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The Power Scarcity Trade: Infrastructure Capital and AI Demand
BlackRock’s GIP and EQT reportedly near a deal to buy AES — the “power scarcity” trade heats up
What happened
BlackRock’s Global Infrastructure Partners (GIP) and EQT are in advanced talks to acquire U.S. utility and power company AES ($AES), with an announcement potentially as soon as next week (timing and valuation could still change). The report pushed AES shares higher and highlights a bigger theme: AI data centers are driving a step-change in electricity demand, and big infrastructure capital is racing to lock up generation and grid assets.
Why this matters for markets
Power is becoming…
The skinny
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