A huge wave of government investment in data centers on its way to the American stock market?
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What happened in recent days that suddenly caused Trump, Treasury Secretary Scott Bessent, Gavin Baker, and Jensen Huang to speak almost the same language about data centers?
We are seeing the crystallization of a much broader economic and strategic perception:
Data centers are national infrastructure, and investment in them could become the next growth engine for the United States.
This story began long before last week
Already in January, Microsoft claimed that data centers can give back to communities more than they consume:
Infrastructure investments, jobs, tax revenues, and professional training.
In March of this year - Trump's White House took the idea to the national level with the 'Ratepayer Protection Pledge'.
Trump's message is simple:
Build as many data centers as you want - but don't make American households pay the bill.
The administration did not say, 'Let's stop the AI boom'.
It said exactly the opposite:
Let's accelerate it, but let's build a model where the companies profiting from the boom finance the infrastructure.
Later in the year, hundreds more companies and organizations joined - the Department of Energy began to present data centers as an engine for investments in electricity generation and the grid, and even labor unions began to present the move as a source of quality jobs.
And so, for months, a new story was built under the radar:
Data center = energy investment = grid investment = jobs = industry = growth.
Then came the end of August and the bot incident on X -
X uncovered a large network of accounts which, according to the company, was linked to Chinese intelligence activity aimed at disrupting the American discussion around data centers, energy, and AI.
China is trying to weaken American support for building AI infrastructure, why?
And here the ancient logic comes in:
Tell me who your enemy is, and I will tell you who you are.
If China wants the United States to build fewer data centers - it's hard not to conclude that data centers are very important for the strategic race between the two countries.
And suddenly - the public battle in favor of data centers intensified:
On August 31, Trump directly entered the fray and claimed that those who oppose data centers risk their community remaining 'miserable and poor'.
He emphasized the jobs, wealth, and tax revenues that come with the projects - and directly linked opposition to data centers to China.
This is no longer a regular message,
this is a presidential message:
Whoever controls AI infrastructure controls part of America's economic and strategic future.
The popular American billionaire, Gavin Baker, took the argument a step further:
According to him, data centers are among the best things that have happened to working-class Americans,
because they bring economic activity back to small towns and create huge demand for electricians, plumbers, HVAC technicians, and construction workers - and also pay taxes, which indirectly lowers property taxes.
Baker argues that the industry needs to stop being defensive and start telling the public the story of the people and communities who benefit from these investments.
Jensen Huang, founder and CEO of Nvidia, responded to Baker with - 'Gavin, spot on'.
But his message was much bigger than data centers,
Huang argues that AI is bringing manufacturing back to America after decades of offshoring activities.
Huang even claimed that data centers could help finance the upgrade of the electricity grid itself - meaning turning them into an engine for infrastructure investment that would also serve the rest of the economy.
Then came Treasury Secretary Scott Bessent, and here the story becomes macro -
Treasury Secretary Scott Bessent's statement is perhaps the most important piece of the puzzle!
Stay with us -
Bessent didn't just talk about data centers,
he talked about the United States' biggest problem: the debt.
The US national debt already surpassed the $40 trillion mark in August, while the deficit continues to be enormous and interest costs are becoming an increasing burden.
And the solution Bessent proposes is not aggressive tax increases,
nor sharp spending cuts.
He talks about: growth.
Bessent presented a view at the G20 according to which the way to deal with the debt burden is to grow the economy faster than the debt.
This sounds simple, but behind it lies critical mathematics:
If the US has a $40 trillion debt and a slow-growing economy - the debt-to-GDP ratio remains high.
But if massive investments in AI, energy, manufacturing, and chips significantly increase productivity and GDP - the outcome changes.
A larger economy generates:
More tax revenues. More private investments. More jobs. Higher wages. More consumption. More business activity.
In other words - there's no need to dramatically reduce the debt if the economy can be grown fast enough.
And this is exactly where AI transforms from a technology story into economic policy.
The power of investment is already visible,
Investments in data centers and AI create enormous demand not only for computing but also for electricity, equipment, construction, and financing.
In August alone, US investment firms raised a record amount of approximately $164 billion in the bond market, with financing activities related to the AI boom being one of the main drivers.
And this also explains why the market is starting to treat AI as an industrial investment cycle - and not just a software cycle.
The Treasury Secretary presented a target according to which the United States could reach about 80% of global computing power by 2028 - compared to about 60% today.
If they want to get there - they cannot settle for just a few more server farms...
A national infrastructure of historical scale needs to be built.
And this is exactly what makes data centers a national asset,
because when a government faces a national debt of $40 trillion - the easy way is to talk about cuts.
But if you believe that AI can increase productivity, bring manufacturing back to the US, and create trillions of dollars in new investments, you start to see data centers not as a burden on the economy - but as a growth engine.
If a few months ago the discussion was:
'How do we prevent data centers from raising electricity bills?'
Today the question in Washington is starting to be: 'How do we build enough data centers so that America doesn't lose the AI race to China?'
And the gap between these two questions is the future of your investments in the American stock market - and a few more tens of trillions of dollars.
If the American Treasury Secretary is right - the US is not trying to get out of debt through slowdown - it is trying to grow out of it, and AI is the horse on which it is betting the entire race.