美国数据中心电力与并网瓶颈升温，DLR财报验证需求但亚太映射已缺少可执行追买边界

# 美股盘后催化 9/12: PJM/PG&E/Ratepayer政策和Digital Realty订单共同确认数据中心电力与地产瓶颈

- 美股会话: 2026-07-23
- 方向: MIXED；类型: 行业数据；规划重大性: 8/10
- 映射模式: supply_chain
- 美股驱动（规划器初判，需独立核验）: 事实：FERC称PJM面临严重合法性危机并需改革，PJM还出现超过3GW瞬时断载；PG&E数据中心管线从5.1GW升至12.7GW但实际建设协议仅490MW；白宫扩大Ratepayer Protection Pledge，要求数据中心承担新增发电和电网升级成本；Digital Realty Q2签约和backlog创纪录并上调指引。推断：AI数据中心需求真实，但电力接入、费率、许可和资本成本成为瓶颈；利好电网设备、电力工程、液冷、数据中心REIT和供电资产，同时提高云厂项目成本。

## 本催化相关美股真实收盘行情

- Vertiv (VRT.US): 304.04 +0.96%
- Eaton (ETN.US): 415.13 +2.02%
- GE Vernova (GEV.US): 1031.19 +4.69%
- Constellation (CEG.US): 275.6 +0.25%
- Quanta Services (PWR.US): 653.8 +1.66%
- Equinix (EQIX.US): 1033.55 +0.47%
- Digital Realty (DLR.US): 179.34 +0.52%
- PCG.US (PCG.US): 17.54 -3.15%

## 亚太映射假设（仅候选，必须查证）

- 日立 (6501.JP) [JP/供应商/positive]: 美国数据中心并网和电网升级可能拉动变压器、HVDC、开关设备和电网自动化需求。；核验问题: 日立能源在PJM、PG&E及北美数据中心电网项目中的订单敞口。
- LS Corp (006260.KS) [KR/供应商/positive]: 输电、电缆和电力设备需求增加可能利好韩国电缆供应链。；核验问题: LS在美国数据中心、电网和变压器/电缆项目中的认证、订单和产能。
- 万国数据 (9698.HK) [H/同源本地股/mixed]: 全球IDC租赁和资产价值提升有利板块重估，但中国/亚洲本地融资成本、电力和客户需求需独立验证。；核验问题: GDS中国和海外项目租赁率、AI客户占比、电力接入和融资成本。

## 必答问题

- PJM和PG&E管线中哪些项目已有真实客户、押金、并网协议和电力保障？
- 数据中心承担电网成本会如何影响hyperscaler ROI？
- 亚洲电力设备商是否进入北美公用事业和数据中心认证名单？

## 原始证据全文（18 条）

### [E0023] Bloomberg | 2026-07-23 13:31 UTC | 盘中
Biggest US Grid Faces ‘Grave Legitimacy Crisis,’ FERC Says
URL: https://www.bloomberg.com/news/articles/2026-07-23/biggest-us-grid-faces-grave-legitimacy-crisis-regulator-says
America’s largest power grid, PJM Interconnection LLC, is facing a “grave legitimacy crisis” and needs to reform, according to Federal Energy Regulatory Commission Chairman Laura Swett.

Electricity market participants have “lost confidence” in PJM, Swett said Thursday in opening remarks at a conference on the grid operator’s governance. Her comments presage a day of talks to reform PJM amid growing frustration among White House officials who believe it should be broken up.

Swett added that stakeholders needed to find an agreement on a path to reform the grid, which serves 67 million Americans across 13 states.

Read More: Biggest US Power Grid Faces Breakup Risk as FERC Weighs Fate

America’s aging grids are struggling to keep up with surging demand from data centers. Among the country’s grid operators, PJM has endured the most criticism over its struggle to build sufficient electric generation and to keep power costs in check. Indeed, it has faced months of intense pressure from the Trump administration, state governors, utilities and consumer rights groups.

President Donald Trump has made artificial intelligence a key pillar of his push to spur economic growth and maintain superpower status amid China’s rise. That goal requires enormous amounts of new electricity generation, as well as a rapid modernization of America’s grids.

A PJM spokesperson didn’t immediately respond to an emailed request for comment.

### [E0024] Bloomberg | 2026-07-23 13:31 UTC | 盘中
Biggest US Grid Faces ‘Grave Legitimacy Crisis,’ Regulator Says
URL: https://www.bloomberg.com/news/articles/2026-07-23/biggest-us-grid-faces-grave-legitimacy-crisis-regulator-says
America’s largest power grid, PJM Interconnection LLC, is facing a “grave legitimacy crisis” and needs to reform, according to Federal Energy Regulatory Commission Chairman Laura Swett.

Electricity market participants have “lost confidence” in PJM, Swett said Thursday in opening remarks at a conference on the grid operator’s governance. Her comments presage a day of talks to reform PJM amid growing frustration among White House officials who believe it should be broken up.

Swett added that stakeholders needed to find an agreement on a path to reform the grid, which serves 67 million Americans across 13 states.

Read More: Biggest US Power Grid Faces Breakup Risk as FERC Weighs Fate

America’s aging grids are struggling to keep up with surging demand from data centers. Among the country’s grid operators, PJM has endured the most criticism over its struggle to build sufficient electric generation and to keep power costs in check. Indeed, it has faced months of intense pressure from the Trump administration, state governors, utilities and consumer rights groups.

President Donald Trump has made artificial intelligence a key pillar of his push to spur economic growth and maintain superpower status amid China’s rise. That goal requires enormous amounts of new electricity generation, as well as a rapid modernization of America’s grids.

A PJM spokesperson didn’t immediately respond to an emailed request for comment.

### [E0823] Bloomberg | 2026-07-23 15:07 UTC | 盘中
PG&E’s Data Center Pipeline Surges in Second Quarter
URL: https://www.bloomberg.com/news/articles/2026-07-23/pg-e-s-data-center-pipeline-more-than-doubles-in-second-quarter
PG&E Corp. reported a 7.6-gigawatt increase in its data center pipeline during the second quarter as the artificial intelligence build-out gains momentum.

The California utility’s pipeline of proposed data center projects totaled 12.7 gigawatts at the end of June, up from 5.1 gigawatts in March, the company said Thursday in its latest earnings presentation. The surge underscores that the data-center boom won’t be limited to the states that have dominated AI infrastructure thus far, including Virginia and Texas.

