U.S. electricity demand could reach levels not seen in decades as artificial intelligence drives data center power consumption.

Despite increased economic activity, U.S. electricity demand stagnated during the last two decades due to the introduction of energy-efficient technologies like LED lights and modern appliances. During that period, the utilities sector underperformed the S&P 500 ( ^GSPC 0.53% ) by 280 percentage points.

However, Goldman Sachs estimates U.S. electricity consumption will increase at 2.4% annually through 2030, the fastest growth since the internet become popular in the 1990s. That massive increase in demand will be driven by the convergence of three major trends.

Electrification: Businesses and consumers are transitioning away from fossil fuels in favo

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