A wave of artificial intelligence infrastructure is sparking a massive U.S. power boom, with Goldman Sachs projecting electricity demand growth not seen since the 1990s, and it’s opening the door to new investment opportunities across the energy and tech supply chains.

Goldman Sachs now forecasts global data center electricity usage, including AI and legacy (non-AI), to grow 175% by 2030 compared to 2023. That's up from its previous forecast of 165% and roughly equivalent to adding a new top 10 global power-consuming country to the grid.

AI Boom Supercharges US Power Demand

The U.S. alone is expected to see total electricity demand rise by 2.6% annually through 2030, an acceleration of +1.2 percentage points due to data center growth. For context, U.S. power demand growth has rarely breached 2% in the last two decades.

Goldman Sachs analyst Brian Singer, CFA, said in a note released ...