The utility separates projects in the pipeline into different categories depending on how far along the interconnection application is. The current makeup of the pipeline shows that while dozens of projects have advanced enough to sign an application and pay a study fee, far fewer are close to getting connected.

The largest gain in the second quarter came from projects that have applied and paid that initial fee. PG&E now has 26 projects totaling 8.2 gigawatts in that category, up from 1.7 gigawatts in March. But there are only four projects making up 490 megawatts of the pipeline that have actual interconnection construction agreements, up from 140 megawatts.

Like many US utilities, PG&E has said it’s working to lower customers’ bills while contending with how to get ever-bigger data centers connected to power. According to the company, each additional gigawatt in its data center pipeline reduces customers’ electricity bills by 1% or more. But those results can “differ materially” depending on the pricing and rate design for large electricity users, the company said, an issue utilities and regulators are still working to determine.

PG&E shares fell as much as 3%, the biggest intraday drop in over a month, after the company reported second-quarter operating revenue that was below analysts’ estimates.

Read More: PG&E Has Plan to Counter California Politicians’ Break-Up Push

### [E0824] Bloomberg | 2026-07-23 15:07 UTC | 盘中
PG&E’s Data Center Pipeline More Than Doubles in Second Quarter
URL: https://www.bloomberg.com/news/articles/2026-07-23/pg-e-s-data-center-pipeline-more-than-doubles-in-second-quarter
PG&E Corp. reported a 7.6-gigawatt increase in its data center pipeline during the second quarter as the artificial intelligence build-out gains momentum.

The California utility’s pipeline of proposed data center projects totaled 12.7 gigawatts at the end of June, up from 5.1 gigawatts in March, the company said Thursday in its latest earnings presentation. The surge underscores that the data-center boom won’t be limited to the states that have dominated AI infrastructure thus far, including Virginia and Texas.

The utility separates projects in the pipeline into different categories depending on how far along the interconnection application is. The current makeup of the pipeline shows that while dozens of projects have advanced enough to sign an application and pay a study fee, far fewer are close to getting connected.

The largest gain in the second quarter came from projects that have applied and paid that initial fee. PG&E now has 26 projects totaling 8.2 gigawatts in that category, up from 1.7 gigawatts in March. But there are only four projects making up 490 megawatts of the pipeline that have actual interconnection construction agreements, up from 140 megawatts.

Like many US utilities, PG&E has said it’s working to lower customers’ bills while contending with how to get ever-bigger data centers connected to power. According to the company, each additional gigawatt in its data center pipeline reduces customers’ electricity bills by 1% or more. But those results can “differ materially” depending on the pricing and rate design for large electricity users, the company said, an issue utilities and regulators are still working to determine.

PG&E shares fell as much as 3%, the biggest intraday drop in over a month, after the company reported second-quarter operating revenue that was below analysts’ estimates.

Read More: PG&E Has Plan to Counter California Politicians’ Break-Up Push

### [E1012] AP Technology | 2026-07-23 15:39 UTC | 盘中
Trump expands a voluntary pledge to protect consumers from high utility bills from AI data centers
URL: https://apnews.com/article/trump-ai-data-centers-pledge-490ea7e4c7227d5e550b00a0056c33c9
Trump expands a voluntary pledge to protect consumers from high utility bills from AI data centers

