China\u2019s energy supply edge was also at the heart of a panel discussion on clean energy in Europe.<\/b>
\nThe economic benefits of China\u2019s abundant and cheap supply of electricity were recognised by US tech billionaire Elon Musk and other speakers at the World Economic Forum in Davos, Switzerland, on Thursday.
As the United States and the European Union contemplate how to catch up, Tesla CEO Musk said the artificial intelligence (AI) industry was facing an energy bottleneck around the globe \u2013 with AI chips being produced rapidly and electricity output struggling to keep up \u2013 apart from the notable exception of China.
\u201cIt\u2019s clear that \u2026 maybe later this year, we will be producing more chips than we can turn on,\u201d Musk said during a conversation with Larry Fink, the CEO of investment company BlackRock, that marked his Davos debut. \u201cExcept for China: China\u2019s growth in electricity is tremendous.\u201d
American AI industry insiders have long warned that China could simply outbuild the US in the race for global AI leadership as the energy consumption of data centres and training facilities skyrockets in the next few years.
Beijing added roughly 445 gigawatts of power capacity during the first 11 months of last year, according to data from its National Energy Administration, while the US Energy Information Administration projected that America would add 64GW of capacity for the whole year.
China\u2019s energy supply edge was also at the heart of a panel discussion that saw European policymakers and industry leaders urge the EU to cut red tape, increase investment and diversify sources to bring down energy costs and remain competitive.
\u201cWe need speed, we are in a world [where we are] competing with China, which has one of the most affordable prices in energy,\u201d Romanian Energy Minister Bogdan Ivan told the panel discussion on clean power in Europe.<\/p>\n