The Kobeissi Letter, a leading market commentary platform, published a detailed thread on X highlighting a modern-day gold rush fueled by artificial intelligence. The United States has surpassed the rest of the world in data center deployments, triggering an unprecedented surge in construction that is reshaping commercial real estate and energy markets.
US Data Centers: 5,426 and Counting
According to the Kobeissi analysis, the U.S. now operates 5,426 data centers, more than all other major countries combined. This dominance extends to construction: about $40 billion worth of new data center projects are currently under development, representing a 400% increase since 2022. The report notes that for the first time in history, the total value of data center projects is poised to exceed that of office buildings in the U.S. commercial property landscape.
Since the launch of OpenAI's ChatGPT in late 2022, the value of active U.S. data center projects has tripled from $12 billion to $40 billion. The Kobeissi Letter called this expansion a “modern-day gold rush,” comparing it to historic waves of industrial growth.
The Power Crunch: 36 GW Shortfall Looms
However, the rapid buildout has outstripped energy supply. The Kobeissi Letter warns that U.S. data center energy consumption will account for 8.1% of national power demand by 2030, up from 3.9% in 2023. Citing Morgan Stanley projections, it notes a looming 36-gigawatt (GW) shortfall across the U.S. grid over the next three years.
Electricity prices have already risen 23% since ChatGPT's debut and 40% since 2020, well above the broader inflation rate. The Kobeissi team asserts: “Power will soon become the most valuable commodity in the world.” Without a dramatic increase in electricity generation, the AI revolution cannot scale, they argue.
Global Context: China’s Nuclear Advantage
While the U.S. dominates in data center count, China is building larger facilities overall, with roughly 449 data centers. More importantly, China leads in nuclear power construction with 29 large reactors under construction, compared to none in the U.S. This divergence underscores a strategic gap in energy infrastructure needed to power AI workloads.
Major technology firms including Alphabet, Amazon, Meta, Microsoft, and OpenAI have collectively pledged $800 billion for new data centers in 2025. The Kobeissi Letter concludes that the next great investment theme is not chips or models—it is electricity. “Without far more electricity, the AI Revolution simply cannot happen,” the thread concludes.