1、Goldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making thei

2、r investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.AI/data centers global power surge Five drivers of ups

3、ide/downside and the Reliabilityinvestment tailwindEQUITYRESEARCH|January 12,2025|6:17PM ESTWe continue to see data center power demand adding the equivalent of a top 10 power-consuming country by the end of the decade.As data center and broader electricity demand growth accelerates,we see five pote

4、ntial constraints that could drive upside or downside risk to our updated base case of more than 160%global data center power demand growth in 2030 vs.2023 levels:Data center capacity additionsPower capacity/infrastructureGreen data centers:Low-carbonlead times/incentives/costData center power inten

5、sity efficiency gainsAI results/innovationsIn this report,we provide our latest analysis of expected growth in data center capacity,power infrastructureand Green Reliability Premiums,frameupside/downside implications from customer responses to chip efficiency gains and highlight key metrics to consi

6、der the ultimate breadth of AIs potential innovations that could advance Sustainable Development Goals.Reiterate Reliability as a multi-year investment theme We reiterate our bullish view on the multi-year theme of Reliability and resulting Green Capex driven by the confluence of:(a)power demand gro