Morgan Stanley: U.S. Data Centers Face 32GW Power Shortfall by 2028

Morgan Stanley estimates U.S. data center developers will face a 32GW net power shortfall by 2028, equal to 34% of total electricity requirements. Memory makers Micron, SK hynix and Samsung are most exposed, while Nvidia and Broadcom face limited impact. Nvidia shares rose 2.1% to $238.90.

• Shortfall to grow from 9GW in 2026 to 15GW in 2027 and 32GW by 2028
• 32GW equals 34% of U.S. data center electricity requirements
• Memory makers Micron, SK hynix and Samsung are most at risk
• Nvidia and Broadcom less exposed as demand shifts to efficient GPUs