高盛2025人工智能与数据中心全球电力需求激增研究报告五大驱动因素的上下行风险及可靠性投资顺风英文版28页

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group, Inc.AI/data centers' global power surge Five drivers of upside/downside and the Reliability investment tailwindEQUITY RESEARCH | January 12, 2025 | 6:17PM ESTWe continue to see data center power demand adding the equivalent of a top 10 power-consuming country by the end of the decade. As data center and broader electricity demand growth accelerates, we see five potential constraints that could drive upside or