The AI Capex Super-Cycle Hits Its Power Wall
The numbers are staggering. Microsoft, Amazon, Google, and Meta are on track to spend over $200 billion on data centers this year alone, a run-rate that would have seemed unfathomable three years ago.
But this week, a different story emerged from the capex headlines. The AI buildout is running into a wall, and that wall is made of copper, concrete, and grid capacity.
The interconnection queue at the Federal Energy Regulatory Commission now exceeds 2,000 gigawatts of proposed generation projects, with average wait times stretching beyond three years.
Hyperscaler earnings calls this week featured a new refrain, not about GPU shortages but about power availability, permitting timelines, and the ph…
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