Trump will announce a $70 billion investment in AI and energy, with executives from companies like BlackRock attending the event

Trump will announce a $70 billion investment in Pennsylvania aimed at accelerating AI and energy layout. On July 14, according to media reports citing officials, Trump plans to officially announce a total investment of $70 billion in artificial intelligence and energy at an event on Tuesday in the suburbs of Pittsburgh, Pennsylvania. The media pointed out that these investments will come from multiple companies and cover the construction of new data centers, expansion of power generation capacity, upgrades to grid infrastructure, as well as related AI training programs and apprenticeship initiatives. The event is hosted by Republican Senator David McCormick at Carnegie Mellon University and is named the first "Pennsylvania Energy and Innovation Summit." Reports indicate that up to 60 executives from the AI and energy sectors, including Larry Fink of BlackRock, Alex Karp of Palantir Technologies, Dario Amodei of Anthropic, Darren Woods of ExxonMobil, and Mike Wirth of Chevron, are expected to attend. Private Sector Investment Drives AI Development Since the beginning of his second term, Trump has implemented extensive policy measures in the AI field, including attracting private sector investment, easing regulations, and accelerating the permitting process for new projects. Earlier this year, Trump announced a $100 billion investment in AI data centers from SoftBank Group, OpenAI, and Oracle. The government has also rescinded AI chip restrictions from the Biden era as part of a broader effort to promote U.S. innovation and facilitate access to advanced technology for U.S. allies. Energy Bottlenecks Highlighted Trump and other government officials have also emphasized the importance of meeting another priority for the tech industry: ensuring that the U.S. has enough electricity to power energy-intensive AI data centers. Reports indicate that, in Trump's view, a sufficient power supply is closely related to national security and is crucial for maintaining the U.S.'s global leadership in the AI dominance race. According to reports citing informed sources, Jon Gray of BlackRock is expected to announce a $25 billion project at the summit for data center and energy infrastructure development, and to establish a joint venture to increase power generation. The project is expected to create 6,000 construction jobs and 3,000 permanent jobs annually. The urgent demand for electricity is supported by data. According to data, by 2035, data centers are expected to account for 8.6% of total electricity demand in the U.S., more than double the current share of 3.5%. The Trump administration has stated that expanding the use of coal-fired power generation, as well as electricity from natural gas and nuclear energy, is necessary to help drive this prosperous development, warning that failure to do so could lead to blackouts in the future. The U.S. Department of Energy has already used emergency powers to keep two power plants that were scheduled to close operational and has hinted that more federal interventions may be forthcoming. Political Signals in Swing States By hosting this event in Pennsylvania, Trump and McCormick have jointly elevated the political significance of accelerating AI development Pennsylvania, as a key "swing state," was won by former President Biden in 2020, while Trump emerged victorious in 2024. Shortly before this event, Japan's Nippon Steel Corporation had just completed its acquisition of U.S. Steel Corporation, headquartered in Pittsburgh, for $14.1 billion. This deal ended a fierce bidding war that had been embroiled in the U.S. political maelstrom for months, until it ultimately gained Trump's support. The transaction is expected to boost domestic steel production and protect thousands of jobs, but it has faced opposition from the United Steelworkers union, as both Trump and Biden had previously been vying for the support of union members