高盛：释放AI时代的潜力+Powering+the+AI+Era

Contents

3ALetterfromDanDees

5AHistoricParadigmShift:AIUshersInaNewEraforComputing

10ThePowerImperative:GenerationalOpportunitiesandChallenges

17DataCenterDiplomacy:ANewToolforGeopoliticalInfluence

19MeetingtheMomentwithCapitalSolutions

24InvestmentBankingLeadership

andContributors

ALETTERFROMDANDEES

DanDees

Co-HeadofGlobalBankingandMarkets

Economicprogressisrarelylinear—throughouthistory,it’sbeenpunctuatedbytechnology-driveninflections.

Theinexorableforcesoffinanceandtechnologyhaveshapedourworldforcenturies—dismantlingbarriersandforgingnewindustries.

In19thcenturyAmerica,railroadscatalyzedcommercialactivitybyunlockingnewmarkets,spawningindustrieslikemail-orderretail,andenablingMidwesternfarmerstotransportcropsoverseas.Acenturylater,theinternetusheredinadigitaleconomy:

loweringthecostofhostingandtransmittingdata,linkingglobalmarkets,andgivingrisetoe-commerce.Today,westandatthedawnofanotherdefiningera,drivenbyartificialintelligence—andtheproliferationoffoundationmodelsbegettingnewindustriesaltogether.

Butwhileinnovationsparkstheseneweras,capitalandinfrastructurearenecessarytopowerthem.Steamenginesmarkedahistoricinvention,butthousandsofmilesoftrackultimatelyunlockedtheireconomicpotential.Duringthedot-comera,

$800B+

1investedincriticalinternetinfrastructurelikefiber-opticcables,broadband,andserversenabledadigitaleconomythroughfasterandcheapertransmissionofinformation.Inturn,financialmarketsevolvedtomeettheseunprecedenteddemands.Investmentbanksfirst

emergedduringtherailwayagetomobilizeglobalsourcesofcapital.Inthedot-comera,acombinationofventurecapitalfunds,activeIPOandM&Amarkets,andbroadeningcreditmarketsunlockedtherequisitegrowthcapitalforinternetinfrastructure.

Similarly,thefutureofAIwillnotbeforgedincodeandlargelanguagemodelsalone.Itwillbebuiltwithconcrete,steel,andsilicon.Theaveragecosttobringatypical250MWAIdatacenteronlineisroughly$12B

2

inclusiveoftheequipmentinside—requiring

innovativefinancingsolutionstofuelthisgrowth.

Thatsaid,alackofcapitalisnotthemostpressingbottleneckforAIprogress—it’sthepowerneededtofuelit.Afteradecadeof

flatdemandgrowth,globaldatacenterpowerdemandisexpectedtosurge+160%by2030

3

asaresultofAIworkloadsthatrun

onenergy-intensivegraphicsprocessingunits(GPUs).Andthecurrentgridwasnotdesignedforthisfuture.Transmissionand

permittingtimelinesfornaturalgasplantsstretch5–7years,renewablesourceslikewindandsolarcanonlyprovideintermittent

powerasitstands,andnuclearisalonger-termsolution.Soaringpowerdemandiscurrentlybeingmetwithmarginalincreasesin

powersupply—stiflingAIdevelopmentbylimitingdatacenteractivity.Unlikepreviousinfrastructurebuildouts,theacceleratedpaceofinnovationrequiresimmediatesolutions.

It’simpossibletoaccuratelypredicthowthenextdecadewillunfold,butAIisaneconomicforcethatwillpermeateeveryindustryandgeography.Thisconvergenceofcomputeandpoweriscreatingnewurgency.Corporateleadershipshouldbethoughtful,

strategic,andopportunistic.GoldmanSachshasbeenattheepicenteroftechnologicalinflectionpointssinceourfounding—innovatinganditeratingtoprovidethecapitalsolutionsnecessaryforfuelingprogress.Thismomentisnodifferent,andweareenergizedtohelptoday’sinnovatorsleavetheirmark.

DanDees

Co-HeadofGlobalBankingandMarkets

POWERINGTHEAIERA3

19THCENTURY

Railroads

215K

milesoftrackby19005

80%

shareofUSstockmarket

4

Railroadsrevolutionizedcommercebyturninglocalizedmarkets

intoanationaleconomy.Thefirstinvestmentbankswereformedtochannelglobalcapitalintorailwayinfrastructurethroughanascentcorporatebondmarket.