### [E1271] Investing.com | 2026-07-23 16:22 UTC | 盘中
PG&E Q2 2026 slides: EPS tops view, data center pipeline doubles
URL: https://www.investing.com/news/company-news/pge-q2-2026-slides-eps-tops-view-data-center-pipeline-doubles-93CH-4809629
Alphabet plunges 7% as higher AI spending outlook rattles investors
Introduction & Market Context
PG&E Corporation (NYSE:PCG) presented its second quarter 2026 earnings results on July 23, 2026, delivering a solid earnings beat while navigating ongoing regulatory challenges and a significant revenue shortfall. The California utility reported non-GAAP core earnings per share of $0.40, exceeding Wall Street’s consensus estimate of $0.36 by 11%, though revenue of $5.9 billion fell short of the $6.12 billion forecast by 3.6%.
Despite the earnings beat, shares declined 2.07% to $17.74 in pre-market trading, reflecting investor concerns about the revenue miss and continued uncertainty around California’s wildfire liability reform efforts. The stock currently trades near the middle of its 52-week range of $13.32 to $19.16, down approximately 7.4% from its recent high.
The presentation emphasized the company’s commitment to "Delivering For Customers AND Investors," highlighting progress on safety initiatives, customer affordability, and a rapidly expanding data center pipeline that more than doubled in just three months.
Quarterly Performance Highlights
PG&E’s second quarter results demonstrated continued execution on its core financial strategy, as shown in the company’s guidance overview.
The utility achieved first-half 2026 non-GAAP core EPS of $0.83, up significantly from $0.64 in the same period of 2025, representing a 30% year-over-year increase. Management reaffirmed its full-year 2026 guidance range of $1.64 to $1.66, which represents approximately 10% growth at the midpoint compared to 2025.
The company’s waterfall chart illustrates the key drivers of the year-over-year earnings improvement.
Customer capital investment contributed 9 cents per share to the first-half increase, while operating and maintenance savings added another 4 cents. Timing and other factors contributed 7 cents, partially offset by a 1-cent reduction from redeployment activities. Management indicated that second-half factors would include continued customer capital investment growth, with redeployment and other items expected to create some headwinds.
According to the detailed earnings reconciliation, PG&E’s GAAP earnings for the second quarter were $733 million, or $0.33 per diluted share, compared to $521 million, or $0.24 per share, in the prior-year period.
Data Center Pipeline Expansion
One of the most significant developments in the quarter was the dramatic expansion of PG&E’s data center pipeline, which management highlighted as a key enabler of customer affordability through load growth.
The data center pipeline surged to 12,710 megawatts as of June 2026, up from just 5,090 megawatts in March 2026—a 150% increase in three months. The application and preliminary engineering segment grew particularly rapidly, expanding from 1,700 MWs to 8,200 MWs. As of June 30, 2026, the company had received applications and signed preliminary engineering study fees for 26 projects, with work performance agreements executed for 23 projects and interconnection construction agreements in place for 4 projects.
Management emphasized that every gigawatt of new load could reduce electric bills for existing customers by 1% or more, positioning the data center growth as a critical component of the company’s "Path to Flat" customer bill strategy. During the earnings call, executives noted that the pipeline has expanded beyond smaller Bay Area projects to include larger opportunities, though they stressed the importance of pricing discipline to ensure new load benefits existing customers.
Wildfire Mitigation and Safety Progress
PG&E continued to demonstrate measurable progress on wildfire risk reduction, a critical factor for both operational safety and financial stability. The company’s mitigation efforts have produced tangible results over the past several years.
The utility’s continuous monitoring system, implemented in January 2025, has delivered significant benefits through June 2026, including 19.6 million outage minutes avoided, 28 ignitions prevented in high fire risk areas, 5,034 emergency response hours avoided, and $11.2 million in savings through lower-cost repairs. Most notably, PG&E reported zero structures destroyed in reportable fires in high fire threat districts during red flag warning conditions for 2024, 2025, and 2026 year-to-date.
The company’s comprehensive physical risk mitigation strategy shows the evolution from 2017 to 2026.
By 2026, PG&E had installed 708 high-definition cameras with AI capability, deployed 1,643 weather stations, completed 1,278 miles of undergrounding (since the program started in 2021), finished 2,699 miles of system hardening, installed 1,774 sectionalizing devices, and removed 4.5 million trees. These investments have contributed to a significant reduction in weather-normalized ignition rates in high fire threat areas.
Capital Investment and Customer Affordability
PG&E outlined an ambitious five-year capital plan totaling $73 billion from 2026 through 2030, with a weighted average rate base growing at approximately 9% annually.
The rate base is projected to grow from $75 billion in 2026 to $106 billion by 2030, with a substantial portion already authorized by regulators. The percentage of already-authorized rate base ranges from 88% for 2026 down to 74% for 2029-2030, providing significant regulatory visibility. The plan excludes $2.9 billion of SB 254 securitized capital and includes at least $5 billion in additional customer-beneficial investment opportunities not reflected in the base plan.
The capital expenditure breakdown by functional area and customer benefits illustrates the company’s investment priorities.
Electric distribution accounts for the largest share at $38 billion, followed by electric transmission at $20 billion and gas transmission and distribution at $8 billion. When categorized by customer benefits, capacity and new business investments total $23 billion, safety investments $20 billion, resiliency $16 billion, and reliability $14 billion.
Despite this significant capital investment, PG&E presented a model for keeping customer bills at or below assumed inflation.
The company’s affordability model shows that while customer capital investment will drive 9-10% rate pressure, various enablers—including 2-4% O&M cost reduction, 2-4% electric load growth, and 2% from other factors including efficient financing—are expected to offset much of this impact, resulting in customer bill growth of 0-3% annually. The company achieved more than $40 million in procurement savings year-to-date through June, with an additional $60 million forecasted for the second half of the year.
The utility’s track record of O&M cost reduction demonstrates consistent execution on efficiency initiatives.
Financing Plan and Credit Profile
PG&E’s five-year financing plan supports the $73 billion capital investment without requiring common equity issuance, a key message for investors concerned about dilution.
The plan projects $52 billion in cash from operations, with $20 billion in new utility long-term debt issuance and $12 billion in refinancing of maturing debt. SB 254 securitization is expected to contribute $3 billion, while common equity issuance remains at zero—a point emphasized with prominence in the presentation. The company completed $2.2 billion in utility bond issuances in June 2026, bringing year-to-date utility debt financings to $4.4 billion.
Credit rating improvements have been a bright spot for PG&E, with all three major agencies upgrading the company’s ratings over the past several years.
S&P upgraded PG&E’s utility secured debt rating to BBB- on April 23, 2026, marking a significant milestone in the company’s recovery from sub-investment grade status in 2020. The utility secured debt rating has improved from Ba1 (Moody’s) in 2020 to A3 currently, while the corporation secured debt rating has risen from Ba3 to Baa3. Moody’s maintains a positive outlook, while S&P and Fitch have stable outlooks. Management’s financing principles emphasize planning conservatively, avoiding equity dilution at low stock values, prioritizing investment-grade credit, and sustaining funds from operations to debt in the mid-teens percentage range.
Regulatory Environment and Wildfire Reform
The regulatory and policy landscape remains a critical focus for PG&E, with California lawmakers working on comprehensive wildfire liability reform during the summer legislative session.
The state has made encouraging progress on wildfire policy reform, with the legislature passing SB 254 in September 2025, followed by a gubernatorial executive order the same month. The California Public Utilities Commission submitted recommendations to the California Earthquake Authority in January 2026, which completed its SB 254 report in April 2026. Senate and assembly hearings were held in May 2026. The legislative summer recess ran from July 3 to August 2, with the state legislative session scheduled to end on August 31, 2026—just days after the earnings presentation.
The SB 254 legislation represents an important evolution of California’s wildfire risk framework.
The new Wildfire Fund Continuation Account provides $18 billion for future wildfires, retains key fund benefits including rate smoothing and liquidity for victims, and gives utilities a new right of first refusal over sales of insurance subrogation rights. Importantly, PG&E’s share of utility funding was lowered by 25% to 47.85% from 64.20%, and the disallowance cap is now based on the year of ignition rather than a rolling calculation.
The financial protections offered under AB 1054 and SB 254 provide a framework for managing wildfire liability risk.
However, management emphasized in the earnings call that the company needs a durable legislative solution, warning that inaction could force a reevaluation of capital priorities. This conditional stance reflects the ongoing uncertainty around California’s long-term approach to wildfire liability, even as the company continues to invest heavily in physical risk mitigation.
Forward-Looking Statements and Strategic Outlook
PG&E’s presentation outlined a differentiated performance profile across multiple dimensions, comparing historical results with future targets.
The company projects continued rate base growth of approximately 9% annually through 2030, with non-GAAP core EPS growth of 10% in 2026 and 9%+ from 2027-2030. Operating cash flow is expected to exceed $10 billion annually, with funds from operations to debt maintained in the mid-teens percentage range. The dividend payout ratio is targeted to reach 20% by 2028, up from 7% in 2025.
Management’s strategic vision emphasizes four key pillars for building California’s energy future.
These include an unwavering commitment to wildfire mitigation, continued action on customer affordability, data center load growth that benefits customers and California’s economy, and progress toward a durable wildfire solution. The company’s capital-to-expense ratio is projected to improve from 1.0 in 2025 to 1.7 by 2030, still below the 2025 peer average of 2.2 but moving in a more favorable direction.
The detailed factors affecting 2026 non-GAAP core earnings provide additional context for the company’s financial outlook.
With a weighted average rate base of $75 billion split between $62 billion at CPUC and $13 billion at FERC, and authorized returns on equity of 9.98% and 10.38% respectively, the company has significant regulatory clarity for the near term. Key factors affecting core earnings include $325-$375 million in unrecoverable net interest, along with various positive contributions from AFUDC equity, incentive revenues, tax benefits, and cost savings.
The regulatory timeline shows several important milestones ahead, including a proposed decision on the 2027 general rate case expected in March 2027, a proposed decision on Kincade and Dixie wildfire cost recovery in November 2026, and the filing of a 10-year undergrounding plan in the third quarter of 2026.
Balancing Optimism with Reality
While PG&E’s presentation painted a picture of steady progress and disciplined execution, the market’s reaction—a 2% decline in the stock price despite the earnings beat—suggests investors remain cautious. The revenue miss of $220 million, or 3.6%, raised questions about underlying demand trends or pricing dynamics that may not be fully captured in the company’s forward guidance.
Chief Executive Patti Poppe characterized the quarter as reflecting "consistent, disciplined execution enhanced by our lean operating system and the durability of our simple, affordable model." Chief Financial Officer Carolyn Burke noted that earnings drivers were tracking as expected, with customer capital investment and cost savings helping offset prior-year headwinds.
However, the company’s performance remains heavily dependent on factors outside its direct control, including legislative action on wildfire liability reform, regulatory approvals for capital investments, and the successful execution of its data center pipeline. Management’s warning that it could revisit capital allocation plans if reforms fall short underscores the conditional nature of the current strategy.
The company’s wildfire fund structure provides a financial backstop but does not eliminate exposure to catastrophic wildfire events.
The AB 1054 Wildfire Fund, totaling more than $21 billion, and the new Continuation Account, totaling $18 billion, provide liquidity and rate smoothing mechanisms. However, the utility still faces potential disallowances if its conduct is deemed imprudent, with caps based on a percentage of transmission and distribution equity rate base.
As California’s legislative session concluded at the end of August 2026, investors and stakeholders were closely watching whether policymakers would deliver the comprehensive wildfire liability reform that PG&E has identified as essential to its long-term capital allocation strategy. The company’s strong operational performance and expanding data center opportunity provide a solid foundation, but regulatory and legislative uncertainties continue to weigh on the investment thesis.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

