DATA CENTER JOB CREATION
As AI threatens to overload the power grid and America faces an electricity crunch, here’s what tech giants are betting on to keep the power flowing
U.S. electricity consumption grew by less than 0.5% annually. Now, AI data centers, factories, robotics and wider electrification are pushing power needs higher. Nuclear energy is gaining attention because it can provide steady, low-carbon electricity at scale.
US stocks: Marvell raises 2028 revenue forecast on strong AI data center demand
Marvell has increased its revenue forecast for 2028 to around $20 billion due to strong demand. The company's shares surged nearly 9% in early trading following the announcement. Previously, Marvell had projected $18 billion in revenue in August, while analysts expected slightly higher figures. This year, the stock has tripled in value, reflecting investor confidence in the company's performance.
Google enters massive 3.6-GW power deal with Constellation Energy
Major tech companies are racing to secure massive amounts of electricity supplies to power data centers across the US by striking unprecedented deals with the country's power companies.
Nvidia, Broadcom shielded as AI power crunch hits chip supply chain, says Morgan Stanley
The brokerage estimated last month that US data-center developers face a 34% net power shortfall through 2028, equivalent to 32 GW, after accounting for measures such as behind-the-meter generation and fuel cells
Finmin to meet heads of banks on Tuesday to review progress of financial inclusion scheme
A meeting involving bank heads is scheduled for Tuesday to assess the progress of financial inclusion schemes. Key initiatives include Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Mudra Yojana, which support small enterprises. Other schemes such as PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana offer insurance coverage for different age groups. The StandUp India Scheme focuses on empowering SC, ST, and women borrowers.
Eurozone business growth hits over 3-1/2-year high despite inflation worries, PMI shows
Eurozone business activity experienced significant growth in September due to strong demand despite inflation concerns. The S&P Global Eurozone Services PMI and composite index reflected this growth, reaching high levels not seen in several months. Strong performance was observed in Spain and Ireland, along with an accelerated recovery in Germany. Inflation pressures increased, raising speculation on potential European Central Bank interest rate hikes.
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US Market: Fed’s Hammack says jobs data gives time to assess rate path
Federal Reserve officials have signalled they have time to assess incoming economic data before making further changes to interest rates. Cleveland Fed President Beth Hammack said September’s weak employment report was broadly consistent with recent labour-market trends. With hiring slowing but remaining stable and inflation pressures persistent, policymakers are weighing employment and price stability before the next rate decision.
Goldman sees US data center growth intact despite opposition
Goldman Sachs reported that political opposition is not significantly impacting the growth of US data centers. The firm has adjusted its capacity forecasts for 2026 and 2027, indicating ongoing demand. Data centers are essential for the functioning of AI models, contributing to their increasing prevalence. However, public support for new data centers remains low, with many opposed to local construction.
US midterms: In crude Ohio rally speech, Trump says he may not help if Democrats win
Donald Trump held a rally in Ohio to support Republican candidates Jon Husted and Vivek Ramaswamy. He criticized Democrats and emphasized the need for voters to participate in the midterms. Trump warned that he would be less inclined to assist Democratic officials if they win key races. Husted faces a tough race against former Senator Sherrod Brown, while Ramaswamy battles Amy Acton.
AI's race to transform the world before the money runs out
Cumulative spending globally on data centers alone could top $30 trillion by 2050, according to a projection by PwC, almost matching the value of outstanding US Treasuries. It "dwarfs" what was spent in the railroad or dotcom booms, even after adjusting for inflation, PwC said.
Nasdaq rises 1%, Dow, S&P close higher as weak jobs data tempers rate hike bets
U.S. stocks finished higher following a weaker-than-expected jobs report which eased rate hike expectations. Nonfarm payrolls rose by only 29,000, significantly below economists' forecasts of 90,000. The S&P 500 real estate index and small-cap Russell 2000 gained approximately 1% due to reassessed Fed rate increase likelihood. Despite this, the Dow and S&P 500 recorded declines for four out of five weeks.
US adds disappointing 29,000 jobs and unemployment ticks up to 4.2% in September
The U.S. job market saw a sharp decline, with only 29,000 new positions added last month, pushing the unemployment rate up slightly to 4.2%. Economists had expected better results, predicting the creation of roughly 90,000 jobs. Consumer confidence has taken a hit as many Americans voice their worries about the economy and job prospects, a sentiment likely to impact the forthcoming elections amid widespread discontent over economic policies.
U.S. hiring stalls at 29,000, yet Dow, S&P 500 and Nasdaq surge: Why Wall Street welcomed September’s weak jobs report
US jobs report and markets: The U.S. added only 29,000 jobs in September, far below the 90,000 economists expected. Unemployment also edged up to 4.2%. On the surface, that looks like bad news for the economy. Wall Street saw another side of it. The Dow rose 0.64%, the S&P 500 gained 0.90%, and the Nasdaq climbed 1.39%. The reason was the growing possibility that weaker hiring could reduce pressure on the Federal Reserve to keep interest rates high.
