Financial Gambits recently published an article that discusses the increasing energy demands of artificial intelligence (“AI”) workloads and the potential role of nuclear power in meeting these demands. Tech giants Alphabet (which owns Google), Amazon, and Microsoft have invested $40 billion in data centers from January to March (https://ibn.fm/BgGck) to handle AI workloads, highlighting the significant energy consumption of tools like ChatGPT.
AI’s energy needs are substantial, with a ChatGPT query consuming 10 times more energy than a Google search and having over 180 million users generating over 1.6 billion site visits monthly. As a result, data centers are projected to consume more than 800 TWh by 2026, comparable to the energy usage of entire countries.
The article highlights the shift towards nuclear power to address this energy challenge. As an example, OpenAI’s chief Sam Altman is betting on nuclear energy solutions for data centers as just recently Wyoming Hyperscale has announced plans to buy 100 MW of energy from Altman’s SMR startup Oklo. Additionally, the U.S. federal government is also supporting the nuclear sector, providing a $1.5 billion loan to restart the Palisades nuclear power plant.
This shift towards nuclear power increases the need for domestic uranium supplies, as the U.S. currently imports 90% of its uranium. Recent legislation banning the import of enriched uranium from Russia, a key source, further emphasizes this need. Companies like Panther Minerals Inc. (CSE: PURR) (OTC: GLIOF) may be poised to benefit. The company focuses on domestic uranium projects such as the Boulder Creek Project in Alaska, which has untapped potential. It aims to leverage previous exploration work and use modern exploration techniques in order to position itself as a key player in the evolving energy landscape.
To view the full article, visit https://financialgambits.com/nuclear-power-will-drive-ai-datacenter-growth/
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