250. Inside the US Datacenter exuberant buildout - Oct26

Datacenter buildout is supply-chain (turbines, transformers) constrained, not demand constrained, but neocloud credit is already pricing distress.

• Vacancy near zero: Large-scale (200MW+) data center vacancy is under 1% versus 3.4% for the overall Americas market, per McGrane.
• Supply chain, not demand, is the constraint: Multi-year queues for GE/Hitachi turbines and transformers rate-limit buildout more than compute demand does, McGrane argues.

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