⚡ Is AI Draining The US' Energy Supply?

Good morning. US stock futures rose in Tuesday morning trading as the S&P 500 and the Nasdaq Composite notched their longest winning streaks of 2024.

⚡ US generates largest power output in two decades on back of AI demand

📝 Our report: U.S. power developers cranked up generation capacity in the first half of the year, adding more juice than they have in over two decades, all to keep up with the electricity-hungry demands of data centers and AI.

 🔑 Key points:

• Electricity generation rose by 20.2 gigawatts between January and June, the Energy Information Agency said in a recent release. It’s the highest gain recorded for that period since 2003.

• The additions seen in the first half, which were 21% higher than the same period for 2023, are expected to more than double to 42.6 gigawatts by the end of the year.

• The surge in power demand from data centers and drive toward electrification have increased the need for more power generation. The bulk of that supply is expected to come from carbon-free power sources including solar and battery storage.

💡 So what: The surge in U.S. power generation driven by AI and data centers, could have some major implications. It highlights growing energy demands from digital infrastructure, stressing the need for efficient, sustainable energy solutions. Economically, it could spur investment in energy tech, particularly renewables. However, it also risks increasing carbon emissions if fossil fuels are used to meet demand, emphasizing the need for integrating green technologies into the expansion of digital infrastructure.

Tuesday - Atlanta Fed President Raphael Bostic Speech

Wednesday - Minutes of Fed's July FOMC Meeting

Thursday - Initial Jobless Claims

Friday - Fed Chair Jerome Powell Speech at Jackson Hole Retreat

📈 These 7 investing titans will help you up your game!

💳 What’s considered a “good” credit score?

🛒 Here are 11 tips to help you save more at the grocery!

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💰 China, US cooperate on future “financial stress events”

WHAT: China's central bank and the U.S. Treasury found rare common ground during a Shanghai meeting, agreeing to appoint point people for handling future "financial stress events." The two sides also “exchanged lists of financial stability contacts” during the fifth meeting of the so-called Financial Working Group that was set up following Treasury Secretary Janet Yellen’s visit to China last year.

WHY: The talks represented the first sit-down between senior US and Chinese economic officials since Beijing’s leadership laid out its longer-term priorities last month at a twice-a-decade conclave.

🏪 7-Eleven owner receives takeover bid

WHAT: Looks like your favorite late-night snack spot might be getting some new management! The owner of 7-Eleven and other retail chains just got a buyout offer from Canada’s Alimentation Couche-Tard. Japan's Seven & i Holdings said that a special committee that made up of outside directors has been formed to review the bid, but released no other details.

WHY: Seven & i said that its board, as well as the special committee, have not made any decision yet as to accepting or rejecting the offer, to enter into talks with Couche-Tard or to pursue alternative options.

🎫 US states band together for LiveNation breakup

WHAT: About two dozen U.S. state attorneys general are cranking up the pressure on Live Nation and Ticketmaster, seeking triple damages for allegedly monopolizing the live concert industry. This updated lawsuit originally filed in May is turning up the volume on the accusations. The U.S. Justice Department and several states sued three months ago to break up Live Nation, arguing the concert promoter and Ticketmaster illegally inflated concert ticket prices and hurt artists.

WHY: The lawsuit says Live Nation directly manages more than 400 musical artists and controls around 60% of concert promotions at major venues. According to the complaint, Live Nation owns or controls more than 265 concert venues in North America, and through Ticketmaster controls roughly 80% or more of big venues’ primary ticketing for concerts.

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