Amazon to invest $1 billion over five years in US data center communities
In a bold move, Amazon has pledged to pour more than $1 billion into the communities hosting its data centers, aiming to alleviate worries about resource consumption. Facing pushback due to environmental ramifications, the company, via Amazon Web Services, has also vowed to achieve water positivity by 2030. These steps are part of a broader strategy accompanying the expansion of its data center network across various states.
European shares edge higher after bonds-driven selloff, focus on inflation data
Following a sharp selloff, European stocks made a modest recovery, influenced by recent shifts in the bond market. Investors are keeping a close eye on upcoming euro zone inflation data that could steer monetary policy. Additionally, the US nonfarm payrolls figures are eagerly awaited, with estimates suggesting an increase of 90,000 jobs for September.
Broadcom starts amassing $60 billion to fund chips for Anthropic: Report
Banks involved in the massive debt package are poised to send out syndication letters for a $42 billion Class A senior-secured tranche, the people said, asking not to be identified discussing the deal, which has yet to be announced.
Temasek comfortable with current AI spending levels, executive says
Singapore's Temasek is not worried about the massive levels of spending from hyperscalers powering the AI buildout, its executive said on Thursday, as the state investor works to increase its exposure to the technology.
South Park's new episode builds a golden town for billionaires, then treats them like Vermin
Unlike most South Park episodes, the billionaires are not shown as recognizable public figures. Trey Parker and Matt Stone instead portray them as tiny, crude-looking creatures. Their lavish settlement suddenly appears in Butters’ backyard.
Gold prices flat ahead of US jobs data
As Asia's trading day commenced, gold prices remained steady while market participants awaited the critical US jobs data release. This information is pivotal for deciphering the Federal Reserve's future interest rate moves. The latest inflation statistics from the US signaled a slight rise, tweaking the odds for upcoming rate changes. Additionally, Bank of Japan officials indicated that an increase in rate hikes may be on the table soon.
US stocks: AI infra firm Accelevation valued at $3.9 billion as shares fall in Nasdaq debut
Accelevation's shares began trading below the initial public offering price of $18, reflecting current market instability. The company, which focuses on data center infrastructure, successfully raised $540 million by offering around 30 million shares at a debut price of $17.55. Founded in 2017, Accelevation achieved impressive revenue growth, totaling $447.8 million by 2025 amidst an uncertain U.S. IPO landscape that is impacting this listing season.
US private job growth picks up sharply in September: ADP data
US private sector hiring experienced a significant rebound in September, with employers adding 90,000 jobs, up from 38,000 in August. This growth, led by the education, health care, and leisure industries, is accompanied by solid pay increases, although wage growth continues to lag behind inflation, impacting workers' purchasing power.
Jeff Bezos' space firm Blue Origin says raising outside funds, a first
Blue Origin CEO Dave Limp said Tuesday that the US-based space company will no longer be solely backed by Amazon founder Jeff Bezos and is fundraising with external investors. Though they were both founded in the early 2000s, Blue Origin has fallen behind SpaceX in the billionaire-backed space race, with rival Elon Musk's company achieving a historic stock listing in June by raising $85.7 billion for a valuation of $1.77 trillion.
AI infra firm Accelevation, shareholders raise $540 million in US IPO
Accelevation and selling shareholders raised $540 million in a US initial public offering, the private equity-backed data center infrastructure firm said on Tuesday. They offer 30 million shares at $18 apiece, below the marketed range of $20 to $24 each.
Not even $10,000 per household could convince this rural Pennsylvania town to stop protesting an AI data center project
A Pennsylvania town was offered $10,000 for each of its roughly 4,500 households as part of a proposed AI data center project, but many residents refused to accept the money. NorthPoint Development proposed a $45 million payout to residents along with a $120 million community investment if Hazle Township approved zoning changes.
Global Market: DayOne pushes ahead with potential November IPO amid data center scrutiny
Data center operator DayOne is preparing for a potential US IPO in November, targeting a valuation near $20 billion. The company plans to file with the SEC in October amid heightened investor scrutiny of AI infrastructure, financing costs, customer concentration, secured power capacity and contracted revenues as IPO markets become more selective.
Data centre IPO hopefuls brave tougher market as investor scrutiny grows
The Singapore-based company develops and operates data centers for cloud and AI customers. It plans to make its filing with the US Securities and Exchange Commission public in mid-October and list in November, the people said, speaking anonymously to discuss confidential matters. The plans, including the timing of the IPO, are subject to change, the people cautioned. DayOne declined to comment.
US hiring appetite is healthy as economy powers ahead
The labor market in the US is poised for notable growth as nonfarm payrolls are anticipated to climb in September. Economists foresee the unemployment rate holding steady at a low 4.1%. Promising economic data highlights strong consumer spending and substantial capital investments, painting a picture of economic resilience.
Data center IPO hopefuls brave tougher market as investor scrutiny grows
Data center operator DayOne is pushing ahead with its plans to go public as soon as November, according to three people familiar with the matter, even as higher interest rates and setbacks elsewhere in the data center ecosystem threaten to narrow
Meta data center boosts Alberta appeal for hyperscalers, Capital Power says
Meta's plan to build a C$13 billion ($9 billion) data center in Alberta has boosted the Canadian province's appeal for hyperscalers, who see it as a vote of confidence in the government's AI strategy, the CEO of Capital Power said.
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