AI-Powered Data Centers Are Fueling A Historic Demand Spike: 15 Stocks To Watch

Author: Piero Cingari | October 13, 2025 03:22pm

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 Monday that hyperscalers — like Amazon.com Inc. (NASDAQ:AMZN), Microsoft Corp. (NYSE:MSFT), Alphabet Inc. (NASDAQ:GOOGL), and Meta Platforms Inc. (NASDAQ:META) — are unlikely to slow spending, thanks to their strong cash positions and ability to absorb higher electricity prices.

Goldman Sachs outlines six drivers — the "6 Ps" — behind the surge in power needs.

• Pervasiveness of AI reflects how widely AI is adopted across industries, increasing compute intensity.
• Productivity of compute is improving, but efficiency gains won't fully offset rising demand.
• Prices of electricity may rise, but hyperscalers can absorb costs.
• Policy support, including incentives from the Inflation Reduction Act, is boosting renewables but could wane after 2028.
• Parts availability — from turbines to chips — will shape how fast capacity can expand.
• People. Goldman sees a shortage of 78,000 skilled workers needed for transmission and distribution — roles that take up to four years of training.

Can The Grid Keep Up?

To meet this explosive demand, the U.S. will need 82 gigawatts of new generation capacity by 2030, up from Goldman's prior forecast of 72 GW. About 60% of this is expected to come from natural gas and the rest from renewables like solar and battery storage.

What is the total grid investment needed? Roughly $790 billion through 2030, primarily directed at distribution and transmission infrastructure, according to updated Goldman Sachs estimates.

Which Stocks Stand To Benefit?

Goldman Sachs highlighted several Buy-rated companies and industry players across the power supply chain:

Fuel & Power Suppliers:

• NextEra Energy (NYSE:NEE)
• Vistra Corp. (NYSE:VST)
• Constellation Energy (NASDAQ:CEG)
• Kinder Morgan (NYSE:KMI)
• EQT Corp. (NYSE:EQT)

Capacity Builders:

• Xcel Energy (NASDAQ:XEL)
• First Solar Inc. (NASDAQ:FSLR)
• GE Vernova (NYSE:GEV)
• Quanta Services (NYSE:PWR)
• MasTec Inc. (NYSE:MTZ)

Component & Equipment Suppliers:

• Vertiv Holdings (NYSE:VRT)
• Eaton Corp. (NYSE:ETN)
• Generac Holdings (NYSE:GNRC)
• Fluence Energy (NASDAQ:FLNC)
• Jabil Circuit Inc. (NYSE:JBL)

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Photo: Shutterstock

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