Early this year the world was surprised by the launch of a new AI model, DeepSeek, developed by a Chinese start-up. Its high performance at much lower costs than giant US competitors such as OpenAI and Microsoft poured cold water on overexcited power demand forecasts – but lower cost also means more demand for the product, and if anything, data center investments have been redoubled. Now decisions are being made today on data center power supply, namely what energy types will be invested in. This will have consequences stretching decades into the future for the energy transition. AI data center investments continue to come thick and fast – for example JP Morgan Chase and Starwood Property Trust recently signed a…