Latest news with #PennsylvaniaEnergyandInnovationSummit
American Military News
2 days ago
- Business
- American Military News
Videos: $92 billion in energy, technology investment unveiled by Trump admin
President Donald Trump touted $92 billion in technology and energy investments in Pennsylvania by 20 different companies during a speech at Carnegie Mellon University on Tuesday. The president claimed that the investments reflect the 'true golden age' of the United States. 'I think we have a true golden age for America. And we've been showing it, and it truly is the hottest country anywhere in the world,' Trump said during Tuesday's Pennsylvania Energy and Innovation Summit at Carnegie Mellon University. 'And you're going to see some real action here. So get ready.' .@POTUS: "We are building a future where American workers will forge the steel, produce the energy, build the factories… I think we have a true Golden Age for America… it truly is the HOTTEST country anywhere in the world." 🔥 — Trump War Room (@TrumpWarRoom) July 15, 2025 'This afternoon, 20 leading technology and energy companies are announcing more than $92 billion of investments in Pennsylvania,' Trump said. 'This is a really triumphant day for the people of the Commonwealth and for the United States of America. We're doing things that nobody ever thought possible.' 🚨@POTUS announced $92 BILLION of investments coming to Pennsylvania!💸 — The White House (@WhiteHouse) July 15, 2025 According to The Daily Caller, the $92 billion in technology and energy investments announced at Tuesday's summit include investments in Pennsylvania's natural gas plants, hydropower facilities, and artificial intelligence data centers. During Tuesday's Pennsylvania Energy and Innovation Summit, Trump explained that the energy and technology investment commitments by 20 different companies will ensure that 'the future is going to be designed, built and made right here in Pennsylvania and right here in Pittsburgh, and, I have to say, right here in the United States of America.' READ MORE: Video: 'American Drone Dominance' unleashed by Trump admin The president added that the investments discussed at Tuesday's summit include over $36 billion in new data center projects and over $56 billion in new energy infrastructure. Trump also noted that 'a lot more' investments would be 'announced in the coming weeks.' The White House confirmed that Tuesday's investments include a $25 billion investment by Google into infrastructure and data centers, a $25 billion investment by Blackstone into natural gas plants and data centers, and a $6 billion investment by CoreWeave into data center expansion. Trump also announced on Tuesday that Knighthead Capital Management is investing $15 billion to help 'resurrect' the Homer City Generating Station. The president said the former coal-fired power plant will become the 'largest natural gas-fired power plant ever to be built in North America.' .@POTUS: I promised I would save the Homer City Power Plant that Biden's Green New Scam forced to shut down — and I'm pleased to report that with a $15B dollar investment from Knighthead Capital Management, the Homer City site is being resurrected as the largest natural gas-fired… — Rapid Response 47 (@RapidResponse47) July 15, 2025
New York Post
6 days ago
- Business
- New York Post
Let's hope Kathy Hochul took notes as investors poured $100 billion into Pennsylvania for AI projects
Let's hope Gov. Kathy Hochul was paying attention Tuesday as President Donald Trump joined the Pennsylvania Energy and Innovation Summit in Pittsburgh, underscoring his solid commitment to US growth — and prosperity. Investors are dumping a whopping $100 billion into AI-related initiatives, and New Yorkers would love to get a piece of that — but Hochul's anti-business policies are getting in the way. One major lesson from the summit: AI dominance is inextricably linked to energy because servers and data farms require a lot of constant, reliable electricity. Advertisement Other industries, too, are highly sensitive to energy prices and reliability. And states like Pennsylvania understand that economic growth is inseparable from responsible extraction of natural resources, in large part to produce the power industry needs. That's why major companies are pouring tens of billions of dollars into the Keystone State's new AI initiatives. Advertisement Yet in New York, if you look across the state line at our neighbor from the economically anemic Southern Tier, it's hard not to feel a twinge of regret: While the shale revolution has sparked an economic resurgence in Pennsylvania, New York has banned fracking, which is needed to harvest the region's natural gas. Since then-Gov. Andrew Cuomo banned fracking in 2015, the Southern Tier has lost out on tens of thousands of jobs and billions of dollars in economic activity. Yet Hochul hasn't lifted a finger to reverse it; rather, she openly supports depriving New Yorkers of the kind of windfalls Pennsylvanians are enjoying thanks to fracking. (And she plans to run on New York's 'affordability' crisis?) Advertisement This is no small-potatoes issue: A study by the Heritage Foundation comparing neighboring counties along the states' border found that annual household incomes in New York are $27,000 lower than those in Pennsylvania. That's a lot of