Nuveen Private Bond Chief Scoops Up AI's 'Picks and Shovels'

Nuveen's Laura Parrott is investing in energy and utility credits for AI's "picks and shovels" rather than data centers. Her $75 billion private fixed-income portfolio targets boring infrastructure that benefits from AI growth but remains resilient without it. Public investment-grade energy bonds have outperformed the broader index year-to-date.