What changed over the last week, month and three months?
WoW
Approx. 1.80 GW
New generation plans announced within the window
MoM
Approx. 2.79 GW
New generation plans announced within the window
QoQ
Approx. 3.18 GW
New generation plans announced within the window
These are announced nominal-capacity totals for 5 selected generation plans. They are neither increases in actual operating capacity nor announcement-growth rates versus the preceding period. The windows overlap; QoQ here is a trailing three-month announcement window.
Announcement totals and composition by window
2026 investment budgets revised in July
| Company | Previous range (B$) | Revised range (B$) | Midpoint change (B$) | Percentage change |
|---|---|---|---|---|
| Alphabet | 180–190 | 195–205 | 185 → 200 (+15) | +8.1% |
| Meta | 125–145 | 130–145 | 135 → 137.5 (+2.5) | +1.9% |
When announcements can turn into actual supply
| Project · Nominal capacity | Announced target | Current interpretation |
|---|---|---|
| MS · NiSource ↗ Approximately 1,100 MW | 2028 Service expected to begin | Approximately 1,100MW shared generation pool · Full-ramp year and Microsoft's allocation undisclosed |
| Google · AEP ↗ 702 MW | End of 2028 702MW full-operation target | A target, not completed construction or electricity delivery |
| Google · Constellation ↗ 890 MW | 2028 First uprate supply expected | The entire 890MW cannot be assigned to 2028 operating capacity |
| Google · Georgia ↗ Approximately 96 MW | Timing unconfirmed Support for approximately 96MW of uprates | Subject to PSC approval · Operating year not established in reviewed material |
| Google · Fervo ↗ 396 MW | 2028 Expected operation of the 396MW contract | A plan with permitting, development and electricity delivery still to come |
Starting supply in 2028 and reaching full operation are different milestones. The five plans are not added together as 2028 operating capacity. Existing supply of 2,700MW, battery storage of 600MW, and Fervo's approximately 600MW option are excluded from the new-generation total.
What should you understand now?
Medium-term power procurement has advanced, but these announcements do not establish immediate increases in operations or earnings. Alphabet and Meta's budget revisions, Loughton's contract deterioration and CoreWeave's funding pressure are different signals. The key is whether supply targets convert into actual delivery, customer acceptance and cash collection.
01 · Demand and execution
Does Microsoft's withdrawal mean AI datacenter demand has weakened?
Execution risk for the individual Loughton agreement in the UK has increased, while long-term US power procurement continued. These two events alone do not establish whether Microsoft's total demand rose or fell.
What changed?
The Loughton customer agreement deteriorated, but Microsoft announced a long-term US power agreement with NiSource in the same week. Withdrawal from one site coincided with securing supply in another region.
Why did it change?
Reports of Loughton grid delays are consistent with a supply-constraint explanation. Microsoft's official reason for withdrawing remains unconfirmed. The US agreement indicates expansion intent, but it has not been confirmed as replacement volume for UK demand.
What does it mean?
Demand, power supply and the customer's choice of site are different variables. The withdrawal report reduces visibility into Loughton customer revenue but does not prove a company-wide fall in usage. Delayed power access can leave an operator carrying construction and financing costs longer before revenue begins. Execution risk should be evaluated separately for contracts without confirmed power-delivery and customer-acceptance dates.
Current assessment
Current assessment: a negative change for Loughton's contract and operating outlook. The direction of Microsoft's overall demand remains undetermined. Power agreements elsewhere do not automatically replace this site's lost revenue.
- Reported grid delay · Causal hypothesis
- Potential conflict with the customer's schedule
- Contract-execution and revenue-conversion risk
Is an alternative interpretation possible?
Conversely, if cancellations persist across regions without replacement agreements and CSP budgets, usage and service revenue all slow, demand weakness should receive greater weight than supply constraints. That combination is not established by the selected evidence.
Signals that would change the assessment
Improvement signal
If both a customer agreement and power-delivery date are confirmed at a replacement site, the interpretation of sustained demand and relocated supply strengthens.
Deterioration signal
If contracts decline across regions without replacements and CapEx and usage also weaken, the assessment shifts toward slowing demand.
02 · Securing power
Why are Google and Microsoft committing to long-term generation agreements and bearing costs?
The companies are supporting investment that creates future supply, beyond purchasing electricity. They improve the prospects of securing power while accepting costs and long-term commitments.
What changed?
Google broadened its supply routes through nuclear uprates, fuel cells and geothermal. Microsoft's NiSource agreement specifies that the customer funds the generation and transmission required for its load.
