Morgan Stanley estimates that US data center developers will face a 70-gigawatt power shortfall through 2028. The bank raised its total demand forecast to 97 GW, up 43% from the previous estimate of 68 GW, driven by rising chip shipments and increasingly power-hungry server racks. After accounting for onsite generation options, including gas turbines, Bloom Energy fuel cells and co-location with nuclear plants, the net shortfall would fall to around 33 GW. The gap could nevertheless widen to between 68 and 72 GW in 2029, with major technology companies better protected than smaller developers. Converting Bitcoin mining facilities is also being considered to leverage their grid connections, power capacity and industrial sites.
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