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The promise of generative AI depends on many factors, none more critical than the proliferation of data centers powering AI computation and the corresponding surge in energy required to fuel the world’s digital infrastructure.

This data center revolution isn't just about building digital infrastructure; it is also about laying the foundation for sustained economic transformation. Data center and AI-related investments have become a dominant contributor to growth in the US — the leader in global data center capacity — accounting for 80% of private domestic demand growth in the first half of 2025. 

Data centers are reshaping the dynamics of economies, capital investment, productivity, and national competitiveness. While the US and China are leading the data center charge, collectively commanding over 60% of global capacity, players across Europe, the Middle East and Asia-Pacific are racing to establish their own digital sovereignty.

This growth story also comes with profound challenges. How should investors and other market participants think about the risks of overbuilding, if AI promises don't materialize as expected? How will stakeholders manage the water required to cool data centers in areas where water sources face pressure? Can supply chains effectively stretch to meet the insatiable appetite for specialized equipment? As AI drives productivity gains concentrated in specific sectors, how could labor markets be reshaped?

In Look Forward: Data Center Frontiers, sponsored by the S&P Global Look Forward Council, we show how data centers are the defining infrastructure of the 21st-century economy. We bring together the best thinking from across S&P Global to examine the data center story from every angle — from our economists tracking the macro impacts to our infrastructure analysts modeling power demand, from our ratings teams assessing credit risks to our sustainability experts examining environmental implications.  

Every day, we bring together our data and insights from across S&P Global, Advancing Essential Intelligence and helping you stay a step ahead. 

Martina L. Cheung

S&P Global

Martina L. Cheung

President & CEO, S&P Global


In this edition

Interviews

Chair, President & CEO of Dominion Energy

Robert M. Blue

In this interview with S&P Global, Robert M. Blue, Chair, President & CEO of Dominion Energy, explains how soaring data center demand is accelerating Dominion’s major build-out of generation and grid capacity to keep energy reliable and affordable.

Partner, Apollo

Joseph Jackson

In this interview with S&P Global, Joseph Jackson, partner at Apollo, highlights Apollo's disciplined approach to data center investing and how its long-term capital base is positioned to help meet rising demand for AI-driven infrastructure.

Look Forward Podcast
Look Forward Podcast
Episode 19

Powering the Future: Data Centers at the Crossroads of AI and Sustainability

In this episode of the Look Forward Podcast, host Molly Mintz reconnects with the audience as she dives deep into the critical role of data centers in the evolving landscape of artificial intelligence. Joined by experts Kelly Morgan and Brian Partridge from S&P Global's 451 Research, the discussion explores the unprecedented demand for data center capacity fueled by generative AI and its implications for the U.S. economy.

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Past Editions