AI Agents' energy intensity could be 15-50x higher than current AI chatbots

A key insight from Goldman Sachs' latest research: Today, AI chatbots consume ~0.3 Wh per query. Upper-end Agentic AI could consume up to ~15 Wh per query, a 50x increase.

Agentic AI is expected to reach 20-30% of all AI queries by 2030, creating massive electricity demand, far beyond previous forecasts.

"Interviews with top executives from AI companies suggest that energy is seemingly the largest bottleneck in artificial intelligence."

A growing share of AI Agents would meaningfully increase datacenter and energy needs. We may still be in the early innings of a Utilities sector earnings supercycle.