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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →In July 2024, BlackRock strategist Wei Li estimated that AI data center capacity could grow 60–80% annually in the coming years. That was a forecast—not a measured growth rate—and BlackRock’s Jean Boivin said it was based largely on industry analyst expectations. The estimate’s scope is also unclear: the reporting did not define an “AI data center” or say what share of total data center capacity the category represented.
What did BlackRock say about AI and data centers?
BlackRock’s 2024 Midyear Global Outlook described AI and the low-carbon transition as potential drivers of unusually large capital spending: “AI and the low-carbon transition could spur historically large capital spending – and in a much shorter space of time than previous technology revolutions.” The outlook treated data centers as critical infrastructure for the AI buildout.
At a July 9, 2024, press briefing, Wei Li, BlackRock’s global chief investment strategist, said: “If we look at the growth of AI data center, it is expected to increase on an annual basis somewhere between 60 to 80% in the coming years,” Data Center Knowledge reported on July 11. Li was describing expected growth in capacity, not reporting a measured annual result. Jean Boivin, head of the BlackRock Investment Institute, said the estimate was largely based on expectations from industry analysts. Data Center Knowledge’s report covers the remarks.
What does the 60–80% figure measure—and what does it leave out?
The figure refers to annual growth in AI data center capacity in the coming years, as forecast in July 2024. It is not a forecast for total data center capacity, electricity demand, AI spending, or BlackRock’s own investment returns.
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The report did not set a precise boundary for what counted as an “AI data center,” nor quantify the category’s share of all data center capacity. That makes the percentage difficult to translate into a total amount of new capacity or compare directly with forecasts using other definitions. Data Center Knowledge’s year-end 2024 review discusses these definitional limits and the uncertainty around AI growth predictions: What’s next for data centers in 2025.
How does the forecast compare with other 2024 projections?
Moody’s Ratings made separate projections reported by Data Center Knowledge in 2024. These figures address different measures and time periods; they should not be treated as confirmation of Li’s 60–80% capacity estimate.
| Projection | Measure and period | Source and status |
|---|---|---|
| Global data center capacity expected to double | Total global capacity over five years | Moody’s Ratings, 2024; forecast reported by Data Center Knowledge |
| 23% average annual growth | Data center electricity consumption, 2023–2028 | Moody’s Ratings, 2024; forecast reported by Data Center Knowledge |
| 43% average annual growth | AI-specific data center energy use, 2023–2028 | Moody’s Ratings, 2024; forecast reported by Data Center Knowledge |
| $48 billion increase | Hyperscalers’ annual IT spending in 2024 | Moody’s Ratings, 2024; estimate reported by Data Center Knowledge |
Capacity, electricity consumption, and spending are related but distinct. Different time windows and category definitions also matter, so the percentages cannot be ranked as if they measured the same kind of growth.
Why could AI require more data center capacity?
AI computing depends on data center infrastructure: facilities house servers and accelerators, connect them to networks, and provide power and cooling. More AI workloads can therefore create demand for additional capacity, but building it depends on more than demand forecasts. Data Center Knowledge’s 2024 reporting identifies power availability, cooling needs, costs, and chip supply as factors that can affect the pace of deployment. Existing facilities may also be repurposed, including some built for cryptocurrency mining, rather than all capacity coming from new construction.
What investments did BlackRock describe?
David Giordano, BlackRock’s global head of climate infrastructure, said: “We have made [investments] across a series of our funds in data center developments here in the United States, in Northern Virginia, as well as in Germany, in Frankfurt, through some partnerships,” according to the July 2024 report. The article did not name the projects or disclose their values, so the comments do not establish the scale of those investments or offer a specific investment opportunity.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should readers interpret the forecast now?
The 60–80% figure should be read as a historical, analyst-informed forecast made in July 2024—not as a current growth rate or verified outcome. The reviewed reporting does not establish a later comparable BlackRock estimate or a realized result against which to check it.
There is a more recent, broader context from BlackRock. Its Q4 2026 outlook, with views stated as of September 2026, says AI investment is lifting activity and earnings while absorbing more capital, power, materials, and balance-sheet capacity. BlackRock notes that its opinions are forward-looking and subject to change. This later assessment reinforces that investment and resource constraints matter to the buildout, but it does not update or validate Li’s specific capacity-growth forecast. BlackRock’s current outlook.
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