Introduction
The current development in the field of AI data centers presents a complex picture with stable demand alongside structural challenges. The key aspects are highlighted here:
Demand Stability at Amazon and NVIDIA
Executives from both companies emphasize a sustained dynamic:
- Amazon states, according to Kevin Miller (Vice President of Global Data Centers), “no significant change” and forecasts increasing numbers in the medium to long term.
- NVIDIA confirms through Josh Parker (Senior Director of Corporate Sustainability) that the demand for computing power continues to grow – particularly due to energy-intensive AI applications.
The stock prices reacted immediately positively: Amazon rose by 0.79%, NVIDIA even by 3.88%.
Contradictory Signals and Market Tensions
Despite this optimism, cracks are appearing in the overall picture:
- Microsoft is flexibly adjusting data center plans but remains committed to its investment target of $80 billion by June 2025. Analysts interpret this as a potential overheating sign, exacerbated by more efficient AI models like those from the startup DeepSeek.
- OpenAI is struggling with capacity bottlenecks following the launch of the image generator “4o”, resulting in temporary GPU usage restrictions.
Technological and Political Framework Conditions
- Energy Demand: NVIDIA points to increasing electricity consumption per AI data center, necessitating infrastructure investments.
- EU Policy: The Commission is planning a “European Data Union” to strengthen the AI internal market, which could create regulatory clarity.
Comparison of Corporate Strategies
| Company | Positioning | Investment Volume | Challenges |
|---|---|---|---|
| Amazon | Demand “very strong” | Not specified | Scalability |
| NVIDIA | No drop in demand apparent | Production capacities | Energy efficiency |
| Microsoft | Strategy adjustments during ongoing expansion | $80 billion by mid-2025 | AI model efficiency |
| OpenAI | Temporary GPU restrictions | $100-500 billion (Joint Venture) | Capacity bottlenecks |
These developments underscore the robustness of the sector despite operational bottlenecks – a positive signal for tech stocks in the medium term. Long-term risks lie in regulatory hurdles and physical limits of energy supply.