A Morgan Stanley report from mid-August 2026 estimates the U.S. power shortfall for AI infrastructure at 38 gigawatts. U.S. data centers will need approximately 68 gigawatts of new electrical capacity between 2026 and 2028, but only 30 gigawatts can be covered by existing and contracted grid capacity. Grid interconnection timelines of five to seven years in some regions are incompatible with hyperscaler needs, which require capacity within two to three years. This crisis is pushing operators toward on-site solutions, with natural gas turbines alone potentially adding 15 to 20 gigawatts. The main beneficiaries identified are GE Vernova, Eaton, and Vertiv, all reporting surging order books and revenues. Microsoft and Amazon are projected to spend approximately $785 billion in capital expenditures in 2026, approaching $1 trillion in 2027.
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