Power constraints create new winners in the AI boom
XLI•Morgan Stanley estimates the US could face a 32-gigawatt power shortfall through 2028 as AI data center expansion strains electricity supplies. It estimates lease-financed investment will add about $195 billion to 2027 AI spending, bringing total AI-related capital expenditure to roughly $1.6 trillion.
1. Power demand rises
Morgan Stanley says the AI spending boom is increasingly benefiting data center builders and power suppliers as cloud companies lease facilities and secure long-term power contracts. The US Energy Information Administration expects electricity demand to reach record highs in 2026 and 2027 as hyperscalers add capacity.
2. Infrastructure beneficiaries
Companies cited as exposed to rising investment include ERock, Cummins, Caterpillar, GE Vernova, Bloom Energy, Vertiv, Eaton, Johnson Controls and Carrier Global. Morgan Stanley estimates lease-financed capital expenditure will add roughly $195 billion to 2027 AI spending, lifting total AI-related capital expenditure to about $1.6 trillion.
