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semiconductor shortage

The semiconductor shortage that defined the early 2020s has resolved almost everywhere except the leading edge, where advanced packaging and high-bandwidth memory remain tight. In its place a different constraint has emerged, and it is far harder to fix with capital alone: interconnection queues, transformers and transmission.

  • AI training and inference clusters draw power densities that legacy data centre designs were never built for.
  • Grid interconnection waits now run for years in several major markets — longer than it takes to build the facility.
  • Large transformers and switchgear have multi-year lead times, with a handful of global suppliers.
  • Cooling water and local heat rejection are becoming siting constraints in their own right.

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