Goldman Sachs – AI/Data Centers' Global Power Surge: Five Drivers of Upside/Downside and the Reliability Investment Tailwind, Jan 2025

The main theme of the report is the projected growth in power demand from data centers, which could reach levels comparable to the electricity consumption of one of the world's ten largest countries by the end of the decade.

The report examines five potential factors that could influence the growth or decline in power demand from data centers: data center capacity additions, power infrastructure, 'green' data centers, energy efficiency, and AI innovations. The report also highlights the importance of investments in infrastructure reliability and 'green' capital expenditures, considering the growing power demand and the need to adapt to changing climate conditions.