Elon Musk, CEO of Tesla and SpaceX, highlighted concerns about artificial intelligence (AI) power demands exceeding the U.S. power grid’s capacity. This alert coincides with New York and Texas imposing moratoriums on new data center constructions, as AI’s electrical demand surged to five times the peak demand in Texas.
The urgency for alternative power solutions is evident as Musk invests in off-grid energy sources, including natural gas and solar. Notably, companies like Bloom Energy, which builds hydrogen fuel cells, reported a staggering 140% year-over-year increase in their backlog, totaling $6 billion. Meanwhile, Caterpillar’s backlog grew by 92% to $72 billion, reflecting the dual demand for construction and power generation in the AI sector.
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