Sou Hu Cai Jing·2025-11-03 04:56Core Insights - Microsoft CEO Satya Nadella highlighted that despite the high demand for AI chips, the company is facing limitations in power supply and physical space in data centers, leading to a backlog of AI chips that cannot be powered on [1][3][6] - The current bottleneck in the industry is not the supply of chips but rather the availability of sufficient power and cooling infrastructure to support new hardware [3][6] Group 1: Industry Challenges - The race for computational infrastructure has entered a new phase, with companies like Microsoft reaching physical and energy limits in their data centers [6] - Nvidia's systems are significantly increasing power density, with the next generation expected to see a 100-fold increase in thermal design power (TDP) per rack [6] - The exponential growth of AI models is leading to a potential infrastructure bottleneck, as energy networks may not support further expansion of data centers [6] Group 2: Market Implications - Nadella indicated that the energy shortage could impact the sales of Nvidia chips, as the ability to deploy orders may be hindered by the ongoing energy constraints [6] - The short-term demand for AI chips is difficult to predict and will heavily depend on the overall progress of the supply chain [6]