Tech giants like OpenAI, Google, and Meta are competing for dominance in the AI arms race, facing a shortage of engineers and advanced chips. However, in the AI infrastructure sector, private equity firms have emerged as the frontrunners. Companies such as Blackstone, Carlyle Group, and KKR have been investing billions in energy projects and data centers to cater to the growing power and information demands of AI. They anticipate significant profits as AI drives demand in the coming years.

These data centers consume large amounts of energy, and by 2030, they could account for a quarter of all power consumed in the U. S. Private equity firms, with their financial strength, are well-equipped to undertake the multibillion-dollar task of building AI energy and data infrastructure. Blackstone, for instance, has invested $50 billion in data centers to date. Observers have voiced concerns about the dominance of tech and finance giants in this sector and have called for intervention to ensure fair competition.