"Google's corporate parent on Monday announced an agreement to buy data center energy specialist Intersect for $4.75 billion as part of its effort to secure the vast amounts of electricity needed to power artificial intelligence technology. Alphabet, which depends on Google's search engine and other online services for most of its revenue, is buying out Intersect in its entirety after purchasing a stake in the San Francisco-based startup a year ago."
"After the acquisition is completed during the first half of next year, Alphabet intends to allow Intersect to operate independently while continuing its efforts to secure the energy sources needed for the sprawling data centers being built to power the AI services rolling out from Google and rivals such as OpenAI. The power-hungry data centers, which are being likened to AI factories, are fueling a backlash in communities where residents have been interpreting their steadily rising electricity bills as evidence"
Alphabet agreed to acquire Intersect for $4.75 billion to secure electricity needed to power artificial intelligence data centers. Alphabet previously bought a stake in the San Francisco-based startup, which had raised $2.1 billion from Google and other early investors. After the acquisition closes in the first half of next year, Intersect will operate independently while securing energy sources for sprawling AI data centers powering Google and rivals. Intersect aims to diversify supply and lower power costs and is working on an Alphabet data center in Haskell County, Texas. Google's AI progress has lifted Alphabet's stock over 60% this year, adding roughly $1.4 trillion in shareholder value.
Read at Fast Company
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