AI 数据中心电力需求_超大规模企业再投资如何影响驱动电力增长的 6 个 P 因素_约束条件-GS SUSTAIN_ AI_Data Center Power Demand_ How rising hyperscaler reinvestment impacts the 6 Ps driving power growth_constraints

23 February 2026 | 4:00PM EST Equity Research Rising hyperscaler investment along with AI server deployment for both training and inference are driving upward revisions to our data center power demand outlook, in particular in the US. At the same time, industry and investor concerns are rising over: (a) whether industry execution can meet or exceed our revised outlook; and (b) whether rising hyperscaler reinvestment rates and projected falling corporate returns are moving the AI Innovation Cycle closer to t ...