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This article summarizes the discussions and outcomes of the "Power for AI and AI for Power" session at the IEEE Power Electronics Society (PELS) Future of Electronic Power Processing and Conversion (FEPPCON XII). Power electronics embeds intelligence into energy systems. Modern artificial intelligence (AI) systems place massive demand on electrical power, and in return, introduce new opportunities in improving energy systems design and implementation. Power electronics, as sensors and actuators for all types of energy systems, need to embrace AI to address large-scale societal challenges such as industrial decarbonization, transportation, and climate change. The "Power for AI and AI for Power" session generated lots of excitement in FEPPCON XII and will have a continuous impact on the future development of power electronics.