Morgan Stanley: AI race hinges on power access, not chip supply

Morgan Stanley estimates a 32 GW power shortfall for US data centers through 2028, about 34% of projected demand. Large, credit-worthy players could capture roughly 94% of global data-center capacity additions in 2026, squeezing out smaller developers.

• US data centers face a 32 GW power shortfall through 2028
• The gap could widen to 68 GW by 2029
• Major players may take 94% of new capacity in 2026
• Up to 14 GW of hyperscaler demand could shift to Asia by 2030