Artificial intelligence and the digital economy are driving unprecedented demand for electricity and critical materials—creating a new energy supercycle.
The digital economy runs on code. But it's built on something far more tangible: energy and raw materials.
Training AI models, powering hyperscale data centers, manufacturing EV batteries, and building infrastructure requires massive quantities of electricity and scarce industrial metals.
Globally, data centers consume about 415 TWh of electricity which is more than the total power consumed by the United Kingdom.1
As AI adoption accelerates and global electrification expands, demand for these real assets is surging—creating what many market observers describe as a new energy supercycle.
The next phase of technological innovation will not be limited by computing power, but energy and raw materials will likely be a bottleneck.
The New Energy Demand Equation
Global electricity demand is expected to grow roughly 3–4% annually through 20302, one of the fastest sustained growth rates in decades.
A significant share of that growth is being driven by digital infrastructure. U.S. data centers already consume more than 4% of total U.S. electricity, and their share could represent 9–17% by 20303 as AI adoption accelerates.
The Implication
The world is facing a long-term period of rising demand for real assets: the fuels, metals and infrastructure needed to power the digital economy.
Data centre electricity consumption in household electricity consumption equivalents, 2024 | International Energy Agency | March 31, 2025
Unlike homes, which use electricity intermittently, data centers draw near‑maximum power 24 hours a day, 365 days a year.
Natural Gas: The Workhorse Fuel of the Digital Economy
Natural gas generates the most electricity in the United States, accounting for more than 40% of the country’s total electricity production.1 Unlike renewables, natural gas plants can operate continuously and ramp up production quickly to meet spikes in electricity demand—an important capability for power-intensive data centers and AI computing facilities.
Several tailwinds are strengthening the outlook for natural gas:
Geopolitical instability in key energy-producing regions has also brought focus to the strategic value of domestic natural gas production. As global supply chains face periodic disruption, the U.S. — as the world's largest LNG exporter with a largely self-sufficient domestic gas market — is well-positioned to meet its own needs and surging international demand.
Cost of New Electricity Generating Stations in the U.S.
Natural gas accounts for more than 40% of total U.S. electricity production1, making it the single largest source of power.
Oil: The Infrastructure Enabler
Oil supplies roughly 30% of global energy demand8 and remains deeply embedded in the infrastructure required to support electrification and digital growth.
Oil remains essential to:
As global energy demand rises, oil remains a critical input not only for today’s economy, but also for building the infrastructure that will power the digital economy.
Global oil markets are also inherently exposed to geopolitical risk. A significant share of the world's proven reserves and export capacity is concentrated in regions susceptible to conflict and supply disruption. History has shown that these disruptions—while often short-term in nature—can accelerate long-term investment in domestic production, energy security infrastructure, and supply chain diversification.
Oil accounts for roughly 30% of global energy demand.7
Silver: The Essential Metal of Electrification
Silver is the world’s best energy conductor—and one of its most indispensable industrial components. More than 60% of silver demand comes from industrial applications9, including solar panels, semiconductors, and EV components. The solar industry alone consumed 17% of global silver supply in 2025.9
Supply has not been able to keep pace. Roughly 80% of newly mined silver is now absorbed by industrial applications.10 Silver has also been designated as a critical mineral by the U.S. Department of the Interior, allowing for potential subsidies for refining and stockpiling. With silver currently undervalued relative to gold, some analysts see significant price appreciation ahead. These factors typically lead to more profitable mining and production.
More than 60% of global silver demand comes from industrial uses, including electronics and solar panels.9
Silver Institute, Silver Supply and Demand, 2025. F: Forecasts are not meant to be predictions and past performance is no guarantee of future results.
Battery Metals: Powering the Grid of the Future
Battery demand is expanding well beyond electric vehicles. Battery energy storage systems (BESS) are becoming a critical component of modern power grids, enabling utilities to support the stable, uninterrupted electricity supply that data centers require.
The metals essential to these batteries—lithium, cobalt, and nickel—are considered scarce. They are frequently produced as byproducts of other mining operations, and deposits are often constrained to areas of geopolitical risk, adding a supply constraint that reinforces long-term demand dynamics.
Battery Energy Storage Market Size, Share & Industry Analysis | Fortune Business Insights | March 9, 2026
The global BESS market is projected to grow 5X by 2034.11
An Investment Opportunity in Real Assets
As the digital economy expands, demand for electricity, silver, and battery metals will continue to rise. Companies involved in natural gas & oil production, silver mining, and battery metal extraction may benefit from these long-term structural trends.
The energy supercycle will also require trillions of dollars in global infrastructure investment including new power generation, transmission lines, LNG export facilities, and energy storage systems.
The U.S. power grid alone could require more than $2 trillion in upgrades by 2050.12
For investors, understanding the real assets behind the digital economy may be key to identifying opportunities in the next phase of technological growth.
The next technology revolution will not be constrained by computing power—but by the energy and materials required to power it.
Learn more about ETFs focused on real assets including natural gas and oil, silver and battery metals. AmplifyETFs.com/real-assets
Resources & Related ETFs:
1Energy & AI | International Energy Agency | April 10, 2025
2Global Electricity Demand is Projected to Grow Over 3.5% Annually Through This Decade | Institute for Energy Research | February 20, 2026
3Powering Intelligence 2026 | Electric Power Research Institute | February 2026
4Data centre electricity consumption in household electricity consumption equivalents, 2024 | International Energy Agency | March 31, 2025
5AI Data Centers Boost Domestic Natural Gas Demand | Bloomberg | September 22, 2025
6U.S. Liquefied Natural Gas (LNG) Exports Fact Sheet | U.S. Department of Energy | March 2025
7Planned base overnight costs of new electricity generating stations in the United States in 2024, by major technology | Statista | April 2025
8Global Energy Review 2025 | International Energy Agency |March 2025
92025 World Silver Survey | The Silver Institute | 2025
10Industrial Silver Demand Consumes Growing Share of Mine Output | Mining Visuals | May 20, 2025
11Battery Energy Storage Market Size, Share & Industry Analysis | Fortune Business Insights | March 9, 2026
12Power grid investment projected to hit $2 trillion by 2050 | Energy Platform News | August 4, 2025
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