Morgan Stanley Sees 32GW US Data Center Power Gap by 2028; Nvidia, Broadcom Shielded

The gap matters less as a headline number than as a shift in who absorbs the constraint. Morgan Stanley's framing implies the bottleneck is no longer chip supply but siting and interconnection, which redistributes pain: vendors that can reroute shipments keep revenue timing, while memory, optical, power management and analog suppliers carry deferral and inventory risk. Texas pausing ERCOT connections turns that from forecast into policy. The open question is whether such pauses spread to other grid operators, and whether mitigation assumptions in the 34% figure hold.