### [E1442] Seeking Alpha | 2026-07-23 16:59 UTC | 盘中
Massive power disconnect adds to questions around largest U.S. grid
URL: https://seekingalpha.com/news/4617552-massive-power-disconnect-adds-to-questions-around-largest-u-s-grid?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
PJM Interconnection reported more than 3 GW, ~3% of its total electric demand, abruptly disconnected on Wednesday, causing a voltage disturbance that could be felt from D.C. to Chicago, Reuters reported, adding to growing concerns over the reliability of the largest U.S. electric grid.
When a transmission line in northern Virginia went out of service Wednesday morning, the area data centers' own control systems unplugged from the electric grid and transferred to backup power, Dominion Energy (D), the electric utility for the region, said in a statement.
"Within minutes of the incident occurring, our system operations team was able to stabilize the situation and return to normal operating conditions," Dominion (D) said.
Ting Labs CEO Bob Marshall told Reuters that his company's network of 1.4M sensors recorded a range of voltage disturbances that extended along the eastern U.S. and to Chicago in the Midwest.
Grid disturbances are routinely corrected by operators and utilities in a matter of milliseconds, but Wednesday's event took ~10 minutes before the grid was fully stabilized, according to Marshall.
"This was a massive event," Marshall said. "Our customers in northern Virginia reported flickering lights and noises coming from their air conditioners and refrigerators. The power quality took a pretty big hit."
PJM said it registered the sudden drop in power demand and a change in the grid's frequency, but there were no impacts to the grid's reliability.
PJM is facing a "grave legitimacy crisis" and electricity market participants have "lost confidence" in it, Federal Energy Regulatory Commission Chairman Laura Swett said Thursday in opening remarks at a conference on the grid operator’s governance.
The Trump administration has made artificial intelligence a key pillar of his push to spark economic growth, and the White House's frustration with PJM has prompted some talk of breaking up the largest U.S. grid.
Utilities operating in the PJM region include Dominion (D), Constellation Energy (CEG), NextEra Energy (NEE), Vistra (VST), American Electric Power (AEP), Exelon (EXC), Duke Energy (DUK), Southern Company (SO), NRG Energy (NRG), Consolidated Edison (ED).
ETFs: (XLU)

### [E1646] Reuters Technology | 2026-07-23 17:46 UTC | 盘中
Transparency and independence of biggest US power grid in focus as FERC mulls major reforms
URL: https://www.reuters.com/legal/litigation/transparency-independence-biggest-us-power-grid-focus-ferc-mulls-major-reforms-2026-07-23/
U.S. energy officials pushed for more independence and transparency in PJM Interconnection on ​Thursday as regulators weigh reforms to the country's largest power grid, which faces the growing risk of blackouts ‌as data center demand soars while few new electricity supplies are added.

PJM, which covers 67 million Americans across the Mid-Atlantic and Midwest that includes the world's biggest concentration of data centers, has struggled with power shortfalls and surging electricity prices since demand in the region began to accelerate roughly ​two years ago.

Officials with the White House, state governments and power industry executives convened at a technical conference held ​by the Federal Energy Regulatory Commission to discuss potential solutions to PJM's supplies and pricing woes. ⁠Some of those proposals included giving the grid operator's board of managers more independence from its voting members and requiring decisions ​by the board to be made public.

"We want the board to not be shrouded in mystery or secrecy. We want to ​know what's going on and we want the responsibilities to be clearly outlined," U.S. Deputy Secretary of Energy James Danly said at the conference.

PJM's hundreds of members, including transmission owners and power plant operators, vote on market rules through a multi-layered process, with the board ultimately deciding whether to ​approve proposed changes. Critics say the board's deliberations and voting lack transparency because they are generally conducted outside public view.

Participants in ​FERC's conference also noted concerns that board members, who serve three-year terms, run the risk of being ousted if they take an opposing ‌or unpopular ⁠stance among the membership.