Why did it change?
Constellation described uprating existing nuclear plants as a faster route to additional supply than developing a new site. NiSource included protecting existing electricity customers from new datacenter costs among the agreement's objectives.
What does it mean?
Power suppliers gain a long-term customer base, while CSPs gain a route to supply. A 20-year agreement alone does not guarantee cheap electricity or high profits. Returns cannot be calculated without contract prices, fuel-cost pass-through and allocation of construction overruns. These examples signal that competition for power also involves financial capacity and contract design.
Current assessment
Current assessment: medium-term supply routes are more concrete. Key targets are in 2028, so they do not establish relief from supply constraints in 2026–2027. Long-term agreements are not converted into current operating MW or incremental profit.
- Long-term purchasing and cost commitments
- Basis for generation and transmission investment
- Potential to secure future supply
Is an alternative interpretation possible?
More generation plans do not mean supply shortages in 2026–2027 are resolved. NiSource service commencement, Fervo's expected operation and Constellation's first uprates point to 2028, while AEP targets full operation at end-2028. US generation MW also do not directly solve power-delivery problems at a UK site.
Signals that would change the assessment
Improvement signal
If NiSource specifies investment and financing terms at Q3 earnings, and approvals, construction and site-level delivery schedules align, confidence in supply for the relevant year increases.
Deterioration signal
Confirmed fuel, transmission or permitting delays, or greater cost burdens, would warrant lowering the deployment-timing or profitability outlook.
03 · Investment and returns
Does higher CapEx improve datacenter and AI business prospects by the same amount?
Alphabet's increase aims to secure capacity sooner, while Meta raised the lower end of its spending range. The strength and rationale of these changes differ. Investment growth is not the same as growth in operating capacity or profit.
What changed?
In the July revisions, the midpoint of Alphabet's annual CapEx guidance rose from $185B to $200B, and Meta's from $135B to $137.5B. Alphabet raised both ends of its range; Meta kept the upper end unchanged.
Why did it change?
Alphabet's CFO attributed the increase to accelerating capacity delivery to meet demand. Management also anticipated short-term margin pressure from using external facilities before its own infrastructure is ready. Meta's IR release stated only that the range was narrowed, so the detailed causes of its lower-end revision cannot be established.
What does it mean?
Suppliers gain delivery opportunities, while operators may spend first and collect revenue and cash later. Alphabet should be assessed alongside cloud growth and margins, and Meta alongside improvements in its core advertising and recommendation businesses. Even when revenue grows, faster increases in leases, depreciation and power costs can leave investor returns below expectations.
Current assessment
Current assessment: greater investment intent is confirmed. Investment payback depends on how usage, revenue, operating cash and costs move together in the next results.
- Equipment expenditure and external leases
- Securing capacity and revenue opportunities
- Cash-flow and margin payback may lag
Is an alternative interpretation possible?
Higher budgets are not proof that demand has already produced cash. Meta's 1.9% midpoint increase is not an AI demand growth rate. Alphabet's assertion that demand exceeds supply is management commentary, not an independent measure of market balance.
Signals that would change the assessment
Improvement signal
If service revenue and cash generation expand, deployment advances and the business absorbs lease and depreciation costs, the case for investment payback strengthens.
Deterioration signal
If CapEx and depreciation rise while deployment is delayed or growth and cash generation lag, the evidence points to delayed monetization.
04 · Funding and project economics
How should CoreWeave's bond weakness and Nscale's financing announcements be read together?
For CoreWeave, the evidence signals pressure on new financing; for Nscale, it establishes a conditional funding route. The timing, instruments and collateral differ, so these two examples do not establish an industry-wide funding halt or Nscale's relative superiority.
What changed?
CoreWeave bonds traded at a higher market yield than at issuance, while Nscale announced secured loan commitments and convertible financing that converts into shares upon an IPO.
Why did it change?
Reuters identifies CoreWeave's borrowing scale and long investment payback period as concerns. However, October secondary-market bonds differ in timing and terms from Nscale's August–September secured loans and convertible financing. The observed differences cannot be explained solely by issuer creditworthiness.
What does it mean?
Even with customer demand, datacenters may need continued financing before operations begin. Construction delays postpone revenue collection; if funding conditions deteriorate at the same time, project economics face pressure from both sides. Sufficient cash, customer prepayments and favorable contract terms can change a company's ability to withstand the same delay.
