Amazon spent $75 billion in capital expenditure, mostly related to AWS, in 2024 and expects to fork out even more in the current calendar year. Similarly, Microsoft is projecting a spend of $80 billion in 2025 on infrastructure to train and deploy AI, and Meta some $60 billion on AI resources.
The total increase in capacity means that electricity grids will also require significant funding to keep pace
Maybe.
At Three Mile Island, Microsoft is sticking their datacenter next door to a nuclear power plant, so I'd expect that there isn't a lot that they're going to need to move.
If you figure that datacenter operators have a lot of flexibility in where to put their datacenters -- that they have few geographical constraints and can build them more-quickly than power plants can be constructed -- then I'd guess that those datacenters will probably tend to be put places that reliably have a lot of supply of power.