"PJM needs an independent, transparent board that can take action and make tough decisions without fear of being fired after every board meeting," said Peter Lake, senior director, power at the White House's National Energy Dominance Council.

Proposed solutions to that retention dilemma included extending the terms of PJM board members. PJM's new CEO David Mills, when asked by FERC commissioners for ​a reasonable new term period, suggested ​six to nine years, ⁠at which point the member would term out.

FERC commissioners also discussed the possibility of giving states, including governors, in PJM more decision-making power in the grid. While governors have political influence over ​PJM that includes capping power prices in the latest power auctions held by the grid operator, ​they do not ⁠have voting membership.

PJM has proposed its own series of reforms to get more power generation on the grid, connect data centers quickly and to avoid shortfalls.

Lake, who chaired the Public Utility Commission of Texas following a deadly and widespread grid failure in the state ⁠following 2021 ​Winter Storm Uri, said he sees warning signs in PJM similar to the ​run-up to the catastrophe four years ago and underscored the urgency of making reforms.

"The root cause of that failure was a failed governance structure and a ​failed stakeholder process, the same ills that harm PJM today," he said.

### [E1647] Reuters Technology | 2026-07-23 17:46 UTC | 盘中
Transparency and independence of biggest US power grid in focus as FERC mulls major reforms
URL: https://www.reuters.com/legal/litigation/transparency-independence-biggest-us-power-grid-focus-ferc-mulls-major-reforms-2026-07-23/
U.S. energy officials pushed for more independence and transparency in PJM Interconnection on ​Thursday as regulators weigh reforms to the country's largest power grid, which faces the growing risk of blackouts ‌as data center demand soars while few new electricity supplies are added.

PJM, which covers 67 million Americans across the Mid-Atlantic and Midwest that includes the world's biggest concentration of data centers, has struggled with power shortfalls and surging electricity prices since demand in the region began to accelerate roughly ​two years ago.

Officials with the White House, state governments and power industry executives convened at a technical conference held ​by the Federal Energy Regulatory Commission to discuss potential solutions to PJM's supplies and pricing woes. ⁠Some of those proposals included giving the grid operator's board of managers more independence from its voting members and requiring decisions ​by the board to be made public.

"We want the board to not be shrouded in mystery or secrecy. We want to ​know what's going on and we want the responsibilities to be clearly outlined," U.S. Deputy Secretary of Energy James Danly said at the conference.

PJM's hundreds of members, including transmission owners and power plant operators, vote on market rules through a multi-layered process, with the board ultimately deciding whether to ​approve proposed changes. Critics say the board's deliberations and voting lack transparency because they are generally conducted outside public view.

Participants in ​FERC's conference also noted concerns that board members, who serve three-year terms, run the risk of being ousted if they take an opposing ‌or unpopular ⁠stance among the membership.

"PJM needs an independent, transparent board that can take action and make tough decisions without fear of being fired after every board meeting," said Peter Lake, senior director, power at the White House's National Energy Dominance Council.

Proposed solutions to that retention dilemma included extending the terms of PJM board members. PJM's new CEO David Mills, when asked by FERC commissioners for ​a reasonable new term period, suggested ​six to nine years, ⁠at which point the member would term out.

FERC commissioners also discussed the possibility of giving states, including governors, in PJM more decision-making power in the grid. While governors have political influence over ​PJM that includes capping power prices in the latest power auctions held by the grid operator, ​they do not ⁠have voting membership.

PJM has proposed its own series of reforms to get more power generation on the grid, connect data centers quickly and to avoid shortfalls.

Lake, who chaired the Public Utility Commission of Texas following a deadly and widespread grid failure in the state ⁠following 2021 ​Winter Storm Uri, said he sees warning signs in PJM similar to the ​run-up to the catastrophe four years ago and underscored the urgency of making reforms.

"The root cause of that failure was a failed governance structure and a ​failed stakeholder process, the same ills that harm PJM today," he said.

### [E1983] Bloomberg | 2026-07-23 19:07 UTC | 盘中
Trump Expands AI Data Center Pledge in Bid to Ease Power Costs
URL: https://www.bloomberg.com/news/articles/2026-07-23/trump-expands-ai-data-center-pledge-in-bid-to-ease-power-costs
President Donald Trump on Thursday welcomed fresh commitments from power utilities and data center developers to put technology companies on the hook to pay for the electricity they need to drive energy-hungry artificial-intelligence systems.

“Data centers and AI are dramatically increasing the demand for electricity. It’s only fair that the cost of building the new infrastructure required to meet this demand should be borne by the corporations themselves, not by the American consumers,” Trump said at an event to tout new participants in his “Ratepayer Protection Pledge,” a nonbinding initiative unveiled earlier this year.

The AI industry’s growth — and the proliferation of data centers essential to it — have surged demand for power and higher electricity prices nationwide.

That has stoked growing political opposition to building out the infrastructure that underpins AI, including bans on constructing new data centers in some areas of the US. It’s also feeding growing consumer worry about climbing power bills ahead of the November midterm elections, which are set to hinge on voter concerns about the economy.

“Under this groundbreaking plan, America’s largest tech companies have formally committed to fund or build all energy infrastructure required to meet the demand they are placing on the grid,” Trump said. “And we’re giving them the right to build their own power plants.”

Read More: Trump Summons Amazon, Google, Meta to Sign Power-Cost Pledge

Scores of governors, legislators, power utilities and data center developers have now signed on to Trump’s pledge, joining Amazon.com Inc., Meta Platforms Inc., Alphabet Inc.’s Google and four other technology companies that backed it earlier this year. The additions mean the pledge now covers 80% of the power delivered to US homes and businesses, a White House official said.

Trump said that since he introduced the plan more than 220 utilities, tech companies, state governments and other partners had signed the ratepayer protection pledge.

Under the pledge, they are vowing that the companies building and using data centers will pay above and beyond normal rates — effectively funding generation and grid upgrades — to ensure the costs aren’t passed on to households.

While there is nothing binding the companies to their commitment — and other efforts to arrest electric price increases have failed to stymie them — the action underscores how the nation’s data center buildout is driving blowback, with consequences reaching from corporate boardrooms to Washington.

While Trump vowed during the 2024 election to slash electricity bills in half, power costs have instead gone up — a rise that Democrats have exploited on the campaign trail. Trump has emphasized it’s essential for national security and economic growth that the US beat China and win a global artificial intelligence race. He said Thursday he would discuss AI with Xi Jinping when the Chinese president visits in September.

