AI Exchanges: Where Will the Power Come From?

In this episode of Goldman Sachs Exchanges, Allison Nathan and George Lee host Rebecca Kruger to discuss the rising power demands of AI and its implications for companies, investors, and economies. The conversation highlights the unprecedented power demand driven by AI data centers, the challenges of an aging and decarbonizing grid, and the need for innovative solutions and partnerships between tech and power companies. They explore the complexities of bringing new power generation online, the cultural and temporal mismatches between hyperscalers and utilities, and the potential for new technologies and flexible demand management. The discussion also covers the financial aspects, including the massive capital projects required and the strategic financing and M&A activities in the power sector, ultimately considering whether AI will drive a transformational shift in the U.S. and global power grid landscape.