US data center buildout halved last quarter. The bottleneck is the grid.

Whatever happened to under-promise and over-deliver?

241 gigawatts of data center capacity announced. Only 80 gigawatts actually being built. New announcements fell 49% in a single quarter. Not because demand dried up. Because getting a power connection has become nearly impossible.

The bottleneck was never chips. It was never capital. It was always the grid.

Growth won’t be limited by models. It will be limited by megawatts. The constraint isn’t AI. It’s the grid.