Trump has repeatedly stressed, however, that he wants technology companies to foot the bill for their expanding electricity needs.

Opponents have derided the president’s latest push as a toothless promise, coming as the Trump administration extinguishes tax incentives for renewable power projects and stifles some wind farm development.

The Trump administration has also grown increasingly frustrated with what it sees as the slow pace of the nation’s largest power grid — operated by PJM Interconnection LLC — to bring on new electricity generation capacity and tame costs.

Even as Trump was highlighting the issue at the Environmental Protection Agency headquarters Thursday, the Federal Energy Regulatory Commission nearby was conducting a one-day conference focused on scrutinizing the best path forward for PJM, from possible modest changes in governance to a complete breakup.

### [E1984] Bloomberg | 2026-07-23 19:07 UTC | 盘中
Trump Expands AI Data Center Pledge in Bid to Ease Power Costs
URL: https://www.bloomberg.com/news/articles/2026-07-23/trump-expands-ai-data-center-pledge-in-bid-to-ease-power-costs
President Donald Trump on Thursday welcomed fresh commitments from power utilities and data center developers to put technology companies on the hook to pay for the electricity they need to drive energy-hungry artificial-intelligence systems.

“Data centers and AI are dramatically increasing the demand for electricity. It’s only fair that the cost of building the new infrastructure required to meet this demand should be borne by the corporations themselves, not by the American consumers,” Trump said at an event to tout new participants in his “Ratepayer Protection Pledge,” a nonbinding initiative unveiled earlier this year.

The AI industry’s growth — and the proliferation of data centers essential to it — have surged demand for power and higher electricity prices nationwide.

That has stoked growing political opposition to building out the infrastructure that underpins AI, including bans on constructing new data centers in some areas of the US. It’s also feeding growing consumer worry about climbing power bills ahead of the November midterm elections, which are set to hinge on voter concerns about the economy.

“Under this groundbreaking plan, America’s largest tech companies have formally committed to fund or build all energy infrastructure required to meet the demand they are placing on the grid,” Trump said. “And we’re giving them the right to build their own power plants.”

Read More: Trump Summons Amazon, Google, Meta to Sign Power-Cost Pledge

Scores of governors, legislators, power utilities and data center developers have now signed on to Trump’s pledge, joining Amazon.com Inc., Meta Platforms Inc., Alphabet Inc.’s Google and four other technology companies that backed it earlier this year. The additions mean the pledge now covers 80% of the power delivered to US homes and businesses, a White House official said.

Trump said that since he introduced the plan more than 220 utilities, tech companies, state governments and other partners had signed the ratepayer protection pledge.

Under the pledge, they are vowing that the companies building and using data centers will pay above and beyond normal rates — effectively funding generation and grid upgrades — to ensure the costs aren’t passed on to households.

While there is nothing binding the companies to their commitment — and other efforts to arrest electric price increases have failed to stymie them — the action underscores how the nation’s data center buildout is driving blowback, with consequences reaching from corporate boardrooms to Washington.

While Trump vowed during the 2024 election to slash electricity bills in half, power costs have instead gone up — a rise that Democrats have exploited on the campaign trail. Trump has emphasized it’s essential for national security and economic growth that the US beat China and win a global artificial intelligence race. He said Thursday he would discuss AI with Xi Jinping when the Chinese president visits in September.

Trump has repeatedly stressed, however, that he wants technology companies to foot the bill for their expanding electricity needs.

Opponents have derided the president’s latest push as a toothless promise, coming as the Trump administration extinguishes tax incentives for renewable power projects and stifles some wind farm development.

The Trump administration has also grown increasingly frustrated with what it sees as the slow pace of the nation’s largest power grid — operated by PJM Interconnection LLC — to bring on new electricity generation capacity and tame costs.

Even as Trump was highlighting the issue at the Environmental Protection Agency headquarters Thursday, the Federal Energy Regulatory Commission nearby was conducting a one-day conference focused on scrutinizing the best path forward for PJM, from possible modest changes in governance to a complete breakup.

