At the 2026 World Economic Forum in Davos, Microsoft CEO Satya Nadella presented a disruptive viewpoint: **"tokens" in AI are becoming a new type of global commodity, and their production costs—especially energy costs—will directly affect the future GDP growth trajectory of countries.** This statement elevated the AI competition from the levels of algorithms and chips to the height of national energy strategies and infrastructure planning.

Nadella emphasized that in the AI era, computing power is no longer an abstract concept but a tangible resource driven by electricity. **The potential for economic growth in each region will increasingly depend on its ability to access low-cost, stable energy.** Because the power required to train and run large models is unprecedented—training a model with trillions of parameters can consume tens of thousands of megawatt-hours, and continuous inference services require 24/7 data center support. Therefore, countries with cheap green electricity, advanced power grids, and efficient cooling systems will have a structural advantage in the AI race.

To seize this strategic high ground, Microsoft announced that it will invest **$8 billion in AI data center construction** this fiscal year, with as much as $4 billion allocated overseas, focusing on energy-rich regions in North America, Europe, and Asia. This figure far exceeds previous capital expenditures, highlighting its strategic positioning of AI infrastructure as the "water, electricity, and coal" of the digital age.

However, Nadella also issued a warning: if AI technology cannot be translated into broad social returns—such as improving productivity, enhancing public services, or creating high-quality jobs—public support will quickly fade. "Technology must serve people, not the other way around," he said, urging policymakers to avoid limiting AI regulation to safety and compliance, and instead focus on how AI can unlock economic potential.

Regarding Europe, Nadella specifically pointed out that the region needs to move away from an inward mindset and build globally competitive AI products with a global perspective. "Merely meeting internal European standards is not enough," he said, "true innovation must be able to stand in the global market."

When AI tokens become a fundamental production factor like oil and food, the competition between nations is no longer just a technological battle, but a comprehensive contest of energy efficiency, infrastructure resilience, and institutional openness. Nadella's remarks have drawn a clear line in this silent global competition: the future belongs to those countries that can both master computing power and control energy.