If you're looking for a picks-and-shovels way to play the artificial intelligence boom, you could do worse than invest in the supply chain that provides it with electricity.
Because of the computing power needed for AI calculations and the cooling that is needed for those computers, the data centers that house AI servers consume a lot of electricity. An April report from the International Energy Agency projected that electricity consumption from data centers will grow to 945 terawatt-hours by 2030 from 415 TWh in 2024, a rise of about 15% per year. According to a July report from Goldman Sachs, the peak power demand from artificial intelligence data centers could exceed the annual electricity consumption of Argentina.