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ABB CEO says data center demand for AI power will keep growing for years

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Swiss engineering giant ABB remains highly optimistic about the long-term growth of data centers driven by the global artificial intelligence boom, CEO Morten Wierod told Reuters on Thursday.

Wierod said ABB has seen double-digit growth this year in orders for its electrification products, which include switchgear and uninterruptible power systems that ensure servers stay online. “Over the next five years I am very confident about demand from data centers,” he said.

Rejecting suggestions of an AI bubble, Wierod argued that the challenge lies in construction capacity, not in demand. “We are talking about trillions in investment, but there are not enough people and resources to build all this,” he noted.

AI remains in its early stages, he added, meaning continued expansion of data infrastructure as more companies — beyond the tech giants — invest in new facilities. Data centers accounted for about 7% of ABB’s revenue in 2025, up from 6% the previous year.

Earlier this week, ABB announced a partnership with Nvidia to develop new electrification systems for next-generation chips used in high-performance computing centers. “That’s not for 2025 or 2026, it’s a long-term investment,” Wierod said.

He also highlighted growing opportunities in retrofitting and upgrading older data centers to handle the increased power demands of modern AI systems. “That is a big opportunity,” he said.

Core Scientific urges shareholders to approve $9 billion CoreWeave merger

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Core Scientific’s board has called on shareholders to vote in favor of its proposed $9 billion all-stock sale to CoreWeave, saying the merger would deliver long-term growth and risk reduction benefits for the crypto miner.

In an investor presentation released Wednesday, the board said it had “unanimously determined” that the deal represented the best outcome for all shareholders. The merger, announced in July, values Core Scientific at $20.40 per share and would combine its energy-intensive mining infrastructure with CoreWeave’s AI-focused data center network.

The deal promises significant cost savings, operational synergies, and improved access to capital, according to the company. CoreWeave, a fast-growing cloud provider powered by Nvidia AI chips, would integrate Core Scientific’s facilities to support large-scale AI model training — an increasingly valuable use case as demand for compute power surges.

However, the proposal faces pushback from Two Seas Capital, Core Scientific’s largest shareholder with a 6.3% stake, which said it plans to vote against the deal, arguing it “materially undervalues” the company and poses “substantial economic risk” to investors.

Core Scientific said the transaction would help it diversify beyond cryptocurrency mining and strengthen its position in the fast-growing AI infrastructure market.

TSMC lifts revenue forecast on surging AI chip demand after record profit

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Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest chipmaker, raised its full-year revenue forecast after reporting a record quarterly profit, citing booming demand for artificial intelligence chips. The results reinforced investor confidence in the AI megatrend, which continues to drive growth across the semiconductor industry despite fears of overheating.

TSMC said it now expects 2025 revenue to grow in the mid-30% range in U.S. dollar terms, up from its previous forecast of around 30%. The company maintained its capital expenditure outlook at up to $42 billion for 2025. “AI demand continues to be stronger than we expected three months ago,” CEO C.C. Wei told analysts, adding that customer requests for expanded capacity remain high.

The company’s robust performance comes amid a flurry of billion-dollar partnerships between AI developers and chipmakers, including OpenAI’s collaborations with Nvidia, AMD, and Broadcom to build massive data center capacity. TSMC manufactures chips for all three, as well as for Apple.

In the July–September quarter, TSMC’s net profit surged 39.1% year-on-year to T$452.3 billion ($14.76 billion), easily beating market expectations of T$417.7 billion. Wei said the company remains confident that demand for leading-edge semiconductors is “real” and will continue through 2026, despite geopolitical uncertainties and potential U.S. tariffs on chip imports.

TSMC shares have risen 38% this year, far outpacing Taiwan’s broader market, as the company cements its dominance in the global AI supply chain.