Goldman Sachs(US:GS) 美股IPO·2025-09-28 06:27Core Viewpoint - Aging power grids in Europe and North America have become critical bottlenecks for AI development and energy security, necessitating urgent upgrades to meet rising demands [1][3][4] Group 1: Aging Infrastructure - The average operational lifespan of European power grids is 50 years, while North American grids average 40 years, indicating that many are nearing the end of their designed operational life [3][4] - Nine out of thirteen U.S. electricity markets are already experiencing tight supply conditions, with projections indicating that nearly all will face similar pressures by 2030 [5][6] Group 2: AI and Energy Security - The rapid development of AI is placing power grids at the center of energy security, as data centers, which are crucial for AI infrastructure, require significant electricity [6][7] - The interdependence of the power grid, AI, and national defense makes upgrading the grid a national security priority, transforming it into a strategic issue rather than just an infrastructure concern [6][7] Group 3: Copper Demand Surge - The demand for copper is expected to surge due to the need for power grid upgrades, with projections indicating that by 2030, approximately 60% of global copper demand growth will be driven by electricity infrastructure [7][8] - Goldman Sachs predicts that the price of copper will rise to $10,750 per ton by 2027, supported by the anticipated increase in demand from power grid and infrastructure projects [8]