The AI boom is hitting a wall that better chips can't solve: the power grid. Venture capital's new thesis? Nuclear reactors, fuel cells, and grid-hacking software are the true infrastructure layers AI needs to scale.

Evidence For

The signal is loudest at Valar Atomics. The three-year-old nuclear startup is in talks to raise $1 billion at a $6 billion valuation, with Sequoia expected to lead. Valar's helium-cooled small modular reactor already powered an...