Nov. 4 at 8:59 PM
Mentions of “power,” “electricity,” and “energy” in S&P 500 earnings calls have more than doubled from a year ago, reflecting the new obsession of the AI era: securing enough power.
Hyperscalers like Amazon and Microsoft are pouring billions into data centers, but energy supply has become the main bottleneck. “Maybe the bottleneck is power,” Amazon CEO Andy Jassy said, while Microsoft’s Satya Nadella noted that the company is “adding capacity at unprecedented scale,” citing its 2-gigawatt Fairwater facility in Wisconsin.
Wells Fargo reported that companies have announced 9.6 gigawatts of AI data center deals this year, most since September. More than 35 behind-the-meter natural gas AI projects have also been launched, up from fewer than five in 2024.
Energy demand is surging across industries—from utilities like FirstEnergy to glass and logistics companies—as corporate America races to power the AI boom.
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