After years of paying up for “pure AI,” Wall Street’s newest rotation has a four-letter name: HALO—Heavy Assets, Low Obsolescence—a shorthand for businesses that can’t be disrupted by a prompt and tend to hold strategic value in the real economy.
In 2026, that HALO lens maps almost perfectly onto one of the biggest AI buildout’s constraints: electricity. As large-model iteration accelerates and data-center footprints scale faster th...