Flow holds
Gated buildout
Power economics
Anchor tenant
Hyperscaler AI capex to US grid bottleneck, capital down-stack, beneficiaries and breakage
1 · hyperscaler
capex accelerates
2 · data-center
load surges
3 · US grid
bottleneck forms
4 · down-stack:
equity + campuses
5 · beneficiaries:
convert to power
6 · breakage:
gated · economics
anchor tenant
Hyperscaler AI capex
accelerates
Data-center load
surges
the chain binds here
transformer lead times
interconn queue · waits 5+ yrs
Energy equity
solar + storage
NVIDIA · SB Energy
Campus commitments
credit support
Azure power backlog
Storage
Fluence · Nextpower
Grid equipment
GEV · Eaton · Vertiv
Utilities
PJM · ERCOT loads
Power economics
PPA terms erode
Gated buildout
delivery stays gated
Anchor tenant
single-tenant flips