mortgage and car payments. Indeed, where Trump and Pennsylvania actively encourage business, including in the energy industry, Hochul & Co. never stop looking for ways to discourage it — especially when it comes to energy. New York has nixed gas hook-ups and pipelines, and its leaders aim to electrify everything, in the farcical hope that renewables (wind and solar power) can one day provide enough juice. Advertisement Hochul has even sought to punish energy companies: The 'Polluters Pay' law she signed in 2024 actually pins the blame for 'heatwaves' and 'coastal storms' on companies for the 'crime' of selling gas in New York since 2000. (Never mind that it's always been perfectly legal to do so.) Those companies must contribute $3 billion per year to a state-run Superfund. (Want some fries with that shakedown?) Former New York City Mayor Bill de Blasio's similarly sued the energy industry, essentially, for having caused global warming. The case was laughed out of court. Meanwhile, Hochul's climate mandates drive up the cost of energy not just for homeowners but companies that need it. Get opinions and commentary from our columnists Subscribe to our daily Post Opinion newsletter! Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters But energy woes aren't businesses' only gripe about New York: The state also slaps firms — and their employees — with some of the highest taxes in the nation. And the Democratic nominee for mayor in New York, Zohran Mamdani, vows to raise them further if elected. No wonder the Empire State is ranked by the Tax Foundation as second-to-worst for its business climate. Advertisement No wonder New York, particularly upstate, suffers while states like Pennsylvania thrive. Hochul and her fellow Democrats could bring that prosperity to New York in a flash: Just end the fracking ban. Get realistic about fighting climate change. Stop hiking taxes. Ease up on regulations. Alas, they have no desire to do any of that. The far-lefties, like Mamdani, want just the opposite. Unless New Yorkers get new leadership, they'll simply have to sit back and watch in envy as their neighbors prosper — while they don't.
Time of India
6 days ago
- Business
- Time of India
Donald Trump declares: We are way ahead of China in AI race and the plants are ..
US President Donald Trump announced $92 billion in energy and infrastructure deals intended to meet Big Tech's soaring demand for electricity to fuel the AI boom. Trump made the announcement at the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University. Top executives from Google, Palantir, Anthropic, Exxon and Chevron attended the event. President Trump asserted about the need of beating China in the global AI race. "Today's commitments are ensuring that the future is going to be designed, built and made right here in Pennsylvania and right here in Pittsburgh, and I have to say, right here in the United States of America," Trump said at the event. He added, "We are way ahead of China and the plants are starting up, the construction is starting up." His comments reflect the growing sentiment in Washington that the United States must not lose ground to China in the race to develop AI. Google makes $25 billion commitment Among investments, Google committed $25 billion to build AI-ready data centers in Pennsylvania and surrounding regions. "We support President Trump's clear and urgent direction that our nation invest in AI... so that America can continue to lead in AI," said Ruth Porat, Google's president and chief investment officer, as per a report in AFP. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo Google also announced a partnership with Brookfield Asset Management to modernize two hydropower facilities in Pennsylvania, representing 670 MW of capacity on the regional grid. Investment group Blackstone pledged more than $25 billion to fund new data centers and energy infrastructure. Energy worries of Technology companies The tech world has fully embraced generative AI as the next wave of technology, but fears are growing that its massive electricity needs cannot be met by current infrastructure, particularly in the United States. Generative AI requires enormous computing power, mainly to run the energy-hungry processors from Nvidia, the California-based company that has become the world's most valuable company by market capitalization. Officials expect that by 2028, tech companies will need as much as five gigawatts of power for AI -- enough electricity to power roughly five million homes. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
6 days ago
- Business
- Yahoo
Trump touts $92B in data center, energy investments