20THCENTURY

Electrification

$295B

capitalraisedbyutilities(1920–1930)

6

50GW

capacityaddedtopowergrid(1920–1930)

7

ElectricitytransformedproductivitythroughinnovationslikeHenryFord’smovingassemblyline.Tomeetsoaringpowerdemand,utilitiespioneeredtheholdingcompanystructuretoaccesscheaperdebt

financingandunlockeconomiesofscale.

20TH/21STCENTURY

Telecom&DotCom

$800B+

investmentininfrastructure(ex:fiber-opticcables)

8

39M

milesoffiber-opticcableslaidby2001

9

Theinfrastructurelaidtosupporttheinternetbirthedadigital

economyandstillpaysdividendstoday.Todriveprogress,a

combinationofventurecapitalfunds,activeIPOandM&Amarkets,andbroadeningcreditmarketsunlockedtherequisitegrowthcapital.

PRESENT

ArtificialIntelligence

+160%

datacenterpowerdemand

growthby20303

$5T

fundingrequiredfor

digitalinfrastructure&power

10

ThefutureofAIisstillbeingwrittenbutisalreadycreatingnewbusinessmodelsandindustries.TounlockAI’sfullpotential,

innovativefinancingsolutionsacrosspublicandprivatemarketsourcesareneededtomeetunprecedentedcapitaldemands.

SECTION01

AHistoric

ParadigmShift:

AIUshersInaNewEraforComputing

AIisprogressingatbreakneckspeed,forgingapathofnewopportunities.Acrossinfrastructure,power,andcompute,

AIisfundamentallytransformingtheeconomy—withindustriesracingtokeeppace.

01|AHISTORICPARADIGMSHIFT:AIUSHERSINANEWERAFORCOMPUTING

POWERINGTHEAIERA6

BeforethemainstreamadoptionofgenerativeAI,cloudcomputingwasthemostrecentparadigmshiftindigitalinfrastructure—withcompaniestransitioningtheirstorageandworkflowsfromon-premisesserverstoinexpensiveservershousedinexternaldatacentersatmassivescale.Companieslike

Amazon,Google,Meta,andMicrosoftquicklydominatedthiscategoryby“hyperscaling”resourcesanddatatoefficientlyprocessuserworkloads—loweringcostsandresourceutilization.Thousandsofclouddatacenterswerebuilttomeetsurgingdemand—operatingontraditionalcomputerprocessingunits(CPUs),large-scalestoragearrays,andstandardnetworkinginfrastructuretohandleclientworkloads.

Yetevenascloudmigrationaccelerated,datacenters’powerdemandremainedflatduetoefficiencygainsthatkeptconsumption

incheck.Thoseefficiencygainshavelargelybeencaptured,andtheinfrastructureneededtorunAIworkloadsisexponentiallymore

complexandresourceintensive.In2027,AIserverrackswillrequire50xmorepowerthancloudequivalentsfiveyearsago,

11

andGPUsaresignificantlymoreenergyintensive—requiringintricateliquidcoolingsystemstooffsetexcessiveheatgeneratedbydenseGPUclusters.

Cloud

DataCenter1.0

5–15kW

VaryingamountsofCPUsAirCooling

Source:Nvidia2025GTCKeynotePresentation

130–200kW

144GPUs

Liquid&AirCooling

500+kW

576GPUsLiquidCooling

Retrofit

AIDataCenter

Transitional

AIDataCenter

~40kW

8GPUsAirCooling

“AIFactory”DataCenter

HyperscalersareattheforefrontofAIandareprojectedtoinvest$1Tinthetechnologyby2027,

12

as“scaling”—theassumptionthatAI

improvementsrequireever-moredataandcomputeresources—drivesCapEx.Outsidethetraditionalcloudhyperscalers,othercompaniesareestablishingthemselvesas“neoclouds”—spendingbillionsofdollarsonGPUsanddatacenters.Theseinvestmentsareconcentrated

intrainingmoreadvancedmodels,whichinherentlyrequireslarger,power-hungrydatacenterscapableofhandlingtheseAIworkloads.Despitethesesignificantinvestments,cloudcomputingspendhasnotslowed.AIisn’tcannibalizingcloudbudgets—it’sexpandingthem.

