Texas Pacific Land: The $27B Bet That The Permian Becomes An AI Power Grid (Upgrade)

Texas Pacific Land Corporation is undergoing a strategic transformation, pivoting to AI data centers and desalination alongside its core royalty business. TPL's partnership with Bolt Data & Energy positions its land for large-scale, energy-independent AI compute campuses, leveraging unique land, energy, and water assets. Despite high valuation metrics (P/E 54.23, EV/EBITDA 39.55), I upgrade TPL to Buy, citing strong cash generation and secular AI/data center tailwinds.