President Trump on Tuesday touted $92 billion in new private data center and energy investments as his administration seeks to boost the nation's power supply amid a push to rapidly develop energy-hungry artificial intelligence (AI). Trump unveiled investments from 20 major energy and technology companies, including Google, CoreWeave and Blackstone, at Sen. Dave McCormick's (R-Pa.) inaugural Pennsylvania Energy and Innovation Summit in Pittsburgh. 'We're back in Pittsburgh to announce the largest package of investments in the history of the Commonwealth of Pennsylvania,' Trump said Tuesday. 'We're here today because we believe that America's destiny is to dominate every industry and be the first in every technology, and that includes being the world's number one superpower in artificial intelligence,' he added. Cloud computing firm CoreWeave announced plans to invest $6 billion in construction of a 100 megawatt data center in Lancaster, Pa., with the ability to eventually expand to 300 megawatts. Google also unveiled a $25 billion investment in data center and AI infrastructure in states covered by a regional grid operator across the Midwest and mid-Atlantic. The tech giant plans to invest another $3 billion in modernizing two hydropower facilities in Pennsylvania as well. Investment firm Blackstone also announced that it will invest more than $25 billion in building out data center and power infrastructure in the Keystone State. The Trump administration has increasingly focused on the need for more power to protect the electrical grid from strain as it promotes rapid AI innovation. The technology requires vast amounts of energy. While the Trump administration has been largely focused on promoting fossil fuels and nuclear energy, while hampering wind and solar, investments featured at the summit included a mix of power sources. Homer City Redevelopment will purchase $15 billion worth of Pennsylvania's gas for a power plant. Energy Capital Partners will put $5 billion into a data center and will also develop community solar projects. A Department of Energy report released last week warned of the growing risk of blackouts, as both AI and the push to reshore manufacturing put pressure on the grid. The report found that the likelihood of blackouts could increase a hundredfold by 2030, even if the U.S. brings online more than 200 gigawatts of power by the end of the decade as planned. Data centers are expected to add anywhere from 35 to 108 gigawatts in load growth to the grid during that same period. The Trump administration's recently passed 'big, beautiful bill' slashes subsidies for wind and solar power, which is expected to result in less power production, though the administration has sought also to bolster other power sources including coal, gas and nuclear. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Al-Ahram Weekly
6 days ago
- Business
- Al-Ahram Weekly
Trump unveils investments to power AI boom - Tech
US President Donald Trump went to Pennsylvania on Tuesday to announce $92 billion in energy and infrastructure deals intended to meet big tech's soaring demand for electricity to fuel the AI boom. Trump made the announcement at the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University, with much of the talk about beating China in the global AI race. "Today's commitments are ensuring that the future is going to be designed, built and made right here in Pennsylvania and right here in Pittsburgh, and I have to say, right here in the United States of America," Trump said at the event. The tech world has fully embraced generative AI as the next wave of technology, but fears are growing that its massive electricity needs cannot be met by current infrastructure, particularly in the United States. Generative AI requires enormous computing power, mainly to run the energy-hungry processors from Nvidia, the California-based company that has become the world's most valuable company by market capitalization. Officials expect that by 2028, tech companies will need as much as five gigawatts of power for AI -- enough electricity to power roughly five million homes. Top executives from Palantir, Anthropic, Exxon and Chevron attended the event. The funding will cover new data centers, power generation, grid infrastructure, AI training, and apprenticeship programs. - Race to beat China - Among investments, Google committed $25 billion to build AI-ready data centers in Pennsylvania and surrounding regions. "We support President Trump's clear and urgent direction that our nation invest in AI... so that America can continue to lead in AI," said Ruth Porat, Google's president and chief investment officer. The search engine giant also announced a partnership with Brookfield Asset Management to modernize two hydropower facilities in Pennsylvania, representing 670 MW of capacity on the regional grid. Investment group Blackstone pledged more than $25 billion to fund new data centers and energy infrastructure. US Senator David McCormick, from Pennsylvania, said the investments "are of enormous consequence to Pennsylvania, but they are also crucial to the future of the nation." His comments reflect the growing sentiment in Washington that the United States must not lose ground to China in the race to develop AI. "We are way ahead of China and the plants are starting up, the construction is starting up," Trump said. The US president launched the "Stargate" project in January, aimed at investing up to $500 billion in US AI infrastructure -- primarily in response to growing competition with China. Japanese tech investor SoftBank, ChatGPT-maker OpenAI, and Oracle are investing $100 billion in the initial phase. Trump has also reversed many policies adopted by the previous Biden administration that imposed checks on developing powerful AI algorithms and limits on exports of advanced technology to certain allied countries. He is expected to outline his own blueprint for AI advancement later this month. Follow us on: Facebook Instagram Whatsapp Short link:
