“In terms of allocation of capital… it’s better not to invest in this one,” said Total CEO Patrick Pouyanné as he shared a dais with a gleaming Interior Secretary Doug Burgum at CERAWeek. Instead, he said, the company should “continue to invest in other things.”
The holding pattern gives space for others to jump in and shape the market. Technology companies have stepped into the fold by default. Their deep cash reserves and the robust competition to dominate AI leaves them all-but immune to price swings. And their investments in energy technology move markets today.
In Houston this year, the main stage featured top executives from the world’s biggest tech firms. They talked up not just their investments in AI but also their enormous spending on energy.
“We’re very committed to adding capacity as we continue to build our data centers,” said Ruth Porat, president and chief investment officer at Alphabet and Google. “We’re doing this with nuclear. We’re doing it with carbon capture. We’re doing it with all those things.”
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