Amazon and Nvidia jointly dismiss pullback fears, reaffirming strong sustained demand for AI data center capacity.

Tech giants Amazon and Nvidia are pushing back against market concerns about a potential slowdown in artificial intelligence data center construction. At a conference hosted by the Hamm Institute for American Energy in Oklahoma City on Thursday, executives from both companies addressed concerns sparked by recession fears and market speculation, affirming that demand for AI infrastructure remains strong.

Amazon's vice president of global data centers, Kevin Miller, stated that there has been "no significant change" in demand. "We continue to see very strong demand, and we're looking both in the next couple years as well as long term and seeing the numbers only going up," Miller said. He dismissed speculation about Amazon's plans, noting that "there's been little tea leaf reading and extrapolating to strange results" regarding the company's infrastructure investments.

Nvidia's senior director of corporate sustainability, Josh Parker, echoed this sentiment, asserting that "We haven't seen a pullback." Parker specifically dismissed concerns arising from AI startup DeepSeek's efficient model, which had triggered a sell-off in power stocks earlier in the year, characterizing the reaction as "kneejerk."

The surge in energy demands driven by artificial intelligence has prompted companies to invest heavily in localized power solutions, including microgrids and battery storage systems. This trend has significantly boosted demand for critical commodities such as lithium and nickel, which are essential for battery production. According to S&P Global Commodity Insights, lithium prices have risen 15% since January 2025.

In market reaction to these statements, Amazon stock climbed 3.29% to close at $186.54 on Thursday, while Nvidia climbed 3.6% to close at 106.43.