The AI infrastructure race is moving downstream. Advanced accelerators remain scarce and expensive, but the harder constraint in many U.S. markets is becoming the ability to connect data centers to enough reliable power.
Morgan Stanley argues that Nvidia and Broadcom are protected by their strategic position and backlog, while component suppliers lower in the stack could feel deployment delays sooner if projects wait months or years for interconnection.
That changes how to read the AI capital boom. A chip order is not the same thing as a productive data center; transformers, substations, transmission, generation and permitting now sit directly on the critical path.
The next proof point is project timing. Watch hyperscaler capex plans for evidence that power availability is shifting spend between regions or delaying equipment purchases.