Big Tech is Struggling To Power the Multi-Trillion-Dollar AI Boom
FN Media Group Presents Oilprice.com Market Commentary
NEW YORK, June 30, 2026 /CNW/ -- The White House issued a stark warning in July 2025: Without $1.4 trillion in new infrastructure investment, electricity prices could surge as much as 58% by 2030. That's driven mostly by the insatiable power demand from the rise of AI data centers and cryptocurrencies like Bitcoin. Companies mentioned in today's commentary includes: Bitzero Holdings Inc. (AIBZ), Amazon.com, Inc. (NASDAQ: AMZN), Broadcom Inc. (NASDAQ: AVGO), Alphabet Inc. (NASDAQ: GOOGL), Vistra Corp. (NYSE: VST), Trane Technologies (NYSE: TT).
According to Axios, new reports show that power demand is set to grow up to 10x between now and 2030. The grid we've relied on for decades simply can't keep pace, and that's threatening to put a major strain on both the AI and Bitcoin booms that have driven markets over the last few years.
As Shark Tank investor Kevin O'Leary put it: "There is no power on the grid anymore." Which is why in Virginia, data centers now face 7-year waits for grid connections. And while Microsoft, Google, and Amazon are all betting on nuclear power, those reactors likely won't come online until 2028 at the earliest, more likely the 2030s.
However, one company has found a unique advantage by bridging the Bitcoin and AI markets while going where the power already exists - Norway, Finland, and rural North Dakota. That's one reason why Bitzero (AIBZ) has attracted the attention and backing of O'Leary, who calls the data center company "really a power company."
With 110 megawatts of capacity already under a binding letter for a lease at its Norway flagship, over a gigawatt in development across North America and Europe, and power contracts from 3-4 cents a Kwh, Bitzero has what both AI companies and Bitcoin miners desperately need: cheap, abundant, sustainable electricity, available right now.
While most developers build first and fight for power later, Bitzero reversed that order - securing access to power first before building the infrastructure. Their Namsskogan site in Norway runs on 100% hydroelectric power at just 3-4 cents per kilowatt-hour, roughly 70% cheaper than the U.S. average of 12 cents. That gives Bitzero 110 immediate megawatts of capacity at the site with cheap power secured, and room to expand further to approximately 300 mw. With the biggest hyperscalers all drawing less than 500 megawatts, this makes them competitive with even the biggest names in the space.
Bitzero isn't just renting power though. They're a licensed grid operator in Norway, giving them direct control over their energy supply. That's a regulatory approval process that takes years and creates yet another barrier competitors can't easily overcome. But there's an even bigger moat that Bitzero has secured because of their prescient timing before the AI boom.
Since Bitzero secured its Namsskogan site, Norway has capped new power concessions for data centers at just 5 megawatts. That means any competitor trying to build at scale in Norway today would need to piece together dozens of tiny permits, if they could get them at all. Norway is not even the largest of their sites though.
Finland's site near Pori dwarfs it with an additional 10 megawatts available and potential to reach up to 1 GW, powered by hydro and nuclear. At 1 GW of potential capacity, the Finland site is large enough to serve multiple tenants at once.
A hyperscaler could take half the power while Bitzero uses the rest for other high-performance computing needs. That kind of scale and flexibility is hard to find when power is this tight. nAnd in the United States, closer to the epicenter of the AI boom, Bitzero has acquired a different kind of unique asset in North Dakota.
The former Nekoma Pyramid is a decommissioned anti-ballistic missile defense complex with military-grade security. While this sounds like an unusual option for an AI data center, the military-grade security actually makes it ideal for housing sensitive computing infrastructure. Combined, that means Bitzero controls over 1 GW of potential capacity, enough to power roughly 750,000 homes, or match the output of a nuclear power plant.
While companies are committing billions to build data centers that won't generate revenue for years, Bitzero (AIBZ) is already cash flow positive from its operations mining Bitcoin -- helping to fund the larger data center buildout the company has planned for next year. That's because Bitzero's cost to mine one Bitcoin allows them to take advantage of Bitcoin's upside while cutting their downside risk. Their all-in breakeven currently sits at around $50,000 per Bitcoin, which is dramatically lower than the industry average of $75,000 to $82,000 That means while many of their competitors are not even breaking even mining Bitcoin at today's prices, Bitzero continues to mine profitably in part because of their access to cheap power. That cost advantage also comes as a result of how efficiently Bitzero operates.
Other data centers may require 20 workers to run a 40 MW facility. Bitzero, on the other hand, has only 4-5 people operating their Norway site. That difference helps explain why when the April 2024 Bitcoin halving cut mining rewards in half, competitors collapsed or pivoted to survive while Bitzero thrived.
That potential caught the attention of one of the most vocal investors in the power-for-AI space. Kevin O'Leary is a strategic investor and partner in Bitzero.The Shark Tank veteran and longtime power infrastructure investor has been vocal about the company's positioning.
"There's a lot going on here because you've got two competing forces. You've got the Bitcoin miners with insatiable demand, and you've also got massive demand for AI data centers. These two are going to be fighting for power contracts," O'Leary predicts. And Bitzero controls power both markets desperately need. "It's really a power company," says the Shark Tank investor and strategic Bitzero partner.
