PodcastThoughts on the MarketOctober 12, 2026
The Politics of Powering AI
How fast and cheaply AI firms secure power, not capex levels, may now be the binding constraint on the AI buildout.
- Power gap widens: Morgan Stanley's Stephen Byrd team now projects a 57-gigawatt U.S. data center power shortfall through 2028, up from a prior 38-gigawatt estimate.
- New bipartisan bill: The American Affordability and Jobs Act, introduced late September, reforms federal permitting and requires data centers to cover their own transmission costs.
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