The energy industry affects nearly all parts of the economy and our daily lives—a reality underscored by headlines that have dominated the news this year.
Conflict in the Middle East has disrupted key parts of the energy supply chain, causing oil prices to surge to their highest levels since 2022. Rapidly increasing artificial intelligence usage isn’t just reshaping how companies think about productivity, training, and staffing; it is also straining power grids and raising public policy questions about how to manage AI’s enormous energy demands. Meanwhile, researchers and policymakers continue to navigate the convergence of traditional and renewable energy systems.
These converging developments highlight how central energy is to the global economy, financial markets, and investors’ portfolios. This edition of Client Focus showcases how we are addressing these dynamics, featuring insights from across William Blair’s global investment platform.
William Blair Investment Banking colleagues Jim Conniff and Jayant Dey examine the forces influencing global energy markets, including geopolitical conflict, grid constraints, and emerging technology. Jed Dorsheimer, group head of Equity Research’s energy and power technologies sector, describes the proprietary report his team has developed that tracks U.S. AI data center construction, power supply and demand, and industry sentiment.
Global Strategist Olga Bitel examines a global investment cycle she calls the “revenge of the tangibles.” After years of market leadership by technology and information- and service-related companies, valuations and capital flows have begun to reflect renewed spending on physical assets and large-scale industrial development. We also profile William Blair client Michael Cushing, who is using venture capital to support entrepreneurs and startups bringing innovative climate technologies to market.
Our Private Wealth Management team shares insights on the pivotal roles that asset allocation and tax management play in driving your long-term financial success. In addition to helping you plan for this year’s and next year’s tax seasons, your wealth advisor can coordinate your tax and investment strategies to support your retirement, philanthropy, and estate planning goals.
Thank you for your continued trust in William Blair. We are honored to partner with you on your journey and remain committed to helping you achieve your goals. If you have any questions or feedback, please don’t hesitate to contact me directly at CEOPerspective@WilliamBlair.com.
Sincerely,
Brent Gledhill
President and CEO