America’s AI Moonshot: The Economics of AI, Data Centers, and Power Consumption
Commerce, Consumer, and Monetary Affairs
2025-04-01
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Source: Congress.gov
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Audio test one, two, three, four. Test one, mic check, mic check. Test one, two, HRS mic check. Test one, two, one, two, check, check, check, check. So mic check for test. Mic check, HRS test mic check. Mic check for oversight and accountability. Government reform, testing, one two, check, one two, one two.
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Mr. Josh Levi
This hearing of the Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs will come to order. Without objection, the chair may declare a recess at any time, recognize myself for the purpose of making an opening statement. And I'm gonna need my glasses for that. We're here today to discuss America's AI Moonshot. Artificial intelligence or AI is likely to become one of the most consequential technology transformations of the century. America is seeking to redefine the possibilities of this emerging technology around the globe. AI has the potential to transform countless economic sectors. In healthcare, AI is already allowing providers to create cancer screening and pretreatment plans for patients diagnosed with cancer. This could transform how our healthcare providers provide the best possible care. In manufacturing, AI is being used to predict machine failure, allowing proactive maintenance that saves money, time, and even lives. In defense, AI is being used to improve decision-making processes to protect our men and women in uniform. Many more examples exist, from education to finance to government services. Even industry will benefit from AI. Our country has the skills, the expertise, and the capital necessary to bring this vision to life, but what we needed most was a president who sees the importance of this innovation for future economic prosperity. In his first news conference following his inauguration, President Trump announced the plan of Stargate, a joint venture between OpenAI, Oracle, SoftBank, and MGX to invest in AI infrastructure to propel new developments in this field. This $500 billion investment will allow both the US and our strategic partners around the globe to unlock the next generation of AI. Later, President Trump signed Executive Order 14179 to sustain and enhance America's global AI dominance in order to promote human flourishing, economic competitiveness, and national security.
But planning for the future of machine learning is complex, as there are numerous factors that must be considered by Congress and the administration to ensure that America's private sector will be leading the charge on AI. Data Center power demand is reshaping how power generators and utilities plan for future demand growth and the infrastructure needed to support this demand. According to a report by the US Department of Energy data centers consume roughly 4.4% of all US electricity in 2023. a percentage that is expected to rise to between 6.7 and 12% by 2028. This rapid growth is astounding and has concerning implications for both current and future power generation. Additionally, companies are in search of qualified and skilled workers to fill the estimated 100,000 jobs that are needed to support this moonshot. Northern Virginia, which is just across the river, is a crossroads for an estimated 70% of the world's internet traffic. A report published in December by the Joint Legislative Audit and Review Commission found that the data center industry is estimated to contribute 74,000 jobs, 5.5 billion in labor income, and 9.1 billion in GDP to Virginia's economic, to their economy each year. President Trump has made his intentions very clear. America can and will become a global leader in the field of artificial intelligence.
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