Google is making one of its biggest infrastructure bets yet.

Alphabet’s Google plans to invest at least $15.1 billion in artificial intelligence infrastructure in Finland over the next two years, marking its largest single investment in Europe.

But this story is about much more than new data centers.

Google has also signed a 22-year nuclear power purchase agreement covering up to half of the output from Finland’s Loviisa nuclear plant. The company is backing additional wind capacity, battery storage and grid infrastructure as it searches for enough reliable electricity to support the AI boom.

For investors, that creates several potential winners and also some companies that may face increasing competitive pressure.

Winners

AI chips and networking

Names: $NVDA (Nvidia), $AVGO (Broadcom), $AMD (Advan ...