Of course it would.. lmao are you kidding me? Have you never seen a server farm? Hell NSA has huge warehouses of servers.
Last year, before I joined this organization, IT decided to get off Microsoft's cloud service because after some calculations they realize that on-prem hosting was significantly cheaper than cloud hosting. Now I believe more and more organizations small and large/enterprise are getting off cloud or doing a mixture / hybrid because the costs are not justifiable.
And for AI? Requiring GPUs? Huge energy consumers.