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Fortune
Fortune
François Candelon, Paul-Louis Andres, Augustin Manchon

AI doesn’t end scarcity. It relocates it

nyse (Credit: Spencer Platt/Getty Images)

Start where the water is running out. In Texas, where drought is a standing emergency, data centers could use as much as 399 billion gallons of water a year by 2030, up from 49 billion in 2025. That is enough, by one estimate, to lower Lake Mead, the largest reservoir in the country, by more than sixteen feet in a single year. The machines behind all that effortless output have to be cooled, and they are increasingly cooled in the places with the least to spare.

Now look at where people are spending once the output turns cheap. In 2025, a record 159 million fans went to a Live Nation show, revenue crossed $25 billion, and for the first time more of them came from outside the United States than inside it. As machine-made output slid toward free, the price of being in a room where something happens once kept climbing.

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