Thailand is experiencing a massive data center investment boom with BOI approval of 42 projects worth ~750 billion baht (2567–2569) plus another 36 projects worth ~728 billion baht in 2568 alone. However, the article critically examines whether Thailand truly benefits: data centers consume massive electricity and water resources, AI data centers use 5–10× more power than standard ones (100 kW per cabinet vs. 10 kW), and current capacity (300 MW) could balloon to 3 GW—nearly 10% of Thailand's total generation. The key question: is Thailand merely becoming a data processing hub for foreign clients with limited returns, or can it negotiate terms that ensure green energy contribution and long-term skill development? Without proper planning and investor accountability on renewable energy, SMEs and households may face electricity pressure.