### [E2277] DLR | 2026-07-23 20:05 UTC | 收盘后
Digital Realty Reports Second Quarter 2026 Results
AUSTIN, Texas, July 23, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today financial results for the s
URL: https://investor.digitalrealty.com/news-releases/news-release-details/digital-realty-reports-second-quarter-2026-results
Digital Realty Reports Second Quarter 2026 Results
AUSTIN, Texas, July 23, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today financial results for the second quarter of 2026. All per share results are presented on a fully diluted basis.
Highlights
- Reported net income available to common stockholders of $1.21 per share in 2Q26, compared to $2.94 in 2Q25
- Reported FFO per share of $2.73 in 2Q26, compared to $1.75 in 2Q25
- Reported Core FFO per share of $2.65 in 2Q26, compared to $1.87 in 2Q25; reported Core FFO per share (excluding net promote) of $2.13 in 2Q26
- Signed total bookings during 2Q26 that are expected to generate $307 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, bookings were $208 million, including a $108 million contribution from the 0-1 megawatt plus interconnection category
- In July, signed two hyperscale leases, representing $410 million of annualized GAAP base rent at 100% share, or $205 million at Digital Realty’s share
- Reported rental rate increases on renewal leases of 25.4% on a cash basis in 2Q26
- Reported a record total backlog of $1.9 billion of annualized GAAP base rent at 100% share, at the end of 2Q26; at Digital Realty’s share, the backlog was $1.4 billion
- Raised 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15
Financial Results
Digital Realty reported total revenues of $1.9 billion in the second quarter of 2026, an 18% increase from the previous quarter and a 29% increase from the same quarter last year.
During the second quarter, Digital Realty recognized $188 million of net promote income in Core FFO related to the successful development and leasing of three data centers in its development joint venture. The company also recognized a $94 million insurance settlement, net of income tax, related to a previously disclosed 2024 matter, of which approximately $27 million was recognized in Core FFO as business interruption recovery; the remainder related to property damage recoveries, was excluded from Core FFO.
The company delivered net income of $458 million in the second quarter of 2026, as well as net income available to common stockholders of $443 million and $1.21 per share, compared to $0.46 per share in the previous quarter and $2.94 per share in the same quarter last year.
Digital Realty generated Adjusted EBITDA of $978 million in the second quarter of 2026, a 6% increase from the previous quarter and a 19% increase over the same quarter last year.
The company reported Funds From Operations (FFO) of $982 million in the second quarter of 2026, or $2.73 per share, compared to $1.99 per share in the previous quarter and $1.75 per share in the same quarter last year.
Digital Realty delivered Core FFO per share (excluding net promote) of $2.13 in the second quarter of 2026, compared to $2.04 per share in the previous quarter and $1.87 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share (excluding net promote) of $2.11 in the second quarter of 2026 and $4.07 per share for the six-month period ended June 30, 2026.
“Digital Realty delivered record Core FFO per share in the quarter, reflecting robust customer demand and strong execution across our core pillars of growth,” said President and Chief Executive Officer Andy Power. “We signed more than $100 million of 0-1 MW plus Interconnection bookings for the first time, demonstrating the strength of our connectivity-rich portfolio and boosting near-term growth. We also continued to make strides in our hyperscale and strategic private capital verticals, as we added powered land in the Kansas City metro, accretively purchased interests in three hyperscale data centers in Northern Virginia, and announced the deal to acquire Columbia Capital, a leading investment firm in the digital infrastructure space. Together, these growth vectors are driving double-digit bottom line growth, and we are focused on extending this runway for years to come.”
Leasing Activity
In the second quarter, Digital Realty signed total bookings that are expected to generate $307 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $208 million, including an $88 million contribution from the 0-1 MW category and a $20 million contribution from interconnection.
The weighted-average lag between new leases signed during the second quarter of 2026 and the contractual commencement date was nine months. The backlog of signed-but-not-commenced leases at quarter-end was $1.9 billion of annualized GAAP base rent at 100% share, and $1.4 billion at Digital Realty’s share. In addition, Digital Realty also signed renewal leases representing $262 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2026 increased 25.4% on a cash basis and 32.0% on a GAAP basis.
New leases signed during the second quarter of 2026, at Digital Realty’s share, are summarized by region and product as follows:
| Annualized GAAP | ||||||||
| Base Rent | GAAP Base Rent | |||||||
| Americas | (in thousands) | Megawatts | per Kilowatt | |||||
| 0-1 MW | $ | 37,131 | 10.6 | $ | 293 | |||
| > 1 MW | 82,706 | 44.2 | 156 | |||||
| Other(1) | 142 | — | — | |||||
| Total | $ | 119,980 | 54.8 | $ | 182 | |||
| EMEA(2) | ||||||||
| 0-1 MW | $ | 42,149 | 13.0 | $ | 269 | |||
| > 1 MW | 4,999 | 2.5 | 167 | |||||
| Other(1) | 21 | — | — | |||||
| Total | $ | 47,168 | 15.5 | $ | 253 | |||
| Asia Pacific(2) | ||||||||
| 0-1 MW | $ | 8,541 | 2.5 | $ | 286 | |||
| > 1 MW | 12,141 | 6.2 | 165 | |||||
| Other(1) | 170 | — | — | |||||
| Total | $ | 20,851 | 8.6 | $ | 199 | |||
| All Regions(2) | ||||||||
| 0-1 MW | $ | 87,821 | 26.1 | $ | 280 | |||
| > 1 MW | 99,846 | 52.9 | 157 | |||||
| Other(1) | 332 | — | — | |||||
| Total | $ | 187,999 | 79.0 | $ | 198 | |||
| Interconnection | $ | 20,497 | N/A | N/A | ||||
| Grand Total at DLR Share | $ | 208,495 | 79.0 | $ | 198 | |||
| Grand Total at 100% Share | $ | 306,944 | 129.8 | $ | 183 |
Note: Totals may not foot due to rounding differences.
(1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
(2) Based on quarterly average exchange rates during the three months ended June 30, 2026.
Investment Activity
During the second quarter of 2026, Digital Realty acquired:
- Land in Marseille, France for approximately €46.5 million, or $53.1 million, that is expected to support the development of up to 48 megawatts of IT capacity.
- Land in the Atlanta metro area for approximately $20 million. Together with an adjacent parcel that was acquired in the first quarter, this campus is expected to support over one gigawatt of IT capacity.
As previously announced, during the quarter, Digital Realty also acquired:
- Land in the Kansas City metro area for approximately $475 million to support hyperscale data center development for up to two gigawatts of utility power.
- Two data centers in Malaysia containing 16.5 megawatts of IT capacity, and a land parcel that is expected to support the development of up to 14 megawatts of IT capacity, for total consideration of approximately $134 million.
- A 64% stake in three fully leased data centers in Northern Virginia containing 288 megawatts of IT capacity, at a gross value of approximately $7.8 billion, reflecting an expected initial stabilized cap rate of over 6.5%. The newly developed assets are expected to be fully stabilized in the first half of 2027 and first half of 2028. Total consideration for our joint venture partners’ equity interest in the assets was approximately $3.5 billion, including $1.2 billion of cash and 12.3 million shares of Digital Realty common stock.
As previously

### [E2354] Wall St Engine | 2026-07-23 20:10 UTC | 收盘后
DIGITAL REALTY $DLR Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $1.9B (Est. $1.66B) 🟢; +29% YoY
🔹 Adj. EPS: $2.13 (Est. $0.52) 🟢; +14% YoY
🔹 Adj EBITDA: $978M; +19% YoY
🔹 Record Backlog: $1.9B in annualized GAAP base rent

Raises FY26 Guide:
🔹 Re
URL: https://x.com/wallstengine/status/2080385134638030852
DIGITAL REALTY $DLR Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $1.9B (Est. $1.66B) 🟢; +29% YoY
🔹 Adj. EPS: $2.13 (Est. $0.52) 🟢; +14% YoY
🔹 Adj EBITDA: $978M; +19% YoY
🔹 Record Backlog: $1.9B in annualized GAAP base rent

Raises FY26 Guide:
🔹 Revenue: $6.85B-$6.95B (Est. $6.76B) 🟢
🔹 Core FFO/Share: $8.15-$8.20, from $8.00-$8.10
🔹 Net CapEx: $4.25B-$4.75B (Est. $4.01B)

Other Metrics:
🔹 Rental Rate Increase (Cash Basis): 25.4%
🔹 Cash Rental Rate Growth: +25.4%
🔹 Total Bookings: $307M
🔹 Net Debt/Adj. EBITDA: 4.7x

Comments:
🔸 “Digital Realty delivered record Core FFO per share in the quarter, reflecting robust customer demand and strong execution across our core pillars of growth.”

