US President Donald Trump pushed his vision on powering energy-hungry artificial intelligence, during the first Pennsylvania Energy and Innovation Summit.
At a discussion on Tuesday, Mr Trump claimed that more than 20 technology and energy companies had decided to invest $92 billion in Pennsylvania.
"This is really a triumphant day for the people of the Commonwealth," he told the event, led by Republican US Senator Dave McCormick, in Pittsburgh at Carnegie Mellon University.
“This summit is about catalysing $90 billion of investment and tens of thousands of jobs in Pennsylvania,” Mr McCormick said.
He also referred to the increasingly adversarial relationship between the US and China as he set the stage for the day's agenda.
“If we don't lead this AI revolution on our own terms, we will hand control of our infrastructure, data, leadership and way of life to the Chinese Communist Party,” Mr McCormick said.
With AI continuing to expand into all aspects of life, the burden it places on the US energy grid is becoming more of an issue, as policymakers try to keep America leading the global race for AI dominance.
According to a report from the US Energy Department, data centres used about 4.4 per cent of total electricity in the country in 2024. By 2028, that share could increase to 12 per cent.
By most estimates, a query to ChatGPT uses 10 times more energy than a similar search on Google.
The event has featured panels and discussions on energy and AI, including how to best meet the energy needs created by the technology, and looking at the efficiencies that AI could create in the years ahead. There were also discussions about the need for data centres to keep up with the AI investment boom and increased user demand.
During the opening panel discussion, alternative asset management firm Blackstone made a $25 billion investment in building data centres in Pennsylvania.
Investors, entrepreneurs and business leaders from around the world are attending the event.
Khaldoon Al Mubarak, Mubadala’s managing director and chief executive and chairman of the UAE Executive Affairs Authority, made the trip to Pittsburgh.
Lim Chow Kiat, chief executive of Singapore's Government Investment Corporation, was also invited.
US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum and Energy Secretary Chris Wright were among the White House officials in attendance.
Alex Karp, chief executive of AI firm Palantir, Joseph Dominguez, Constellation Energy chief, and Jake Loosararian, founder of Gecko Robotics, also took part.
As proof of how bipartisan AI and energy issues have become, Pennsylvania's Democratic Governor Josh Shapiro, a staunch critic of Mr Trump and a possible contender for the 2028 Democratic presidential race, is scheduled to attend.
For coal, fracking and even nuclear power, Pennsylvania has become the centre of the US energy renaissance. A few weeks ago, Mr Shapiro attended a nuclear energy rally to celebrate a partnership with Microsoft at the Three Mile Island nuclear power plant in the state, which will soon reopen under a different name. Nuclear energy is seen by many supporters of AI as a way to strengthen the energy grid as use of the technology expands.
But critics fear the content of the event will be taken over by politics. A day before the event, Carnegie Mellon University's president, Farnam Jahanian, acknowledged the politically charged backdrop against which the conference was taking place.
“I recognise that CMU’s decision to host the summit has prompted concern and disagreement among some members of our community,” Mr Jahanian said, pointing out his disagreements with Mr Trump on issues concerning education funding.
“At the same time, I firmly believe that higher education must be a convener – a catalyst for ideas and partnerships that shape our future.”
On Tuesday, Mr Jahanian said CMU, with its roots in technology, was the perfect host for the summit, which was a “defining moment for our country and humanity”. He said AI was “the most important intellectual development of our time”.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
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- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Expert advice
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
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The specs
Engine: 3.0-litre six-cylinder turbo
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Price: From Dh330,000 (estimate)
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
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Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
