“U.S. power demand (is) likely to experience growth not seen in a generation. Not since the start of the century has US electricity demand grown 2.4% over an eight-year period, with US annual power generation over the last 20 years averaging less than 0.5% growth.”

 “Analysts estimate that about 47 GW of additional power generation capacity will be necessary to accommodate the growth in U.S. data center power demand by 2030.”

 “There could be meaningful upside to our base case if appetite for purchase and utilization of servers is unconstrained.”

 “There could be downside to our base case if power efficiency is higher than expected or if power/compute speed efficiencies lead to fewer servers purchased than expected.”

 “Power demand from data centers has already been humongous, then came the AI hype and the need for power skyrocketed... With all the money spent on data centers, the power consumption will increase massively.”

 “The AI narrative is capturing the biggest amount of investor interest... It has the potential to be the biggest driver of the industry.”

 “We consider these themes, along with Goldman’s Broad AI basket, to be the most popular in the next few years.”

 “We believe renewables and storage are a key enabler to help meet this increased demand... That also benefits a company like CMS Energy Corp., which operates out of Michigan.”