Trump Calls Data Centers 'Oil of the Next 20-25 Years' as Huang Cites $400 Billion AI Venture Surge

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President Donald Trump compared AI data centers to the oil boom of the next 20 to 25 years at the All-In Summit, arguing they are making states and communities wealthy, and Nvidia CEO Jensen Huang agreed with the broader thesis, saying roughly $400 billion in venture financing has flowed into AI companies over the past six months. Huang, whose net worth is estimated at about $183 billion, described AI as a new industrial revolution requiring not just chips but manufacturing, electricity and physical infrastructure. The buildout is drawing a backlash, however: a single large AI data center can consume as much electricity as 100,000 homes, and the World Resources Institute estimates data centers could account for as much as 12% of U.S. electricity consumption by 2028. Last year alone saw over $60 billion in rate increases, electricity prices rose 11.5% in 2025, and data centers reportedly create few lasting jobs, often fewer than 150 people and sometimes just 25, once construction ends. Elon Musk's xAI and other tech companies currently face major federal and local lawsuits over air pollution, noise and unpermitted power equipment at AI data center sites, while new builds in states like California have clustered near lower-income communities.

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