There’s an early winner in the race to feed AI’s infrastructure demands: private equity

Key Facts

• But in the AI infrastructure sector, which includes the vital data centers and energy projects needed to feed AI’s huge appetite for power and information, there’s already a winner emerging: private equity.
• The data centers that developers use to train large language models behind AI consume huge amounts of energy, and by 2030 they could suck up as much as a quarter of all the power in the U.S.
• Building AI energy and data infrastructure from the ground up is a multibillion-dollar undertaking—but firms including $1 trillion BlackRock, $553 billion KKR, and $426 billion Carlyle Group have the financial muscle to make it happen.
• Microsoft has announced it’s committing close to $6 billion towards data centers in Japan and the U.K., and OpenAI founder Sam Altman is backing a startup that would provide small-scale nuclear power to AI data centers.

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