Australia's AI boom may revive productivity, CBA says

Australia's AI boom may revive productivity, CBA says Cabinets housing servers inside a data hall at a NextDC data center in Sydney. The company partnered with OpenAI last December to build a large-scale computing cluster in Sydney. Australia has become the world's third-largest artificial intelligence investment destination behind the U.S. and China, a result that's set to spur productivity in an economy currently struggling with a low potential growth rate and high inflation, Commonwealth Bank of Australia says. CBA's updated estimates suggest that Australia's data center pipeline is closer to 6 gigawatt, or 150 billion Australian dollars ($105 billion), implying installed capacity could more than triple over the period to 2030, according to a research note released Monday by economists led by Luke Yeaman. Shares in Australian data centers jumped following the report, with Goodman Group rising as much as 6.9%, the most since Dec. 23.