Private Investment Continues to Fuel AI Innovation Across the Country
Jonathan D. Gray, President and COO, Blackstone Group: “As much as this technology is so exciting, unless we get the energy side right, we can’t pursue this… private capital will be a really important part of the answer.”
PITTSBURGH, PA – Private equity is playing a critical role in powering the next generation of artificial intelligence (AI) and energy innovation across the United States. Recently, President Trump announced more than $90 billion in private-sector investments across the technology, energy, and finance industries during the inaugural Pennsylvania Energy and Innovation Summit, hosted by Senator Dave McCormick (R-PA).
These investments underscore the growing importance of private capital in strengthening America’s AI infrastructure, particularly in Pennsylvania, which is emerging as a national leader in high-performance computing, clean energy, and digital infrastructure.
Private Equity Investments Power Pennsylvania’s AI Infrastructure
Blackstone, a leading private equity firm and AIC member, is among the companies igniting America’s AI revolution. The firm recently announced a $25 billion investment in datacenter and natural gas power generation in Northeast Pennsylvania.
This public-private partnership is expected to unlock an additional $60 billion in investment across the state. Blackstone is working alongside PPL Corp, based in Allentown, PA, to build new natural gas generation facilities that will provide the power needed to sustain energy-intensive AI infrastructure.
The project is projected to create over 6,000 construction jobs annually, in addition to 3,000 permanent jobs, driving economic growth and solidifying Pennsylvania’s status as a cornerstone of America’s AI economy.
During his remarks at the Summit, Blackstone’s President and COO Jonathan D. Gray emphasized how these investments are key piece of the puzzle in powering cutting-edge technology:
“As much as this technology is so exciting, unless we get the energy side right, we can’t pursue this… private capital will be a really important part of the answer,” Gray said.
Advancing American AI and Energy Innovation
Private equity firms have invested more than $1 trillion in information technology since 2020, helping to finance the physical and digital infrastructure behind today’s most advanced AI systems. These investments are building and upgrading data centers, scaling renewable and natural gas power sources, and enabling the deployment of large-scale AI models that power businesses and public services alike.
To meet the surging demand for energy from AI models and data-intensive applications, private equity is strategically investing in energy infrastructure, particularly clean and dispatchable energy such as natural gas, to ensure reliable power.
In support of private-sector leadership, the Trump Administration has prioritized investments in AI infrastructure. President Trump recently committed $500 billion to Stargate, a joint venture between OpenAI, SoftBank, and Oracle, to finance advanced data center development and create more than 100,000 jobs nationwide.
These efforts are expanding access to next-generation computing resources for American businesses and strengthening national competitiveness in the global AI race.
Strengthening Semiconductor Supply Chains
By investing in semiconductor manufacturing, private equity is helping onshore the production of a foundational component in AI hardware. In October 2024, AIC member Apollo Global Management led a consortium of private equity firms in committing $750 million in financing for Wolfspeed, a top producer of silicon carbide technology, which is a key input in semiconductors.
Learn more about how private equity is accelerating American AI innovation in our blog post here.
