Guan Cha Zhe Wang·2025-11-11 08:11Core Insights - The article highlights significant challenges faced by the U.S. tech industry, particularly in the data center sector, due to power supply issues exacerbated by aging infrastructure and regulatory hurdles [1][2]. Group 1: Data Center Demand and Supply Issues - The demand for data centers has surged due to the cloud services and AI boom, yet power supply has become a major bottleneck [1][2]. - Digital Realty's data center project, initiated in 2019, remains unpowered after nearly six years, while Stack Infrastructure's project also faces similar delays [1][3]. - By 2035, AI computing power demand in the U.S. is expected to more than double, leading to predictions of trillions of dollars in investments for new AI infrastructure [2]. Group 2: Local Power Supply Challenges - Silicon Valley Power is undergoing a $450 million system upgrade to meet the increasing demand from data centers, expected to be completed by 2028 [3]. - Utility companies across the U.S. are struggling to keep up with the surging demand for electricity, with some projects facing delays of 1 to 7 years for grid connections [3][4]. - In Santa Clara, there are currently 57 active or under-construction data centers, but many are unable to go online due to power limitations [2][3]. Group 3: Project Status and Leasing - Digital Realty's project in Santa Clara is a 40,000 square meter building that remains empty, with an average cost of $13.3 million per megawatt for fully equipped data centers [3][4]. - Approximately 74.3% of the data centers under construction in the U.S. are pre-leased, indicating strong demand despite power supply issues [4]. - Stack Infrastructure's facility, which is over 51,000 square meters, is currently entirely vacant, with power supply agreements reflecting current limitations and future plans [4][5]. Group 4: Investment and Strategic Planning - Blue Owl Capital, Stack's parent company, announced over $50 billion in investments for data centers, including significant projects for Meta Platforms and Oracle [5]. - Strategic planning, including securing land and ensuring power supply, is crucial for successful data center development, as emphasized by Stack's leadership [5].