⚡ Will AI Drain America's Energy Supply?

Good morning. US stock futures rose in Thursday morning trading as Wall Street digested earnings report from one of the big tech darlings.

⚡ AI demand could put strain on US grid in decade ahead

📝 Our report: Looks like the AI revolution might need more than just brainpower—it’ll need a lot more juice too! Artificial intelligence could put a serious strain on the U.S. electric grid, as data centers' power demands are set to skyrocket just when coal plants are retiring faster than ever. Data centers in the U.S. alone could consume as much electricity as some major industrialized economies produce by 2030, as they proliferate not just in number but also in the scale of their power needs.

 🔑 Key points:

• The computer warehouses that power the Internet and increasingly AI could require up to 400 terawatt hours of electricity by 2030, according to a report from Mizuho Securities.

• Data center developers are knocking at the door of the nation’s utilities at the same time many of these power companies are retiring coal plants as part of the transition away from fossil fuels.

• PJM Interconnection, the largest grid operator in the U.S., warned in July that the reliability of the system is a growing concern as coal plants close faster than new power generation is built.

💡 So what: If AI demand strains the U.S. electricity grid, it could lead to higher energy costs, grid reliability issues, and environmental concerns due to increased carbon emissions, especially as coal plants retire. This pressure might accelerate the adoption of renewable energy and prompt regulatory changes to manage energy consumption in data centers. Overall, while AI offers innovation, its energy demands present significant challenges for a sustainable and reliable electricity supply.

Thursday - Pending Home Sales

Friday - Consumer Sentiment (final)

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✈️ United Airlines flight attendants to hit picket line

WHAT: United Airlines flight attendants have voted to authorize a strike, the Association of Flight Attendants-CWA announced, signaling they’re ready to fasten their seat belts for turbulence ahead. Over 90% of the flight attendants participated, with 99.99% of the votes in favor of a strike authorization, the union said.

WHY: The situation unfolds amid new contract negotiations in the U.S. and Canada, where cabin crews at carriers are also seeking compensation for on-ground duties such as boarding passengers and waiting between flights.

💰 Berkshire Hathaway joins $1 trillion market cap club

WHAT: Warren Buffett's Berkshire Hathaway just hit a whopping $1 trillion market cap for the first time, proving that Buffett's magic touch is still going strong. Berkshire is the first outside the tech world to reach that exclusive territory in the US, which currently includes just six other companies.

WHY: The move comes after Berkshire disclosed that it had trimmed its stake in the nation's second-largest lender Bank of America by another 24.6 million shares, generating $982 million.

🚫 NFT marketplace hit with warning of enforcement action

WHAT: Looks like the seas are getting a bit choppy for OpenSea! The NFT marketplace just got a Wells Notice from the US Securities and Exchange Commission, meaning the regulator is gearing up to take them to court.

WHY: The notice would represent the latest in a string of enforcement actions brought by the SEC against the crypto industry in recent years. Companies including Kraken, Coinbase, Consensys and Uniswap have all been targets of such notices or lawsuits in the past, with some still engaged in legal proceedings

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