Daily Update — September 12, 2025
Global Hydrogen Growth; Dell’s AI Servers; and Decarbonizing Shipping
Today is Friday, September 12, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Transition & Sustainability
Global hydrogen FID capacity reaches 6 million mt/year: Hydrogen Council
The capacity of global low-carbon hydrogen projects that have reached final investment decision (FID) has surpassed 6 million metric tons per year, with $110 billion committed across more than 500 projects, according to the Hydrogen Council. Of this, 1 million mt/year of capacity is operational, the industry association said in its “Global Hydrogen Compass” report, co-authored by McKinsey and published Sept. 9.
The council said the development highlights the industry's transition from early-stage projects to commercial deployment and marks a $35 billion increase in committed capital from 2024.
Artificial Intelligence
Dell post-earnings summary: All eyes on AI servers
Dell Technologies’ total revenue for the second quarter of fiscal 2026 reached $29.8 billion, surpassing the $29.2 billion consensus estimate from Visible Alpha, a part of S&P Global Market Intelligence. The infrastructure solutions group segment’s revenue totaled $16.8 billion, above the consensus estimate of $15.4 billion. The group's results were driven by servers and networking exceeding revenue expectations by $1.6 billion. Storage came in slightly below estimates.
The company had an AI server backlog of $11.7 billion and shipped $8.2 billion of AI servers in the period. The AI server shipment guidance was raised $5 billion to $20 billion and is expected to more than double in the full year.
Global Trade
Listen: FuelEU Maritime: A new trading opportunity in shipping | Energy Evolution
In this episode of the “Energy Evolution” podcast, S&P Global Commodity Insights explored how the EU's FuelEU Maritime regulation is pushing the shipping sector to decarbonize, creating new market dynamics for marine fuels. Under the regulation, which took effect Jan. 1, ships calling at European ports are mandated to cut greenhouse gas intensity by 2% from 2020 baselines, escalating to 80% by 2050.
Host Eklavya Gupte spoke with Chris To, lead specialist in alternative fuels pricing at S&P Global Commodity Insights, about how the maritime industry is adapting to these changes.
In case you missed it
- Oil product inventories at the United Arab Emirates' Port of Fujairah rebounded 10% in the week ended Sept. 8, led by a 28% rise in fuel oils, according to Fujairah Oil Industry Zone data published Sept. 10.
- The European Commission reaffirmed its plans to restrict steel imports from competing markets to shield its steel industry from an influx of shipments triggered by global overcapacity.
Upcoming events
- Unlocking S&P Global ESG Scores: Raw Data on Screener | September 18 (Webinar)
- Unlocked Insights: Assessing Strategic Growth Amid Copper Mining Market Shifts | September 18 (Webinar)
- CERAWeek 2026 | March 23–27, 2026 (Houston)