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Siemens Energy sees 'massive tailwind' from US power drive
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Siemens Energy sees 'massive tailwind' from US power drive
Jan 22, 2025 3:19 AM

DAVOS, Switzerland, Jan 22 (Reuters) - Siemens Energy

sees a "massive tailwind" from Donald Trump's power strategy,

its chairperson said on Wednesday, after the new U.S. president

announced up to $500 billion of private sector investment to

fund infrastructure for artificial intelligence.

Joe Kaeser, who chairs Siemens Energy's supervisory board,

said the power equipment maker was "in the sweet spot" with

regard to its presence in the United States.

On the sidelines of the World Economic Forum annual meeting

in Davos, Switzerland, Kaeser said the rise in demand for data

centres, which are key to AI technology, as well as the reliable

energy capacity needed to power them, had "brought a boom to all

energy companies, which is second to none".

Shares in Siemens Energy, which makes everything from gas

and wind turbines to power network equipment and transmission

technology, hit a fresh record following the comments and were

the top gainers among German blue-chips, up more than 9%.

Trump late on Tuesday announced the investment of up to

$500 billion, fuelling hopes that providers of energy network

equipment will benefit from the boom in the power-hungry AI

sector.

"I think the new administration has made it very clear that

this is the new energy age," Kaeser said, adding this would play

into Siemens Energy's hands and that the next 5-10 years would

be a very good time to be based in the U.S. market.

(Join GMF, a chat room hosted on LSEG Messenger, for live

interviews: https://lseg.group/4ajdDTy)

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