BofA: AI Power Demand
> 100+ GW Supply Gap: The US is projected to face an electricity generation shortfall of over 100 gigawatts (GW) between 2026 and 2030.> Surging Demand vs. Capped Supply: Global semiconductor team forecasts imply a need for 230+ GW of capacity demand, while the US utilities team expects only 93 GW of accredited supply from regulated utilities.> Massive Compute Load: Driven by AI accelerators, global IT load is expected to require 208 GW between 2026 and 2030. Factoring in a 50% North American share and a 1.20 Power Usage Effectiveness (PUE) multiplier to account for cooling and facilities, this translates to 125 GW of direct US data center load growth.> Accelerated Growth Rate: After flat growth from 2010 to 2020 (largely due to a 150bp drag from LED adoption, appliance efficiency, and residential solar), US electrical load is projected to grow at a 4.1% CAGR from 2026 to 2030.> Rise of Gas Engines: Due to turbine scarcity and the need for fast-response grid balancing, data center developers are shifting to gas reciprocating engines. Leading manufacturers like Caterpillar, INNIO Group, Rolls Royce, and Wärtsilä have all announced capacity expansions.> Exponential Rack-Level Power Growth: BofA Global Research pointed out a staggering leap in the power density required by Nvidia's hardware generations. Power density has jumped from 35 kilowatts (kW) per rack for the Nvidia H100 chip up to an estimated 600 kW per rack for its upcoming Feynman architecture.$GE Vernova(GEV.US) $Caterpillar(CAT.US) $NVIDIA(NVDA.US) $AMD(AMD.US) $Alphabet(GOOGL.US) $Amazon(AMZN.US) $Intel(INTC.US)
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