AI CapEx Orgy Is Not Merely the Availability of Capital but Convergence of Energy - Tekedia

AI data-center spending is no longer limited mainly by money or software progress.

The biggest bottlenecks are electricity, chips, construction logistics, permitting, and geopolitics.

Power grids, substations, transformers, and high-voltage gear are becoming key constraints on expansion.

Semiconductor capacity, including TSMC and OSAT packaging, also limits GPU supply and cluster growth.

As a result, AI infrastructure will likely grow more slowly and unevenly than investors expect.