CNBC's Deirdre Bosa reports on Alphabet's deal to acquire data center and energy infrastructure company Intersect for $4.75 billion.

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Alphabet has agreed to acquire Intersect for $4.75 billion in cash and debt, expanding its control over energy and data center resources. The move is intended to address growing infrastructure needs as demand for artificial intelligence continues to rise.

The acquisition will give Google access to multiple gigawatts of energy and data center projects, supporting its ongoing infrastructure buildout. Investors responded positively to the news, with Alphabet shares rising about half a percent following the announcement.

Alphabet to acquire Intersect

So breaking news on Alphabet. Deidre Bosa has that story for us. Hi, Deidre. Hey, good morning, Mike. So Alphabet is acquiring Intersect for $4.75 billion in cash and debt. And this is a move aimed at locking down power and data center capacity, of course, as demand for AI surges. Shares are up about half a percent on that new session highs. Now, Alphabet already owned a minority stake in the company. The deal brings Google control over multiple gigawatts of energy and data center projects already tied to its infrastructure buildout. And, guys, this really gets at a key question in the AI trade right now. Where do the hyperscalers get energy to power the next wave of data centers? We know that they're increasing CapEx. They're spending a ton of money on this. But chips are no longer the only constraint. There's power. There's permitting. There's grid access. So this is really Alphabet moving to secure its own supply. And as I mentioned, investors seeing this as a positive, at least initially, shares are up about half a percent. That's a big statement there. Yeah. Thank you, Deidre Bosa on Alphabet.

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Washington

Trump unveils plans for new fleet of advanced Navy battleships

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Beijing

China says U.S. ship seizures ‘serious violation' of international law

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Moscow

Ukraine Invasion

Russian general killed in car explosion

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Caracas

U.S. pursuing third oil tanker near Venezuela, officials say

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Epstein files pulled down to 'protect victims'

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Islamabad

Former Pakistani PM Imran Khan convicted to 17 years in prison

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Oil tanker seized off Venezuela, second in two weeks

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Justice Department releases more Epstein documents Saturday

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Damascus

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Taipei City

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Washington County

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Kyiv

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Salem

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Council of the City of Sydney

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Alphabet to acquire Intersect

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