Wall Street giant Citigroup has formed a new group to ​focus on ⁠opportunities in the red-hot artificial intelligence infrastructure space, ‌according to an internal memo seen by Reuters on Wednesday.

The ​new team is made up of leaders from Citi's ​investment banking and ​corporate banking teams. It will collaborate across sectors such as technology, communications, energy & power, ⁠real estate and crypto.

Here are some details: 

* Investment bankers Ric Spencer, vice chair of technology, and Ashish Agrawal, co-head of real estate, will lead ​Citi's effort across ‌the firm's ⁠investment banking ⁠coverage, the memo said.

* M&A banker Ben Mortimer, head of ​technology financing Alex Watkins, and head ‌of technology corporate banking, ⁠Doug Baird, will also be part of the new team, according to the memo.

* Citi estimates that nearly $3 trillion is needed by 2030 to fund the creation of incremental data centers and other infrastructure capacity as AI adoption accelerates.

* "Sponsor-owned data center projects have scaled significantly, driving a shift in ‌financing from equity to debt. During this build-out ⁠period, debt financing will need ​a combination of bank debt, private credit, infrastructure and real estate financing and structured IG debt," the ​memo said.

(Reporting ‌by Arasu Kannagi Basil in ⁠Bengaluru and Tatiana Bautzer in ​New York; editing by Alan Barona)