The Kobeissi Letter, a prominent market commentary platform, has described the United States' current data center construction wave as a 'modern-day gold rush' driven by artificial intelligence (AI), which could fundamentally reshape global power markets. In a detailed thread posted on X, the platform laid out staggering statistics that underscore the magnitude of this transformation.
Unprecedented Scale: US Data Centers Outnumber All Rivals Combined
The US now boasts 5,426 data centers, more than the combined total of all other major nations. According to Kobeissi, the value of data centers currently under construction stands at roughly $40 billion, representing a 400% increase since 2022. This boom marks a historic shift in commercial real estate: for the first time, the total value of data center projects is expected to exceed that of office buildings. 'This is a modern-day gold rush,' the thread declared, comparing the AI infrastructure surge to previous eras of industrial expansion.
Since OpenAI’s ChatGPT debut in late 2022, the value of active US data center projects has tripled from $12 billion to $40 billion. Yet as construction accelerates, energy demand is rapidly outpacing supply. By 2030, US data center energy consumption will account for 8.1% of national power demand, up from just 3.9% in 2023, according to the analysis. The Kobeissi Letter cited Morgan Stanley projections indicating a looming 36-gigawatt shortfall across the US grid over the next three years. Electricity prices have already risen 23% since ChatGPT's release and 40% since 2020, far exceeding the broader inflation rate.
Global Competition: China Builds Bigger, Leads in Nuclear Power
While China has fewer data centers — roughly 449 — it is constructing significantly larger facilities and leads the world in nuclear power development, with 29 large reactors under construction versus none in the US. 'Power will soon become the most valuable commodity in the world,' the Kobeissi Letter asserted, highlighting the geopolitical and economic implications of this energy race.
Tech Giants Pledge $800 Billion for Data Centers in 2025
Major technology companies including Alphabet (Google), Amazon, Meta, Microsoft, and OpenAI have collectively committed $800 billion for new data center projects in 2025 alone. The Kobeissi Letter concluded that the next great investment theme is not chips or models — it is power. 'Without far more electricity, the AI Revolution simply cannot happen,' the team wrote, framing electricity as the critical bottleneck and opportunity for the coming decade.
FAQ ⏱️
- What did The Kobeissi Letter highlight about AI’s impact on power? It emphasized that AI data centers are fueling massive electricity demand growth, potentially consuming 8.1% of US power by 2030.
- How much are US data center projects worth in 2025? Roughly $40 billion worth of data centers are currently under construction in the United States.
- Why does The Kobeissi Letter call power the 'next big thing'? It argues that electricity, not chips, will define the future economy as AI expansion strains power infrastructure.
- Which countries are leading in nuclear development? China leads with 29 nuclear reactors under construction, while the US currently has none.