During a trip to Singapore, Wilson Asset Management observed that artificial intelligence is shifting from a software narrative to a capital-intensive infrastructure buildout, driving demand for physical assets like large-scale compute facilities, power supply, transmission, batteries and connectivity. Australia is well placed to capture this opportunity with its security, land and energy profile, as Singapore’s dense, land-constrained market has pushed AI factory development into neighbouring Malaysia and Batam in Indonesia. These facilities are large, energy-intensive data centres where most capital goes to computer hardware, particularly NVIDIA chips. Australia’s ‘Five Eyes’ status, political stability, and access to land, power and water make it compelling for supporting infrastructure, with South Australia and Tasmania standing out for regional co-location with renewable energy and transmission. Contractors building data centres and transmission networks, companies in renewable energy and storage, and data connectivity providers like Megaport (ASX: MP1) are most likely to see increased activity. Australia’s advantage lies in hosting and supporting infrastructure rather than owning the algorithms.