In a market where power is the biggest bottleneck, Bitzero has already secured the most valuable asset AI companies are scrambling to get their hands on – cheap power. Because of the problems with today's power grid, Bitzero's advantage carries a unique advantage even when green energy has faced more headwinds of late.
There's a reason O'Leary is skeptical of most green energy claims in crypto. "A lot of miners claim that they're green, but they do that through purchasing carbon credits. Most of it is complete BS." "In the case of what Bitzero (AIBZ) is doing - hydroelectric in Norway, nuclear in Finland - you know where it came from," he says.
As AI's power demands push the crisis to new heights, that execution matters more than ever. Bitzero's team has already proven they can disrupt the competitive Bitcoin mining market. Leading Bitzero is CEO Mohammed Bakhashwain, a serial entrepreneur with large-scale infrastructure and real estate experience. That experience has been particularly useful as Bitzero has targeted prime locations for these data centers where they can add new power to these mega booms. Under Bakhashwain's leadership, Bitzero quadrupled its hash rate in 24 months while maintaining $50,000 mining costs and 100% sustainable energy, which is practically unheard of.
AI demand is exploding, but the infrastructure can't keep up. Tech giants are scrambling to build new data centers, only to hit walls they didn't see coming. In September 2025, Google pulled its proposal for a $1 billion data center in Indianapolis just minutes before a city council vote. That came as residents packed the chambers, raising concerns about grid strain, water consumption, and rising electricity costs for neighbors.
Across the country, data center projects face similar pushback in urban and suburban areas. Community opposition, permitting delays, and grid capacity limits are slowing the AI buildout when urgency has never been higher. Bitzero doesn't have those problems.
Their sites are already permitted and operational in rural Norway, Finland, and North Dakota. Places where power infrastructure exists,and grid capacity was secured years ago. But here's what's coming next.
Finland's site is moving from 10 megawatts available today toward full buildout with 1 GW potential capacity. That's enough capacity to host multiple hyperscalers simultaneously while Bitzero continues generating Bitcoin revenue from the same infrastructure. And the timing couldn't be better.
Bitcoin is receiving institutional support while Microsoft, Google, and Amazon won't bring nuclear capacity online until 2028 at the earliest. AI companies are desperate for infrastructure. Data center operators with power secured are in the driver's seat. And Bitzero controls more capacity than most pure-play providers while already generating revenue from Bitcoin mining.
Other companies to keep an eye on:
Broadcom Inc. (NASDAQ: AVGO) makes the custom AI accelerators that hyperscalers like Google, Meta, and ByteDance design to run specific workloads more efficiently than off-the-shelf GPUs. It also makes the networking chips that connect those accelerators inside large AI clusters. CEO Hock Tan told analysts the company has "line of sight to achieve AI revenue from chips in excess of $100 billion in 2027," backed by a $73 billion backlog of committed customer orders.
The custom chip story is different from NVIDIA's in an important way. Broadcom's customers are designing their own silicon precisely because they want a different price-performance profile than standard GPUs offer -- and Broadcom is the company that builds those designs at scale.
Amazon.com, Inc. (NASDAQ: AMZN) may be making the most aggressive single bet on AI infrastructure of any company on this list. The company announced $200 billion in capital expenditures for 2026, the bulk of it aimed at AWS data centers. CEO Andy Jassy told investors that all new AWS capacity sells out immediately, with demand limited by supply factors like energy and hardware, not customer appetite.
Q1 FY2026 results reinforced that narrative. AWS grew 28%, its fastest clip in 15 quarters, on a very large base. AWS committed up to $50 billion in dedicated AI infrastructure for U.S. federal agencies, a move that gives the company a structural advantage in the government cloud market for years to come.
Alphabet Inc. (NASDAQ: GOOGL) is approaching the AI data center race from a position of unusual strategic depth. Unlike its hyperscaler peers, Google designs and manufactures its own AI chips giving it a degree of supply chain independence that Microsoft and Amazon lack. That vertical integration is showing up in the numbers: the company reduced Gemini serving unit costs by 78% over 2025 through model optimizations and efficiency improvements.
The spending commitment is massive either way. Alphabet guided 2026 capital expenditures to between $180 billion and $190 billion -- more than double its 2025 figure -- with CFO Anat Ashkenazi flagging that 2027 capex is expected to "significantly increase" from there.
Vistra Corp. (NYSE: VST) is one of the largest competitive power generators in the United States, operating nuclear, natural gas, and renewable assets primarily across the ERCOT and PJM grids. In 2025, the company transformed its position in the AI power story by signing 20-year nuclear PPAs totaling roughly 3,800 MW with Amazon Web Services and Meta -- the largest such agreements in company history.
The case for Vistra in the AI data center story is that firm, always-on power is the actual bottleneck constraining how fast hyperscalers can add compute capacity. Nuclear fits that bill better than almost any other source -- it runs continuously at high capacity factors regardless of weather and produces no carbon, satisfying both operational and ESG requirements.
Trane Technologies (NYSE: TT) makes the HVAC and thermal management systems that keep large commercial buildings at operating temperature. Its Q1 2026 results put the AI infrastructure connection in plain sight: Americas Commercial HVAC bookings hit an all-time high, up 40% year over year, with Applied Solutions bookings up over 160%.
The AI angle is the Stellar Energy acquisition, which Trane closed recently to add a leader in modular data center cooling solutions. Management is targeting growth from a $350 million business to over $1 billion in two to three years.
By. Charles Kennedy
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