Chicago Fed President Austan Goolsbee warned that a surge in artificial intelligence investment is pushing aggregate demand beyond what the U.S. economy can comfortably absorb. Goolsbee stated that if AI spending continues to run into constraints regarding electricity, construction capacity, equipment, and raw materials, the companies supplying these inputs could gain increasing importance.
The article highlights that Gartner expects global data center electricity consumption to reach 565 terawatt-hours in 2026, a 26% year-over-year increase. It notes that AI-optimized servers account for 31% of data-center power consumption. Additionally, the U.S. Energy Information Administration expects American electricity consumption to hit a record in 2026, driven by data-center development and manufacturing activity.
The text identifies the Utilities Select Sector SPDR Fund (NYSE: XLU) as a vehicle for broad exposure to U.S. utilities. It also points to the Global X U.S. Infrastructure Development ETF (BATS: PAVE) as an option for investors seeking exposure to raw materials, heavy equipment, engineering, and construction. PAVE's portfolio includes Deere & Co (NYSE: DE), Fastenal Co (NASDAQ: FAST), Nucor Corp (NYSE: NUE), Emerson Electric Co (NYSE: EMR), Eaton Corporation PLC (NYSE: ETN), and Quanta Services Inc (NYSE: PWR).
Regarding raw materials, a study cited in the article found that power infrastructure drives most modeled mineral demand, with copper accounting for 83% of the total modeled mineral mass. This suggests potential exposure for copper-focused ETFs such as the Global X Copper Miners ETF (NYSE: COPX).
The article also notes that the Energy Select Sector SPDR ETF (NYSE: XLE) is heavily concentrated in oil and gas, with oil, gas, and consumable fuels representing about 91% of the fund as of September 17. Exxon Mobil Holdings Corp (NYSE: XOM) and Chevron Corporation (NYSE: CVX) together accounted for roughly 35% of assets. For a more specific AI-infrastructure angle, the Global X Uranium ETF (NYSE: URA) held 57 securities as of September 17, with Cameco Corp (NYSE: CCJ) as its largest position at 22.2%.