AItraining—teachingmodelstorecognizepatternsandgenerateresponses—isparticularlyenergyintensive,necessitatingdatacenter

campuseswithhigh-poweredGPUs,dedicatedpowersupply,andadvancedcoolingsystems.Importantly,locationislesscrucialfortrainingmodelsbecausetheirdevelopmentdoesnotrequireinteractionwithendusers.Instead,traininginfrastructureisbeingbuiltinregionswithabundantland,accesstopower,andfavorableregulatoryconditions—includingless-populatedUSstatessuchasIowaandNebraska,alongwiththeNordicsandpartsofSoutheastAsia,whereclimateconditionssupportnaturalcooling.

UndertheTrumpadministration’sStargateinitiative—ajointventurebetweenOpenAI,Oracle,andSoftBank,thatplanstoinvestupto$500Bdevelopingdigitalandenergyinfrastructure

13

—thefirstStargatedatacenterwillbebuiltinAbilene,Texas.Thisareaisenergy-abundantandpopulation-scarce,offeringinexpensivepowerandexistingdatacentersthatcanberepurposedforAI.

01|AHISTORICPARADIGMSHIFT:AIUSHERSINANEWERAFORCOMPUTING

“Whenwethinkaboutthe

scaleofwhat’shappening

withAI,theclouderaoffers

oneoftheclosestparallels.

Cloudrequiredanenormous

buildoutofcomputationalandphysicalinfrastructure.What

didthatdeliver?Nearlyatrilliondollarsofnewrevenueandtheemergenceofnewcompanies,platforms,andapplications.”

JungMin|GlobalCo-HeadofTechnology,Media,andTelecom,InvestmentBanking

POWERINGTHEAIERA7

01|AHISTORICPARADIGMSHIFT:AIUSHERSINANEWERAFORCOMPUTING

POWERINGTHEAIERA8

TheCapExplaybookfordatacentersmaysoonevolve.

Inferencing—wheretrainedandreleasedmodelsinteractwithreal-worldusers(e.g.,ChatGPT)—isnotascomputehungry.However,

speedandlatencyareparamount,requiringproximitytoendusersandaddingcomplexityandrisktodecisionsarounddatacenterbuilds.BreakthroughsinAIhavebeendifficulttoanticipate—asevidencedbythelaunchofDeepSeek—posingariskthatdatacentersbuiltfor

traininginremotelocationswillbecomelessrelevantifthetransitiontoinferencingisfasterthanexpected.

Regardless,datacenterdemandisrapidlyoutstrippingsupply.Datacentervacancyratessitatarecordlow3%,andnear0%inthe

mostsought-aftermarkets—withnewpoweratscaleoftennotcomingonlineuntil2028orbeyond.

14

Accordingly,thetotaldatacenter

developmentfootprintnowexceeds50millionsquarefeet—doublethevolumeoffiveyearsago

.15

Evenignoringpowerconstraints,the

capitalneedsforproducingthenecessarysupplyareunprecedented.Companiesspent$800B+oninternetinfrastructureduringthedot-comera

16

—hyperscalersareexpectedtosurpassthatfigureby2027.

17

WithAIprogressingatbreakneckspeed,financingAIdatacentersisincreasinglycomplex.Forclouddatacenters,mostcostswererelatedtothe“shell”(i.e.,power,land,physicalinfrastructure)—nottheserversandCPUsinside—andfinancingmirroredtraditionalrealestate

inusingtheshellandMEP(mechanical,electrical,plumbing)equipmentascollateral.Withmoresophisticatedandexpensivehardware,thecomputeequipmentinsideAIdatacenterscosts3–4x

18

morethanthephysicaldatacenteritself.Thepaceofinnovationalsocreatesuncertaintyaroundtheenduringrelevanceofthishardware—achallengeforlendersandinvestorsunderwritingdatacenters.Thenext

generationofAIinnovatorsfacechallengesinfinancingtheirmassivecomputerequirements—simultaneouslypoweringtheirownmodeldevelopmentandprovidingcost-effectivecomputetotheircustomers.Unlikeestablishedhyperscalerswithinvestment-graderatingsandrobustbalancesheets,theseemergingAIlabsoperatewithstartupfinancialprofiles.Innovativefinancingstructuresandcreativecredit

enhancementsarecriticaltoreducingtheircostofcapitalandmaintainingcompetitiveness.

