Generative artificial intelligence (AI) requires an unfathomable amount of electricity. While retail and institutional investors fiercely chase semiconductor cycles and software revenue multiples, the physical reality of hyperscale computing is triggering a structural shift in energy markets.
Solar and wind energy, despite massive capacity additions over the last decade, simply cannot guarantee the 99.999% uninterrupted baseload uptime required by gigawatt-scale data centers. Intermittent power without economically viable, grid-scale battery storage is a non-starter for technology companies running continuous, intensive training models.
