AI’s Cheapest Runtime Might Be a Gas Gauge, Not a GPU

Fred Wilson, co-founder of venture firm Union Square Ventures, says the simplest way to bet on AI is energy rather than technology stocks: natural gas powers most new AI data centers, yet its price has barely moved and remains near its long-run range while chip stocks have slumped this month.

Wilson made the case in a short clip shared on X. “If you really want just a simple way to bet on AI and not have to think about all this other stuff, just bet on energy,” Fred Wilson said on X.

One investor pushed the idea further, saying copper and power give traders cheap AI exposure, with deep markets and leverage, although he said almost nobody cares. Copper has set record highs in 2026 as AI demand tightens supply, while softer industrial data from China, the largest copper buyer, has weighed on demand. Tech has struggled: chip stocks posted eight straight losing days last week, and Goldman named defensive stocks for nervous investors.

Nikita Bier, the former head of product at X, raised a related point: “Funny that basically all AI data centers are being run on natural gas but the cost of NG has been mostly flat or down. $UNL — Nikita Bier (@nikitabier) October 21, 2026”

The first part is largely true. BeInCrypto’s Planned On-Site Data Center Power by Source data show the US has 1,391 operating data centers and 2,819 more planned, with gas making up nearly 75% of planned on-site US data center power; nuclear, fuel cells, and batteries supply the rest. The United States 12 Month Natural Gas Fund (UNL) holds futures contracts, and rolling those contracts adds costs, so the fund has fallen far more than gas itself.

Henry Hub, the US benchmark, mostly stayed between $2 and $4 per million British thermal units (MMBtu) last decade, while Wood Mackenzie expects it near $5 by 2035 as power demand climbs, World Oil reports. The fight for cheap power is also reshaping Bitcoin mining cost math; if gas prices rise, energy producers could capture a larger share of AI spending than chipmakers do today.