DemandforComputeIsSoaring(TotalTokensConsumedperWeek)

2,500

2,318

2,000

+4,274%Growth

1,000

500

53

Feb

2025

Source:OpenRouterasofMay26,2025

Jul

2024

Jan

2025

Mar

2025

Apr

2025

May

2025

Sep

2024

Oct

2024

Dec

2024

Aug

2024

Jun

2024

Nov

2024

1,500

0

NewChallengesRequireNewPlayersandFinancingSolutions

Whenbuildingnewdatacenters,hyperscalerstypicallyowntheprocessthemselves—securingthepowerandland—oroutsourcetheheavyliftingtothird-partydeveloperswhoprovideplug-and-playsolutions.Tokeeppacewithrecorddemand,thesedevelopersaretappingcreativefinancingsolutions—includingjointventures,borrowingbasefacilities,constructionloans,andprojectfinance.

Aftersecuringthepoweredlandandtenantleases,banksaremorewillingtolend—withprivatecreditfundsprovidingadditionalfundingviamezzaninedebtand/orpreferredequitytohelpdevelopersstretchtheirequityfurther.

Jointventuresarealsohelpingraisedevelopmentcapital—in2024,theAmericanREITEquinixformedajointventurewithSingapore’s

sovereignwealthfundandtheCanadianPensionPlanInvestmentBoardtoraise$15BforbuildingandexpandingthefootprintofUS

hyperscaledatacenters.

19

Developersarealsocreativelyrecyclingcapitalbysecuringdevelopmentfundingandlong-termfinancingupfront.Crusoe,thedeveloperforStargate’sfirstdatacenter,formedafullyfundedforwardtakeoutventurewithBlueOwlCapitalandPrimaryDigitalInfrastructuretofundconstructionandpermanentfinancing.

20

Onceleasedandcash-flowing,ownerswilloftenrefinanceadatacenterintoasingle-asset/single-borrower(SASB)CMBS/ABSorprivateplacement—bondssecuredentirelybythecompleteddatacenter.

POWERINGTHEAIERA9

Bypackagingafullyleased(“stabilized”)datacenterintoSASBCMBS/ABSorprivateplacementbonds,ownersreplaceshort-term

constructionloanswithmorepermanentformsoffinancingthatcutinterestexpensesby50–100bps.Additionally,withinstitutional

investors(i.e.,insurancefunds,pensionfunds,etc.)consideringstabilizeddatacenterslessrisky,theyacceptalowercaprate—boostingtheproperty’sappraisalvalueandunlocking25%ofcashthatcanberecycledintofundingthenextdatacenter.Thefirstdatacenter

SASBpricedin2021,buttheproductnowrepresents13%oftheSASBmarket,

21

andmultiple$2B+transactionshaveoccurredin2025.

22

Hyperscalers,meanwhile,areleaningonjointventuresfromtheirownbalancesheets:seedingaprojectwithananchorleaseorpowercontractwithoutsideinvestorssupplyingmostoftheequity.

DataCenterCMBSandABSIssuanceContinuestoAccelerate

DataCenterCMBSIssuanceDataCenterABSIssuance

$14B

$6.6

$12B

$10B

$8B

$6B

$4B

$1.0

$0.3

202020212022202320242025YTD

Source:GreenStreetasofJune24,2025,FinsightasofJune24,2025

$2B

$8.6

$2.8

$6.6

$6.0

$3.2

$3.0

$2.7

$5.7

Adiversesetofinvestors—fromprivateequityandprivatecreditfirmstorealestatefundsandendowments—wantexposuretodatacenterdevelopment,butarefinancingeachstageofthelifecycleinpiecesaccordingtorisktolerance,whichincreasescomplexityandexecutionrisk.Alternatively,operatingunderonecontractthroughoutthedevelopmentlifecyclereducesfrictioncostswhileprovidingcapitalcostcertainty—structuringsolutionstoprovideconstructionfinancingandpermanentcapitalondayone.Thisvisibilityenablesdeveloperstoacceleratetimelinesandcommittolargerprojectswithconfidence.

