赋能人工智能（AI）时代研究报告

Contents 5A Historic Paradigm Shift: AI Ushers In a New Era for Computing 17DataCenterDiplomacy:ANewToolforGeopoliticalInfluence 19Meeting the Moment with Capital Solutions 24Investment Banking Leadershipand Contributors Economic progress is rarely linear—throughout history, it’s beenpunctuated by technology-driven inflections. The inexorable forces of finance and technology have shaped our world for centuries—dismantling barriers and forging new industries. In 19th century America, railroads catalyzed commercial activity by unlocking new markets, spawning industries like mail-orderretail, and enabling Midwestern farmers to transport crops overseas. A century later, the internet ushered in a digital economy:lowering the cost of hosting and transmitting data, linking global markets, and giving rise to e-commerce. Today, we stand atthe dawn of another defining era, driven by artificial intelligence—and the proliferation of foundation models begetting newindustries altogether. But while innovation sparks these new eras, capital and infrastructure are necessary to power them. Steam engines marked a historicinvention, but thousands of miles of track ultimately unlocked their economic potential. During the dot-com era, $800B+1invested incritical internet infrastructure like fiber-optic cables, broadband, and servers enabled a digital economy through faster and cheapertransmission of information. In turn, financial markets evolved to meet these unprecedented demands. Investment banks firstemerged during the railway age to mobilize global sources of capital. In the dot-com era, a combination of venture capital funds,active IPO and M&A markets, and broadening credit markets unlocked the requisite growth capital for internet infrastructure. Similarly, the future of AI will not be forged in code and large language models alone. It will be built with concrete, steel, and silicon.The average cost to bring a typical 250 MW AI data center online is roughly $12B2inclusive of the equipment inside—requiringinnovative financing solutions to fuel this growth. That said, a lack of capital is not the most pressing bottleneck for AI progress—it’s the power needed to fuel it. After a decade offlat demand growth, global data center power demand is expected to surge +160% by 20303as a result of AI workloads that runon energy-intensive graphics processing units (GPUs). And the current grid was not designed for this future. Transmission andpermitting timelines for natural gas plants stretch 5–7 years, renewable sources like wind and solar can only provide intermittentpower as it stands, and nuclear is a longer-term solution. Soaring power demand is currently being met with marginal increases inpower supply—stifling AI development by limiting data center activity. Unlike previous infrastructure buildouts, the accelerated paceof innovation requires immediate solutions. It’s impossible to accurately predict how the next decade will unfold, but AI is an economic force that will permeate every industryand geography. This convergence of compute and power is creating new urgency. Corporate leadership should be thoughtful,strategic, and opportunistic. Goldman Sachs has been at the epicenter of technological inflection points since our founding—innovating and iterating to provide the capital solutions necessary for fueling progress. This moment is no different, and we areenergized to help today’s innovators leave their mark. Dan Dees Co-Head of Global Banking and Markets 19THCENTURY Railroads 215Kmiles of track by 19005 80% share of US stock market4 Railroads revolutionized commerce by turning localized marketsinto a national economy. The first investment banks were formed tochannel global capital into railway infrastructure through a nascentcorporate bond market. 20THCENTURY Electrification $295Bcapital raised by utilities(1920–1930)6 50GWcapacity added to power grid(1920–1930)7 Electricity transformed productivity through innovations like HenryFord’s moving assembly line. To meet soaring power demand, utilitiespioneered the holding company structure to access cheaper debtfinancing and unlock economies of scale. 20TH/21ST CENTURY Telecom & Dot Com $800B+ 39Mmiles of fiber-optic cableslaid by 20019 investment in infrastructure(ex: fiber-optic cables)8 The infrastructure laid to support the internet birthed a digitaleconomy and still pays dividends today. To drive progress, acombination of venture capital funds, active IPO and M&A markets,and broadening credit markets unlocked the requisite growth capital. PRESENT Artificial Intelligence+160%$5T funding required fordigital infrastructure & power10 data center power demandgrowth by 20303 The future of AI is still being written but is already creating newbusiness models and industries. To unlock AI’s full potential,innovative financing solutions across public and private marketsources are needed to meet unprecedented capital demands. SECTION 01 A HistoricParad