Why data is the new gold

But data is not intangible. Behind every AI query lies a vast physical infrastructure that consumes energy, materials and capital at scale.

As data volumes surge, so too does the energy intensity of the digital economy. This creates powerful investment opportunities across infrastructure and the supply chains that enable it. Here’s how.

(Data)centre of the world

At the core of this shift are data centres – the physical backbone of the digital economy. Today, they account for around 3-4% of total US electricity consumption. That figure is expected to rise to 11-12% over the next decade as demand accelerates, requiring over $500 billion of investment in data-centre infrastructure alone. Europe is following a similar trajectory. [1]

The rapid adoption of AI is fundamentally more energy intensive than previous waves of digitalisation. AI workloads rely heavily on graphics processing units (GPUs) rather than traditional central processing units (CPUs). GPUs consume three-to-four times more power than the CPUs. Their widespread deployment is expected to add around 12% to total global power demand by 2030. Even simple actions illustrate the shift: an AI‑based search query can consume nearly 10 times more electricity than a standard internet search. [1]

Powering the data economy

As digital systems become more autonomous and connected, data intensity will increase further. Autonomous vehicles, for example, can generate up to 40 terabytes of data per hour from cameras, radar and sensors – the equivalent of 5,000 billion emails or 3,000 years of uninterrupted ‘doom scrolling’ on an iPhone. [2]

Meeting this surge in data and computing demand requires a significant expansion of the global energy system.

After years of stagnation, electricity demand is accelerating across global markets. Renewables are no longer a simple substitute for fossil-fuel generation – they are becoming an essential source of incremental capacity. By 2030, around 70% of new power generation is expected to come from renewable sources, requiring an estimated $8 trillion of global investment.[3]

At the same time, electricity grids must be expanded and modernised to cope with higher loads, increased intermittency and the geographic concentration of data centres. Transmission, distribution, energy storage and grid resilience all become critical enablers of the digital economy.

Despite record renewable deployment, more than 80% of global energy demand is still met by fossil fuels, while overall energy consumption continues to rise. That combination highlights both the scale and longevity of the investment opportunity created by the data‑driven energy transition.

What does it mean for investors?

There are a few ways of playing this opportunity within active equities, including infrastructure and future minerals. Let’s look at each in turn.

Listed infrastructure sits at the centre of this transformation. The biggest bottleneck to AI expansion and data growth is not from user demand, but energy supply and supporting infrastructure.

At Aberdeen Investments, our infrastructure strategy invests in utility firms that help to bridge this gap, particularly those delivering renewable energy. Unlike many strategies, we also include telecommunications as an off-benchmark position. Investing in cell-tower operators supports the continued growth in mobile data and digital connectivity.  

Take Helios Towers. It owns and operates mobile towers across Africa and the Middle East, including countries with relatively low mobile-penetration rates, such as the Democratic Republic of Congo and Tanzania. In fast‑growing markets, rising data usage means tower operators like Helios benefit from sustained demand, long‑term contracts and high barriers to entry.

In Germany, RWE is one of Europe’s largest power generators and a major investor in renewable energy. Utilities like RWE play a critical role in delivering the reliable, scalable power on which the digital economy depends.

Digging deeper

The second way to access this opportunity is through future minerals – the building blocks of modern energy systems.

The electrification and digitalisation of the global economy are fundamentally materials-intensive. Copper is essential for power transmission and data-centre connectivity. Aluminium underpins lightweight infrastructure. Lithium and nickel support energy storage and grid resilience.

As AI and data growth push electricity demand higher, they also drive demand for the critical minerals required to build, connect and power the system. these demand drivers are structural, long-term and underpinned by multiple megatrends.

Our strategy offers targeted exposure to companies positioned along these supply chains, capturing the upstream beneficiaries of the data-driven energy transition. While the primary focus is on extraction and processing, opportunities exist along the value chain – from upstream production to downstream applications, advanced materials, recycling and sustainability.

A name to highlight here is Kazatomprom. It's the world’s largest and lowest‑cost producer of uranium, a key fuel for nuclear power. As electricity systems come under increasing strain, nuclear offers a stable, low‑carbon source of baseload power – making producers like Kazatomprom an important part of the digital-economy energy equation. Its in-situ extraction methods also give it some of the strongest environmental credentials in the industry.

SQM is a leading producer of lithium, a critical input for batteries and energy storage. Lithium plays a vital role in storing power and improving the resilience of electricity systems. The company benefits from access to high‑quality, low‑cost resources and a pipeline of projects aligned with long‑term growth in lithium demand.

Final thoughts…

Data may be digital, but its value is realised in the physical world. Just as gold needs miners and machinery, data depends on power, infrastructure and critical minerals. For investors, this creates tangible, long‑term investment opportunities beyond the technology headlines.

On top of our infrastructure and future minerals strategies, we also offer a future raw materials strategy. You can find out more about these at our fund centre here.

Companies selected for illustrative purposes only to demonstrate the investment management style described herein and not as an investment recommendation or indication of future performance.

[1] Source: McKinsey & Company: “How data centers and the energy sector can sate AI’s hunger for power,” published 17 September 2024 (authors: Alastair Green et al.)

[2] Source: Aberdeen Investments, March 2026

[3] Source: BloombergNEF (BNEF), Energy Transition Investment Trends (2023-2025 editions)