“中国可能都做不到”！AI泡沫充斥得州：超220GW大项目申请到2030年入电网

Core Viewpoint - Texas is experiencing a significant surge in data center construction, with over 220 GW of large projects applied for connection to the Texas grid by 2030, primarily driven by the AI boom, raising concerns about a potential bubble in the industry [1][3][7]. Group 1: Project Capacity and Demand - The total capacity of large projects applying for connection to the Texas grid has exceeded 220 GW, more than double the state's peak summer demand of approximately 85 GW [2][8]. - Over 70% of the projects are data centers, with more than half, approximately 128 GW, yet to be submitted for ERCOT review [1][2][8]. - The number of large projects applying for power connection in Texas has nearly quadrupled this year [1][8]. Group 2: Industry Concerns and Risks - Experts warn that the scale of applications is unsustainable, with insufficient infrastructure to meet such high demand, leading to concerns about potential oversupply and financial instability in the sector [3][7][9]. - The Texas Public Utility Commission has implemented measures to differentiate serious data center projects from speculative ones, requiring developers to pay significant fees and demonstrate site control [11]. - The risk of overbuilding is compounded by rising infrastructure costs, as data centers compete for the same limited resources [12][13]. Group 3: Financial Market Dynamics - The financing environment for data centers is characterized by aggressive lending practices, with some borrowers seeking loans exceeding project costs, raising concerns about the formation of a financial bubble [14][15]. - There have been at least $175 billion in credit transactions related to data centers in the U.S. this year, indicating a robust but potentially risky investment climate [15]. - Regulatory scrutiny is increasing, particularly in the UK, regarding the levels of spending and financing for data centers [15].