Anthropic’s S-1 Says Natural Gas, Not Chips, Is AI’s Biggest Bottleneck. Here’s the Stock That Sells the Engines.

Detailed summary

Natural gas companies don't need a particular AI model to win out; they'll win if demand for natural gas from data centers continues to rise.

Anthropic's S-1 filing revealed that power is still one of the biggest bottlenecks for artificial intelligence (AI) companies. For investors, that makes natural gas stocks particularly attractive, as Anthropic mentioned natural gas five times in just one paragraph in its filing.

There are a few ways to capitalize on that opportunity, ranging from owning shares of natural gas producers to owning shares of companies that own and operate pipelines and supply gas to data center campuses. One I'd lean toward is Energy Transfer (TXSE:ET), which operates over 140,000 miles of pipelines and associated energy infrastructure across 44 states.

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There's no publicly available information that Energy Transfer is connected to Anthropic. Rather, the bigger takeaway about natural gas from Anthropic's S-1 filing is how a company like Energy Transfer can benefit.

Anthropic even notes that being unable to secure gas supply and transportation during facility development could cause "a planned site to be delayed or abandoned." That's a huge risk: not only to have a site delay when trying to create advanced AI models, but to potentially have to abandon a site completely. And that risk shows why access to natural gas is so important.

Anthropic and its rival, OpenAI, which may go public in 2027, will win by having the best AI models. But Energy Transfer only needs AI use cases and adoption to increase to win, as it will create more power demand from AI companies. While the AI story is still in its early stages, it looks as if that's happening. According to research from The Motley Fool, 26.8% of U.S. businesses used AI in October 2026, compared with 3.7% in September 2023.

Energy Transfer is already capitalizing on that demand by signing an…

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