Power demand, cyclical progression and Sustainability implications

Goldman Sachs

Brian Singer

Research

29 Pages

Goldman Sachs Research explores the key growth drivers and constraints of AI-related power demand, lessons from the shale innovation cycle, and AI’s sustainability implications.

Key Takeaways

Power demand surge: Global data center power demand is projected to rise 170% by 2030 versus 2025, with more than 60% of growth coming from the US.
Spending intensity: Eight major hyperscalers are expected to invest $1.2 trillion in 2026 and $1.7 trillion in 2027, pushing reinvestment rates above 99%.
Emissions tradeoff: Data center emissions could rise about 210% by 2030 versus 2023, adding roughly 370 million tons and equaling 1% of global energy emissions.
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