Every AI query burns real electricity — servers crunching, cooling running, networks pushing data back out — and at scale that power bill turns into the biggest line item these facilities face. Wall Street's response is predictable: package that energy demand into a $61 billion bond market. Access to power is becoming the actual bottleneck for AI growth, not chips or capital, and now it's being securitized like any other scarce resource. Worth watching where that debt ends up sitting.