Current assessment
Current assessment: a warning signal for CoreWeave's market financing conditions and progress toward conditional funding for Nscale. Actual drawdowns and cash receipts must be compared with remaining construction costs to assess any funding gap before operations begin.
- Higher required returns and tighter conditions
- Pressure on new financing and refinancing
- Potential deterioration in delayed-project economics
Is an alternative interpretation possible?
Secondary-market bond yields reflect benchmark rates, credit risk and liquidity, among other factors. The whole increase is neither a credit-spread change nor a default probability, and existing fixed interest does not change immediately. Nscale's financing announcement does not mean all cash has been received either. The subsequent $1B is expected to be funded in mid-November.
Signals that would change the assessment
Improvement signal
Confirmed cash funding, reasonable borrowing terms and customer acceptance together would reduce the risk of a cash shortfall.
Deterioration signal
If funding delays, additional collateral requirements and delayed customer acceptance coincide, the expansion outlook should be reduced and financing risk assessed more severely.
05 · Chips and cooling
Do more efficient chips reduce investment in power, GPUs and cooling?
Efficiency gains can reduce power needed for the same workload. Total power demand depends on workload volume, while cooling requirements depend on rack power density. The three variables should be assessed separately.
What changed?
Microsoft discussed expanding Maia 200 deployments and beginning production deployments of Maia 300 in 2027. The projected 40% improvement in tokens per unit of power for Maia 300 is a company forecast relative to leading GPU systems. Vertiv completed pre-operational validation of a cooling system supporting 30MW.
Why did it change?
Microsoft cited optimization of memory, data movement and networking for inference as design drivers. It also specified a 167kW power envelope for a 96-accelerator Maia 300 system. Separately from efficiency, such high-density deployment affects power delivery and cooling design. These are company disclosures, distinct from independent measurements.
What does it mean?
In-house chips can broaden a CSP's cost and supply options alongside external GPU purchases. Workload suitability and software migration costs mean this does not imply complete replacement. Maia also uses HBM, so expansion of in-house chips does not mean memory demand disappears. Supplier effects depend on product mix and actual adoption, not just the total AI budget.
Current assessment
Current assessment: competition over throughput per unit of power is growing alongside the capacity race. Efficiency forecasts offer potential benefits, but do not establish lower total power demand or lower revenue for a specific supplier.
- Higher efficiency → Potential reduction in power per task
- More workload → Potential offset to total-power savings
- Higher rack power density → Greater power-distribution and cooling requirements
Is an alternative interpretation possible?
In a simplified example, if efficiency rises to 1.4 times the original level, power for the same workload becomes 1÷1.4≈71.4%, a reduction of approximately 28.6%. If workload also rises 1.4 times, total power is unchanged. This is a calculation example, not measured Maia savings or a company-wide forecast.
Signals that would change the assessment
Improvement signal
If actual services maintain quality and latency while improving throughput per unit of power and unit costs, project economics improve.
Deterioration signal
If efficiency gains apply only under narrow conditions or are not realized because of cooling, installation or utilization problems, expected savings should be reduced.
06 · Implications by company
Why can the same expansion news create opportunity for suppliers and pressure for operators?
Contracts, delivery, operations and customer cash payments are separate events. The selected evidence includes generation plans, cooling validation and customer withdrawal occurring at different stages at the same time.
What changed?
Utilities secured long-term contracts and Vertiv completed on-site validation. Meanwhile, Nscale's Loughton customer agreement deteriorated. Progress and risks differ within the same industry.
Why did it change?
Equipment delivery is a key performance milestone for suppliers, electricity delivery and contract terms for generators, and service commencement and usage for datacenter operators. Actual revenue recognition and cash collection depend on individual contracts.
What does it mean?
For generation and cooling companies, the issue is whether orders turn into construction, delivery and profit. For operators, it is whether facilities gain customer acceptance and generate billings and collections. Suppliers can also face cost overruns and collection risk, so benefits are not automatic. Disclosed stages can be compared, but this evidence does not rank companies by investment attractiveness.
Current assessment
Current assessment: utilities have a long-term demand base, Vertiv has progressed through post-delivery validation, and Nscale's Loughton customer agreement has deteriorated. The evidence does not yet support calculating how much each company's profit will change. The next assessment depends on delivery, acceptance and cash collection.
- Orders and long-term contracts
- Delivery, energization and acceptance
- Service revenue and cash collection
Is an alternative interpretation possible?
