BlackRock CEO Fink:
“We don’t have enough power for AI data centers”
According to BlackRock CEO Larry Fink, the infrastructure for the increasing power requirements of artificial intelligence will require the involvement of private investors. "These AI data centers will require more energy than we could have ever imagined," Fink said via video link at the B7 Economic Group meeting in Rome on Friday. "We don't have enough electricity in the G7," he added, referring to the leading seven industrialized nations.
According to Fink, "trillions of dollars" are needed. This is an opportunity for pension funds and insurance companies. According to Fink, Blackrock is in talks with various governments about financing options for the expansion of AI. The power supply is the most pressing issue. "This will be a real competitive challenge for countries," he continued.
"A burden for our children"
Data centers will probably be built where the electricity supply is cheaper. This will require government subsidies for areas where energy costs are not competitive. "The deficits we see in the G7 will become a burden for my children, your children, our grandchildren."
Enormous energy demand
With the rise of AI technology comes the hope of a global productivity boost. However, this will require data centers and semiconductor factories that consume enormous amounts of electricity. Japan predicted earlier this week that between 35 and 50 percent more electricity would have to be produced by 2050 to supply the AI industry's chip factories and data centers.
According to a government report, up to 1.5 trillion kilowatt hours (kWh) would then have to be produced. This is to be achieved by restarting nuclear power plants, new types of solar modules with perovskite technology and wind farms at sea.
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