Capital

MostlyEquity

V

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&

g

KeyPlayers

Equity:Privateequity,endowments,familyoffices

Debt:Privatecredit

KeyDebtProducts

Corporaterevolvers,

borrowingbasefacilities,landandpre-developmentloans

Capital

Debt+Equity

KeyPlayers

Equity:Value-addinfrafunds,

value-addREfunds,privateequity,sovereignwealth,pensionfunds

Debt:Largebanks,privatecredit,

insurancefunds

KeyDebtProducts

Constructionloans,

projectfinance,DevCofacilities,borrowingbasefacilities

Capital

Debt+Equity

KeyPlayers

Equity:Corefunds,pensionfunds,insurancefunds,netleasefunds

Debt:Insurancefunds,pensionfunds,assetmanagers

KeyDebtProducts

Corporaterevolvers,

borrowingbasefacilities,CMBS,

ABS,privateplacement,termloans

Acquisition&

3

Capitalsolutionsareneededacrossthedevelopmentlifecycle

2

alDevelopm

ButthemostcriticalobstacleforunleashingAI’spotentialisnotcapital—it’spower.Globalpowerdemandfordatacentersisexpectedtorise+50%by2027—60%ofthatgrowthwillneedtobemetbynewcapacity—and+160%by2030.

3

Theabilityforhyperscalersanddatacenteroperatorstocontinuerecyclingcapitalandfundnewdevelopmentiskey.

SECTION02

ThePower

Imperative:

Generational

OpportunitiesandChallenges

Afteradecadeofflatpowerdemandgrowth,datacenterpowerusageisexpectedtoincrease+160%by2030,

3

drivenbyenergy-intensiveAIdatacenters.Thiscreatesopportunityforcoordinated,multilayeredsolutionsforamulti-decadechallenge.

02|THEPOWERIMPERATIVE:GENERATIONALOPPORTUNITIESANDCHALLENGES

POWERINGTHEAIERA11

ThetechnologiesunderpinningAIareadvancingatbreakneckspeed—astarkcontrastwiththeUS

powergrid,composedofinfrastructureassetsthataverage40yearsold

.23

Thisstructuralmismatchhasbecomeacriticalbottleneckthatbothindustriesareracingtoresolve.

Challengesfacingpowerandutilitycompaniescannotbesolvedwitha“movefastandbreakthings”ethos.Expandingpowercapacityrequiresnavigatingregulatoryhurdles,federalandstatepermittingprocesses,supplychainchallenges,andapowergridunpreparedforrapiddemandgrowth.Theambitionsofhyperscalers,AIcompanies,anddatacenteroperatorsaresoberedbythisgovernorongrowth.

Foroveradecade,theUnitedStatesenjoyedaccesstoanabundanceoflow-costnaturalgas,decliningcostofwindandsolarinstallation,historicallylowinterestrates,andoverallflatpowerdemand,whichkeptelectricitypriceslow.Thecombinationoflowwholesalepowerpricesandtheinfluxofintermittentwindandsolargeneration—creatingthenowinfamous“duckcurve”—underminedtheeconomicsof24/7baseloadcoalandnuclearplantsandacceleratedtheirretirementacrossthegrid.

Today,thegridlackssufficientbaseloadcapacitytomeetprojectedpeakdemandgrowth,achallengethatwillrequirefasterpermittingfornewprojects,moreflexibledemand,andsmarterplanning.Asilverlining?RisingpricesignalsandlongerleadtimesfortraditionalgenerationcomponentsarespurringR&Dintonewtechnologiesthatwillhelpaddresstheimbalanceandmakebetteruseofexisting

infrastructure.Necessityisthemotherofinvention:weareseeingprogressacrosscarboncapture,distributedgenerationadoption,longer-durationstoragesolutions,anddemandflexibility.

ANewErafor...Utilities?

RegulatedUSutilitiesarefacinganexistentialdilemma:howto

reconciletheirpublicservicemandatewithaginginfrastructurein

needofinvestment—andpowerdemandthatisrapidlysurpassing

traditionalgrowthmodels.UtilitysectorCapExhasmorethan

doubledoverthelastdecade—notjusttosupportloadgrowth,but

tohardenthesystemagainstmoreextremeweather,ensureextremereliability,andreplaceaginginfrastructurenearingtheendofits

usefullife.Capitalspendingacrossthesectorisnowatunprecedentedlevels,reflectingthescaleandurgencyoftheenergytransition.

