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Jan van Eck uses “AI 2.0” to describe the power and infrastructure businesses supporting AI computing—not just the companies that make chips. In remarks reported on October 6, 2026, the VanEck CEO said those supporting trades had lagged semiconductor companies, and suggested a nuclear-power deal might signal a turning point. That was his market view, not a verified return comparison or confirmation that a bottom was in.
What does van Eck mean by “AI 2.0”?
In van Eck’s framing, the first layer of the AI trade is the computing hardware, especially semiconductors. “AI 2.0” is the supporting ecosystem that may be needed to power and expand that computing capacity: electricity generation and related infrastructure, including nuclear power and independent power producers. He has also cited copper and companies focused on electrification as examples of potential beneficiaries. These are examples of his thesis, not a formal or exhaustive industry definition. (January interview transcript; July interview transcript)
Why did he say the trade had been suffering?
A report on van Eck’s October 6 comments described a performance split: semiconductor companies had had a solid year, while some businesses supporting AI infrastructure—including independent power producers—had not shared the same run. The report also attributed pressure on nuclear-related shares partly to political concerns about data centers. (Stocktwits, October 6, 2026)
That characterization should be read narrowly. The available reporting does not specify a defined “AI 2.0” portfolio, the securities included, a precise measurement window, or a benchmark. It therefore does not establish how much the supporting businesses lagged, or whether every power and infrastructure company underperformed. It also does not compare the returns of the entire AI supply chain.
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What was the Constellation–Google deal?
The report cited a Google–Constellation Energy agreement as a possible catalyst for nuclear power. Stocktwits reported a 20-year deal involving 890 megawatts of nuclear capacity for the PJM grid, backed by $4.3 billion in new investment. Those figures describe the reported agreement; they are not measures of stock performance. (Stocktwits, October 6, 2026)
Van Eck said: “I actually think today is a great day. Maybe, maybe we’ve seen the bottom here with the Constellation deal.” The repeated “maybe” matters: he was offering a contemporaneous possibility, not declaring a confirmed market bottom. A reported long-term power agreement may illustrate demand for electricity, but it does not by itself establish future returns or settle political concerns about data centers.
How does this fit with his earlier AI comments?
In a January 2026 interview, van Eck said, “The AI bubble to me has popped,” referring to losses among weaker-capitalized AI-linked firms. That statement was his description of part of the market at that time—not a claim that every AI-related stock or the broader AI market had collapsed. (CEOInterviews.AI / Thoughtful Money transcript, January 11, 2026)
By July, he was discussing AI 2.0 beneficiaries such as copper and nuclear power, while acknowledging that some segments had paused after gains. Taken together, the comments distinguish the underlying AI theme from the performance of particular groups of stocks: demand for computing can support an infrastructure thesis even as some related shares weaken or pause. (CEOInterviews.AI / Thoughtful Money transcript, July 12, 2026)
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Van Eck’s argument is that more AI computing could require more electricity and supporting capacity, potentially benefiting parts of the power and infrastructure ecosystem. His October remarks identify a reported relative-performance concern and point to a nuclear agreement as a possible catalyst. They do not establish a standardized AI 2.0 trade, quantify its returns, or show that the shares he discussed have reached a durable low.
For any comparison of chips with power or infrastructure stocks, the relevant questions are which securities are being compared, over what dates, and against what benchmark. Without those details, “suffering” is best understood as van Eck’s attributed assessment rather than a measurable result for a defined investment category.
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