President-elect Donald Trump on Tuesday announced $20 billion in new investments to build data centers across the United States.
President Trump told a press conference at his home in Palm Beach, Florida, that the investor was Hussein Sajwani, an Emirati billionaire and chairman of DAMAC Real Estate.
President Trump introduced Damac Properties Chairman Hussein Sajwani as “one of the most respected business leaders in the Middle East, and indeed in the world.”
Over the past year, major technology companies have been racing to set up data centers essential to powering generative artificial intelligence applications that require vast amounts of computing power, such as OpenAI's ChatGPT and Google Gemini.
Microsoft announced last week that it will spend about $80 billion this year to expand its AI capabilities.
Overall, McKinsey estimates that global spending on the procurement and installation of data center mechanical and electrical systems will likely exceed $250 billion by 2030.
