Thinking big and building bigger: Financing energy and infrastructure in the technology age

The exponential growth of artificial intelligence necessitates a massive expansion in energy infrastructure, with projected demand reaching up to 100 gigawatts in the United States alone. Current regulatory frameworks and linear utility models are insufficient to support this shift, creating critical bottlenecks in permitting, equipment supply, and capital formation. Addressing these challenges requires a fundamental change in mindset, prioritizing "behind-the-meter" power generation and innovative public-private partnerships to provide credit support for large-scale projects. As the United States and China compete to establish the foundational infrastructure for the intelligence age, international collaboration—exemplified by U.S.-UAE partnerships—is essential to scale energy resources and ensure democratic access to AI. Ultimately, the transition to an AI-driven economy demands urgent, large-scale investment in physical infrastructure to sustain long-term global productivity and national competitiveness.