Politics
NEW: Trump Announces $70 Billion AI Investment In Key Swing State
President Donald Trump and Senator Dave McCormick (R-PA) are set to announce upwards of $70 billion in tech, energy and AI investments that will be flowing into the Keystone State at an upcoming first-of-its-kind innovation summit in Western Pennsylvania this week.
“There’s no better place than Pennsylvania to lead the next revolution in energy, tech, and AI. From our abundant energy sector, to our incredible universities and skilled workforce, our Commonwealth is poised to lead the next era of growth and opportunity,” McCormick announced in an X post. “This week’s Energy and Innovation Summit will highlight all our great Commonwealth can do to help America win the AI race.”
The announcements will be taking place at the inaugural Pennsylvania Energy and Innovation Summit, which will be held at Carnegie Mellon University in Pittsburgh on Tuesday.
In addition to President Trump, a number of influential leaders in the AI and technology sectors will be in attendance, including CEOs of more than 60 companies. The event is expected to focus on the national security benefits of building out AI infrastructure, as well as increased focus on energy production in Pennsylvania as part of the president’s agenda.
All in all, more than $70 billion in new Pennsylvania investments are expected to be announced at the summit, representing the “largest investment commitment in these industries in terms of dollars for the state and jobs created in the history of the Commonwealth,” organizers told Axios. “Anticipated investments include new data centers, new power generation and grid infrastructure to meet surging data center demand, along with AI training programs and apprenticeships for businesses,” an event preview reads.
Blackstone President and COO Jon Gray is set to announce a $25 billion investment in data-center and energy infrastructure development in Northeast Pennsylvania, in addition to a joint venture for increased power generation. The new projects are expected to generate 3,000 permanent jobs, in addition to 6,000 construction jobs on an annual basis.
“President Trump has put together a bold strategy to strengthen and maintain America’s AI and energy dominance,” McCormick said in a statement to Axios. The Republican senator described the summit as “the first of its kind to convene the top CEOs and leaders from energy, AI, labor, and the world’s largest sources of capital, demonstrating that Pennsylvania is ready to lead in the AI and energy revolution.”
Among the CEOs expected to attend the event include ExxonMobil’s Darren Woods, Chevron’s Mike Wirth, BlackRock’s Larry Fink, Palantir’s Alex Karp, Anthropic’s Dario Amodei, Amazon Web Services’ Matt Garman, Bechtel’s Brendan Bechtel, Bridgewater’s Nir Bar Dea, GIC’s Lim Chow Kait (Singapore), Brookfield’s Bruce Flatt, CPP Investments’ John Graham and EQT’s Toby Rice, Axios reported.
Alphabet and Google’s president and chief investment officer Raj Agrawal and Khaldoon Khalifa Al Mubarak, managing director and group CEO of the UAE-based Mubadala Investment Company, will also be in attendance.
In addition to President Trump, a number of senior administration officials will also be on-hand, including Treasury Secretary Scott Bessent, Interior Secretary Doug Burgum, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, Environmental Protection Agency administrator Lee Zeldin, White House chief of staff Susie Wiles, and David Sacks, White House AI and crypto czar.