Goldman Sachs Projects $700 Billion in Artificial Intelligence (AI) Capex This Year. Here's My Top Stock to Buy.

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It believes $500 billion is likely, but suggests that $700 billion would be more in line with peak telecom spending levels seen in the late 1990s.Even at $500 billion, that's a lot of money being spent in a short period of time. Bottlenecks are likely to appear and possibly constrain the amount invested. Brookfield Renewable (NYSE: BEP)(NYSE: BEPC) is already helping to solve a key issue for AI's development, and it will benefit for years to come. Here's why you might want to buy this clean energy stock today.Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »One of the biggest selling points for Brookfield Renewable in the AI buildout is that it is already working with Microsoft (NASDAQ: MSFT) and Alphabet's (NASDAQ: GOOG) Google. Between the two technology giants, it has a pipeline of around 13.5 gigawatts of demand to satisfy. That's just the headline story, too, as Brookfield Renewable continues to work to secure other long-term deals and has a large portfolio of existing contracts for clean and renewable power.Image source: Getty Images.As a business, Brookfield Renewable is a very attractive partner for companies building AI infrastructure. It owns assets across solar, wind, hydroelectric, and nuclear energy, as well as storage. And it has operations in North America, South America, Europe, and Asia. Basically, it can provide clean power just about anywhere it is likely to be needed. The Google deal is a highlight on this front, as it is specifically related to hydroelectric power.There are two important ways in which Brookfield Renewable can benefit. First, artificial intelligence is power hungry, so there is a material demand for newly developed generation assets. Second, electricity demand from the AI infrastructure that gets built is likely to be long-term. Brookfield Renewable's business of building clean energy assets that sell power under long-term contracts is a perfect fit. And the benefit will accrue to investors for years, as the cash flow generated from deals like those with Microsoft and Google will support Brookfield Renewable's ongoing dividend growth.That said, there are two different share classes of Brookfield Renewable. They represent the same exact business and have the same exact dividend payment. However, they offer different yields. 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