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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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  "notes": "The slide contrasts China's higher capacity/reserve margins with the US's higher reliability and lower emissions.",
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      "text": "Without sufficient electricity, national AI plans will collapse.",
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      "text": "In 2024, both China and the US set records for peak electricity demand, 1,450 GW and 759 GW respectively. While China must serve more demand, it is also building a larger overhang of available power. In China, reserve margins are beginning to exceed those cited in the US, meaning larger buffers that can accommodate new load. In line with this trend, China’s thermal fleet operates further below maximum capacity than its counterpart in the US. Similarly, as more renewable capacity comes online in China, curtailment rates outpace those in America. While congestion can cause issues, it also suggests Chinese solar and wind projects are underutilized and could be redirected toward new data centers.",
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      "text": "The US does maintain certain advantages. Outages are less frequent in the US; whereas interruptions can occur in China due to fluctuations in the price of coal, potentially hurting the reliability of certain data centers. Also, the average cost of electricity for data centers in the US is lower, yet this can vary considerably by state or province. The US grid also produces considerably less emissions per kWh.",
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