Manyutilitycompaniesarealsowaryfrompreviouslyspending

heavilyonnewassetsthatarethenunderutilized.DeepSeekand

potentialbreakthroughsinchipefficiencyhavestirredquestionsonwhetherthishistoricpowerdemandpansout.AIleaders,however,haveunderscoredthatefficiencybreakthroughswon’toffsetthe

growingneedforcomputeasenterpriseapplications,cloudservices,andagenticAIreachmassadoption.

Regardless,powercompaniesareincreasinglyseekingnewrate

structuresforlarge-loadcustomerslikehyperscalersanddatacentersthatmitigatestrandedassetrisk—exploringmechanismssuchas

take-or-paycontracts,up-frontcapitalcontributions,andlong-termcapacitycommitments.

Partnershipsareemergingbetweenpowerandtechnology

companies—likeEntergy’sdealwithMeta—toco-develop

generationandtransmissionassetsthatensurereliable,long-termpowerfordatacenters.Theseambitiousprojects,however,are

notwithoutconsequences,asregulatorsassesstheburdenonlocalratepayers—theaverageUSelectricitybillrose23%from2019–2024.Thesepartnershipsarebeingstructuredtoprotectexistingratepayers,ensuringthatthecostofservinglarge,

energy-intensivecustomersisbornebythosecustomers

.24

02|THEPOWERIMPERATIVE:GENERATIONALOPPORTUNITIESANDCHALLENGES

“Nuclearpowerisparticularly

exciting,withseveraldevelopers

advancingsmallmodularreactors(SMRs)andfusiontechnologies

followingsubstantialinvestmentsinmakingtheseinnovations

commerciallyviable.Thatsaid,

longleadtimesandhighcosts

meanutilities,hyperscalers,and

OEMswillrequirebespokecapitalsolutionsandpossiblegovernmentsupporttofundandpricenew

technologydevelopmentrisks.”

TylerMiller|GlobalCo-HeadofPower,Utilities,andInfrastructure,InvestmentBanking

POWERINGTHEAIERA12

02|THEPOWERIMPERATIVE:GENERATIONALOPPORTUNITIESANDCHALLENGES

POWERINGTHEAIERA13

Thegenerationofpowerisonlyhalftheequation,withtransmissionanequallyimportantbottleneckforgettingnewplantsonline.WithanabundantsupplyintheUnitedStates,mostdatacentersarepoweredbynaturalgas—butpermitting,transmission,andcritical

supplychainchallenges(e.g.,gasturbines)haveresultedin5–7yeartimelinesforgettingnewnaturalgasplantsonlineandconnectedto

thegrid.Thisresurgenceinnaturalgas,fueledbyAImomentum,hasalreadyspurreddealmaking.InJanuary2025,ConstellationEnergy,

thelargestproducerofclean,emission-freeenergyintheUnitedStates,announceditsacquisitionofCalpineCorporation,America’slargestgeneratorofelectricityfromnaturalgas,for$29.1B.

25

Thisstrategictransactionwillcreatethenation’slargestcleanenergyprovideratatimewhenpowerdemandissurging.

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024E

2025E

2026E

2027E

2028E

2029E

2030E

Morethan$700BofGridInvestmentExpectedThrough2030intheUS

TransmissionCapExDistributionCapEx

120

100

80

60

40

20

0

Source:Companydata,EEI,GoldmanSachsResearch

Federalpolicywillbecriticalforrelievingthesepermittingdelays.TheTrumpadministrationhasvoicedcommitmenttoUSpowergrid

improvements,butfullrealizationwillrequiresupportfrombothsidesoftheaisle.ThebipartisanEnergyPermittingReformAct,which

wasintroducedinthelastCongress,wouldgrantthefederalgovernmentauthoritytopermitinterregionaltransmissionprojects.Asstressonthepowergridintensifies,weexpectsupportforthisbillandsimilarproposalstogarnergreaterattentionfrompolicymakers.

POWERINGTHEAIERA14

02|THEPOWERIMPERATIVE:GENERATIONALOPPORTUNITIESANDCHALLENGES

“Theeraofflatpowerdemandisover,withdatacenters

representingthefirstmajortailwindofgrowthinthepowersectorformany,manyyears.Today,weareonthecuspof

megaprojectsandinfrastructurespendingonascalenotseenindecade