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(Bloomberg) — A rollback of globalization is creating new opportunities for infrastructure investing, according to the head of Macquarie Group Ltd.
“Lots of other regions are waking up to the fact that they need to be self-reliant” in areas including energy and defense, Macquarie Chief Executive Officer Shemara Wikramanayake said Wednesday at the Bloomberg Philanthropies Global Forum. “That creates real opportunity for infrastructure investors like us.”
In particular, Russia’s invasion of Ukraine has pushed European countries to secure their energy supplies, Wikramanayake said at the event, which coincides with the United Nations General Assembly meeting in New York. Meanwhile, energy demand is booming across Asia, she added.
The insatiable demand for artificial intelligence is another boon for the asset class, Brookfield Asset Management Ltd.’s CEO said on the panel.
“The big impediment is not chips, it’s not models, it’s power and data centers,” CEO Bruce Flatt said. “What we’re talking about is five to 10 trillion dollars. These are sums that have never been invested before.”
Similar concerns over rapidly growing power usage worldwide are motivating the world’s biggest technology players.
Faced with soaring electricity demand from rapidly growing AI infrastructure, tech firms including Google parent Alphabet Inc. are looking to take a stake in the future of nuclear power and improve the transmission grid.
“The US has under-invested in the grid for quite some time, so we need to catch up,” Alphabet President and Chief Investment Officer Ruth Porat said at Wednesday’s forum.
The company’s strategy includes both a deal for a fleet of small-scale nuclear reactors from Kairos Power and an agreement to buy electricity from Commonwealth Fusion Systems’ first commercial nuclear fusion plant — signaling the company’s shift toward next-generation, low-emission energy to fuel its data centers.
Michael Bloomberg is the majority owner of Bloomberg LP, the parent company of Bloomberg News, as well as the founder of Bloomberg Philanthropies.
–With assistance from Davey Alba.
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