Chevron to build gas plants to power data centers amid AI boom

Oil and gas producer Chevron said on Tuesday it plans to build natural gas-based power plants next to data centers in the U.S., as energy demand to support the growth of artificial intelligence is expected to boom.

The second-largest U.S. producer is partnering with investment firm Engine No. 1 and electric services company GE Vernova on the project.

 

Chevron's announcement comes a day after Chinese startup DeepSeek unveiled an AI model that it says uses far less computing power than industry-leading models in the United States, prompting investors to question the billions of dollars spent on AI infrastructure and sparking a massive sell-off in tech and power stocks.