By Anita Hamilton and Adam Clark
Google and investing firm Blackstone are both making major investments in artificial-intelligence infrastructure in Pennsylvania. They've pledged $25 billion each, while AI cloud company CoreWeave is ponying up another $6 billion for "a new, state-of-the-art data center" in Lancaster, Pa.
The announcements are part of the Energy and Innovation Summit in Pittsburgh, where President Donald Trump will speak this afternoon as he looks to encourage domestic investment in the state. A total of $70 billion in investments are expected to be announced.
Google's $25 billion investment will go toward data center and AI infrastructure across the Pennsylvania, New Jersey, and Maryland region over the next two years. It has also agreed on a framework deal with Brookfield Asset Management and Brookfield Renewable to deliver up to 3,000 megawatts of hydroelectric capacity. The first contracts are worth more than $3 billion of power and 670 megawatts of capacity.
Blackstone, meanwhile, is putting its $25 billion toward building data centers in Northeast Pennsylvania and generation plants for natural gas, the company's COO Jon Gray said.
"What makes us so excited about this area is the idea that you can co-locate the data centers directly next to the source of power," Gray added. "And that's really the special sauce here."
Meanwhile, AI cloud company CoreWeave said it would commit "more than" $6 billion to equip a new data center in Lancaster "to power the most cutting-edge AI use cases." The initial 100-megawatt data center has the potential to expand to 300 megawatts.
Google-parent Alphabet shares were up around 1% Tuesday afternoon, CoreWeave stock rose 9%, and Blackstone was down more than 2%.
Write to Anita Hamilton at anita.hamilton@barrons.com and Adam Clark at adam.clark@barrons.com
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July 15, 2025 14:07 ET (18:07 GMT)
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