Goldman Sachs warns that delays in building energy infrastructure could slow the growth of AI data centers. Axios reports that demand for energy for data centers is rising sharply, but only about half of the planned capacity will come online in the next couple of years. This calls into question the pace and predictability of AI data center expansion, and thus part of the tech industry's plans.
Against this backdrop, the market has increased the likelihood of regulatory measures in Texas, including a possible moratorium on data centers: current estimates suggest the probability of such a step by the end of 2027 has risen slightly – by about 2%.
Observers are watching the Texas legislature and Governor Greg Abbott: any moves towards a moratorium, as well as actions by ERCOT (the state's grid operator) and the PUCT (Public Utility Commission of Texas), could play a key role. Any legislative or executive steps that align with Goldman Sachs' warning would fit the moratorium scenario and could further impact market assessments.
The warning is significant as it links two lines of risk – the shortage of energy capacity and regulatory pressure. The first limits the physical expansion of data centers, while the second can slow it down administratively. Both affect the same thing: the timelines for bringing new computing capacity online, which AI companies' plans rely on.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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