FT News Briefing AI’s electricity problem
6 snips
Apr 18, 2024 Iran is hitting a six-year high in oil exports, cleverly navigating Western sanctions with Chinese support. EU leaders are squabbling over capital market reforms, highlighting tensions between larger and smaller member states. On the tech front, the explosive demand for AI is expected to increase energy needs tenfold by 2026, raising alarms about electricity supply. Experts discuss the challenges of meeting this surge, emphasizing the need for investments in renewable energy and innovative infrastructure to sustain AI growth.
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Iran's Oil Exports Soar
- Iran's oil exports reached a six-year high, averaging 1.5 million barrels daily.
- China receives almost all Iranian oil exports, lessening the impact of Western sanctions.
EU Capital Market Debate
- Larger EU countries advocate for a centralized capital market overseen by Brussels.
- Smaller EU members resist, fearing loss of control and potential bias towards larger economies.
US Deficit Concerns
- The US fiscal deficit, projected at 7% of GDP next year, is significantly larger than other advanced economies'.
- The IMF warns this could destabilize the global economy, impacting inflation and exchange rates.