Carl Fleming discusses the convergence of compute, power, digital infrastructure and capital in The Tech Capital

Carl Fleming was featured in The Tech Capital discussing how growing demand for AI and data center capacity is reshaping investment in energy and digital infrastructure.

In the article, “Own the Stack: When Power Meets Compute,” Carl discusses the increasing convergence between AI, energy developers and data center investors as companies seek greater control over power, land, connectivity, development expertise and access to capital. He explains that investors are increasingly looking beyond standalone assets to platforms that bring together multiple parts of the infrastructure stack.

The article highlights Copia Power’s sale to EQT, a transaction led by Carl and the McDermott team, as an example of that shift. McDermott represented Copia, a developer, owner and operator of integrated large-scale energy and digital infrastructure campuses across the United States, in its sale by Carlyle to EQT Infrastructure. The transaction reflects the growing intersection of renewable energy, data centers and AI infrastructure.

Carl also discusses how this integrated approach can create both opportunities and additional risk for investors, particularly as financing, construction and development become increasingly interconnected. Looking ahead, he notes that the next phase of digital infrastructure investment will be driven not only by data center development, but by control over critical inputs including power, interconnection, land and development expertise.

Read the full article in The Tech Capital.