| Page 23 | Kisaco Research

Author:

Moshe Tanach

Co-Founder & CEO
NeuReality

Moshe Tanach

Co-Founder & CEO
NeuReality

Five Forces Reshaping AI Infrastructure in 2025

Over the last six months, we held two dozen closed‑door interviews with the people who pour the concrete, sign the power‑purchase agreements, and deploy the GPUs that drive today’s AI boom. They ranged from Fortune‑100 cloud operators and traditional utilities to private‑equity financiers and immersion‑cooling specialists. Taken together, the conversations reveal a market in hyper‑growth mode but constrained by physics - power density, transmission capacity, thermal limits, and by a brutally tight equipment supply chain. Five forces rise above the noise and will shape every capital‑allocation decision in AI infrastructure during 2025.