Carina LabAll three companies raised their capital expenditure guidance in the same quarter, and all three pointed to the same bottleneck. Data-centre shells can be built in months; grid connections and long-term power purchase agreements take years.
Memory is the other constraint. High-bandwidth memory is sold out through next year at the two largest suppliers, and each new accelerator generation needs more of it per chip.
For markets, the spend is now large enough to show up in GDP components and utility demand forecasts — which is why it is being discussed alongside rates and inflation rather than in the tech pages.