Fortune April 19, 2024
Tech companies such as OpenAI, Google, and Meta are jostling for a lead in the AI arms race, fighting a shortage of engineers and advanced chips as they gear up for the huge growth expected in the coming years.
But in the AI infrastructure sector, which includes the vital data centers and energy projects needed to feed AI’s huge appetite for power and information, there’s already a winner emerging: private equity.
Firms including Blackstone, the Carlyle Group, and KKR have been quietly spending tens of billions of dollars on energy projects and data centers tailored to supply AI developers, and they foresee huge profits once AI creates the demand surge they’re expecting.
“Even before AI, you’ve seen an industry that’s...
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