transformer weighs 100–400 tons.
• Getting the power and holding the power: This includes contractors that build out the electrical grid and equipment makers for it, as well as alternative energy suppliers and battery components.
• Managing the power once it’s built: This includes power distribution, uninterruptible power supplies, thermal management, and liquid cooling for high-density AI racks.

Construction and materials might be a sector to consider!