🔸 “We signed more than $100 million of 0-1 MW plus Interconnection bookings for the first time, demonstrating the strength of our connectivity-rich portfolio and boosting near-term growth. We also continued to make strides in our hyperscale and strategic private capital verticals, as we added powered land in the Kansas City metro, accretively purchased interests in three hyperscale data centers in Northern Virginia, and announced the deal to acquire Columbia Capital, a leading investment firm in the digital infrastructure space.”

### [E2365] Seeking Alpha | 2026-07-23 20:12 UTC | 收盘后
Digital Realty Trust FFO of $2.13 beats by $0.15, revenue of $1.92B beats by $260M
URL: https://seekingalpha.com/news/4617711-digital-realty-trust-ffo-of-2_13-beats-by-0_15-revenue-of-1_92b-beats-by-260m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
- Digital Realty Trust press release (DLR): Q2 FFO of $2.13 beats by $0.15.
- Revenue of $1.92B (+28.9% Y/Y) beats by $260M.
- Signed total bookings during 2Q26 that are expected to generate $307 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, bookings were $208 million, including a $108 million contribution from the 0-1 megawatt plus interconnection category
- Reported a record total backlog of $1.9 billion of annualized GAAP base rent at 100% share, at the end of 2Q26; at Digital Realty’s share, the backlog was $1.4 billion
- Raised 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 vs $8.04 consensus and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15

### [E2505] Seeking Alpha | 2026-07-23 20:23 UTC | 收盘后
Digital Realty trades up after strong Q2 earnings reflect robust demand
URL: https://seekingalpha.com/news/4617704-digital-realty-trades-up-after-strong-q2-earnings-reflect-robust-demand?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
Digital Realty Trust (DLR) stock gained 2.0% in Thursday after-hours trading after the digital infrastructure REIT posted stronger-than-expected Q2 earnings and boosted its full-year guidance.
The data center REIT now expects constant-currency core FFO per share (excluding net promote) of $8.10-$815 (midpoint $8.05), vs. the average analyst estimate of $8.04 and up from its prior guidance of $8.00-$8.10. Total revenue is expected to be $6.850B-$6.950B (midpoint $6.900B), compared with the $6.77B consensus and its previous outlook of $6.650B-$6.750B.
Its guidance for adjusted EBITDA increased to $3.750B-$3.850B from its prior view of $3.650B-$3.750B and S&P CapIQ consensus of $3.666B.
Q2 core FFO per share (excluding net promote) of $2.13, topping the $1.98 consensus, rose from $2.04 in Q1 and $1.87 in last year’s Q2.
Q2 total operating revenue of $1.92B, beating the $1.66B consensus, increased from $1.64B in the previous quarter and $1.49B in the year-ago period.
"Digital Realty delivered record core FFO per share in the quarter, reflecting robust customer demand and strong execution across our core pillars of growth," said President and CEO Andy Power. "We signed more than $100M of 0-1 MW plus interconnection bookings for the first time, demonstrating the strength of our connectivity-rich portfolio and boosting near-term growth."
Total operating expenses of $1.46B climbed from $1.37B in Q1 and $1.28B in Q2 2025.
Adjusted EBITDA of $977.6M, exceeding the $909.3M S&P CapIQ consensus, increased from $920.3M in the prior quarter and $823.3M a year ago.
During the quarter, Digital Realty (DLR) signed total bookings that are expected to generate $307M of annualized GAAP rental revenue at 100% share, including a $108M contribution from the 0-1 MW plus interconnection category.
The REIT signed renewal leases representing $262M of annualized cash rental revenue vs. $269M in Q4. Rental rates of renewal leases signed during Q2 increased 25.4% on a cash basis and 32.0% on a GAAP basis.
Conference call at 5:00 PM ET.

### [E2047] Barron's | 2026-07-23 19:31 UTC | 盘中
Utilities Promise to Protect Electric Bills. It Won’t Stop Data Center Backlash.
URL: https://www.barrons.com/articles/ai-data-centers-big-tech-energy-electricity-32286b3c
Dozens of data center developers and utilities pledged with President Donald Trump that AI data centers won’t raise consumer electricity bills. The opposition won’t back down.

### [E2925] Reuters | 2026-07-23 21:15 UTC | 收盘后
Blackstone is addressing community concerns around AI, CEO says http://reut.rs/4gPoEBB http://reut.rs/4gPoEBB
URL: https://x.com/Reuters/status/2080401395283337525
Blackstone is addressing community concerns around AI, CEO says http://reut.rs/4gPoEBB http://reut.rs/4gPoEBB

### [E3016] Reuters Technology | 2026-07-23 21:31 UTC | 收盘后
Blackstone is addressing community concerns around AI, CEO says
URL: https://www.reuters.com/business/blackstone-is-addressing-community-concerns-around-ai-ceo-says-2026-07-23/
Blackstone (BX.N) is working to address the societal and environmental implications of artificial intelligence development, ​CEO Stephen Schwarzman said on Thursday, as opposition to data ‌center construction mounts in the U.S.

Blackstone and other private capital firms are pouring tens of billions of dollars into businesses and infrastructure that aim to increase compute capacity and ​run power-hungry models.

But the otherwise deeply divided American electorate is united ​across party lines when confronted by the pace of data ⁠center construction, and only 14% would support one being built in ​their community for technology firms, according to a June Reuters/Ipsos poll.

Blackstone is ​working closely with portfolio companies including data-center businesses "to address the workforce, environmental and community implications of development through the creation of union jobs, workforce training, water-free cooling ​systems, expanded power generation and significant local economic investment," Schwarzman said ​on a conference call.

While the impact of AI could echo the industrial revolution, which ‌eventually ⁠raised living standards, Schwarzman said, "Major change of this type also creates anxiety due to the uncertainty of how the technology will evolve."

Data-center operator QTS, which Blackstone took private for $10 billion in 2021, said earlier this ​month that it ​had terminated a project ⁠in Virginia after years of planning. The project had faced strong local opposition and litigation, despite being approved by ​county authorities.

U.S. President Donald Trump's administration sees AI development ​as ⁠a race against China , but is also working to shield households from an attendant rise in energy costs.

Schwarzman, a longtime Trump donor, said he had personally been "spending a ⁠lot ​of time with leaders in the industry ​and various policymakers thinking about how to address these critical issues, while also preserving the ​advance of America's AI leadership."

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。