Trump Says Data Centers Could Be Bigger Than Oil, Urges States to Cut Taxes and Accelerate AI Growth: 'If I Were Governor...'

Namrata Sen

Sun, August 9, 2026 at 10:31 PM GMT+3 5 min read

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President Donald Trump said on Friday that data centers could eventually become a bigger industry than oil, calling them significant for the U.S. economy.

In an interview with Punchbowl, the President called data centers "tremendously important" for the economy and criticized Texas for opposing data centers, calling it a "mistake" and arguing they generate significant economic benefits. He said "data centers could be bigger than oil," and states should encourage their development by cutting taxes.

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"If I were governor, I would want data centers so badly. I'll cut taxes," he stated.

Trump said there is strong global demand for data centers, warning that if the U.S. slows their development, other countries will benefit instead. He emphasized that restricting data centers would also hinder AI growth.

"We are leading because of me. We're leading AI," Trump said.

He elaborated, saying that he introduced a policy allowing companies building AI data centers to construct their own power generation facilities with fast-track approvals. He argued that this avoids straining the aging U.S. power grid, enables excess electricity to be fed back into the grid, and makes large-scale AI infrastructure projects economically viable while benefiting local communities.

Trump said the U.S. cannot afford to lose the AI race to China, claiming many people believe China is backing efforts against the U.S. He added that he plans to discuss the issue with Chinese President Xi Jinping during an upcoming meeting, while asserting that China is trying to compete because it is falling behind the U.S. in AI.

Big Tech Backs Trump's Power Plan

Trump's remarks came on the heels of the White House expanding its AI data center Ratepayer Protection Pledge to nearly 200 more participants, requiring developers to cover power infrastructure costs. Current signatories include Alphabet Inc., Microsoft Corp., Meta Platforms Inc., Oracle Corp., OpenAI, xAI, and Amazon.com Inc..

In January, Microsoft pledged a "community-first" approach to expanding its AI data centers, promising to cover its share of electricity grid costs so local residents' power bills do not rise. The company also committed to creating local jobs and reducing water use after Trump's push and community opposition to the company's proposed $1 billion data center project in Michigan.

Trump had earlier criticized New York's decision to temporarily halt approvals for new large-scale data centers for up to a year, making New York the first state to impose a statewide moratorium on large AI-focused facilities. Trump called it a "terrible decision" and argued the move would push investment, jobs, and tax revenue to states such as Texas, Florida, Alabama, and Arizona.

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