Treating supplier validation as full customer operations, or a customer's long-term contract as an operator's cash receipt, overstates progress. Conversely, a delay at one site does not establish cancellation of all supplier orders in other regions.
Signals that would change the assessment
Improvement signal
The case for better earnings strengthens when supplier orders convert into revenue, profit and cash, and operator acceptance converts into utilization and customer billings.
Deterioration signal
Even if orders increase, rising cancellations, costs or receivables, or delayed customer acceptance, reduce the expected benefits of expansion.
Original sources
- NiSource/NIPSCO · Approximately 1,100MW of new generation · 10/16 ↗
- AEP · 702MW fuel cells · 10/14 ↗
- Reuters · AEP agreement cross-check · 10/14 ↗
- Vertiv · 30MW cooling-system validation · 10/16 ↗
- Nscale · Original Loughton plan · 2025/9/16 ↗
- Reuters · Reported Microsoft withdrawal · 10/18 ↗
- Nscale · Approximately $3B loan commitments · 8/31 ↗
Before-and-after changes and original event sources
Reported withdrawal from Loughton agreementCustomer-contract status deteriorates
Previously disclosed
50MW plan · Up to 90MW · GPU delivery planned for Q1 2027
Newly disclosed
Microsoft withdrawal reported · Concern that grid supply could slip into the 2030s
Why it changed
Reports indicated grid supply could slip into the 2030s, and Nscale referred to regional grid issues. Power delays are a plausible explanation, but have not been confirmed as Microsoft's official reason for withdrawing.
What it means
Confidence in this site's contract execution and operating schedule has deteriorated. Reported grid delays are consistent with supply constraints, but Microsoft has not officially confirmed its reason for withdrawing. Considering the long-term US power agreement in the same week, this event alone cannot establish a company-wide reduction in AI demand.
Next evidence to watch
Alternative power or site agreements, Microsoft's official explanation, supply schedules
This is not deducted as 50MW of cancelled operating capacity. The 90MW maximum represents potential expansion.
NiSource long-term power agreementNew generation plan: approximately 1,100MW
Previously disclosed
Before this long-term agreement was announced
Newly disclosed
Shared generation portfolio expands by approximately 1,100MW · Supply starts in 2028
Why it changed
NiSource said the agreement is structured so large customers bear the generation and transmission costs required for their needs, protecting existing customers from those costs.
What it means
Microsoft bears the required generation and transmission costs in exchange for securing future supply. Clarifying who pays is a step forward. However, this expands a shared generation pool and targets service commencement in 2028, so it cannot be added immediately to current Azure operating capacity.
Next evidence to watch
Additional operational and financial details promised for NiSource's Q3 earnings call, followed by generation and transmission approvals and site-level service commencement
This is a shared asset pool. The separate 600MW battery commitment is not added to generation capacity.
Risk reassessment in the bond marketApproximately +5.3 percentage points since issuance · Not a weekly change
Previously disclosed
June issuance yield of 9.675%
Newly disclosed
Yield of approximately 15% that week
Why it changed
Reuters reported a market reassessment involving greater borrowing, long investment payback periods and broader increases in financing rates. The report does not quantitatively attribute the yield increase to each factor.
What it means
This may pressure new financing and refinancing terms. It does not immediately change existing fixed-rate interest to 15%.
Next evidence to watch
Yields on the same bond one week, one month and three months earlier; new loan terms; refinancing schedule
The comparison with issuance in June falls outside the three-month window. It is not a WoW, MoM or QoQ change. The entire increase in yield is not treated as a change in credit spread or converted into a default probability.
Mumbai cooling-system validationDelivery and validation completion announced
Previously disclosed
High-density liquid-cooling installation and commissioning stage
Newly disclosed
System supporting 30MW of workloads · L4 validation completed
Why it changed
A system delivers coolant to chips to handle heat from high-density AI equipment. Vertiv discussed local manufacturing and installation capabilities and pre-operational L4 testing.
What it means
Design, manufacturing and on-site validation of cooling equipment represent more concrete progress than an announced project. However, supplier progress does not establish full operation of the customer's servers or prove profitability.
Next evidence to watch
Customer acceptance, actual IT load and utilization, repeat orders
The announcement describes validation before go-live. It is not evidence that the full 30MW of servers is operating.
AEP/Bloom fuel-cell generation planNew generation plan: 702MW
Previously disclosed
Before the announcement of this 702MW project
Newly disclosed
702MW · 20-year PPA · Full operation targeted for end-2028
Why it changed
AEP announced a generation project backed by a 20-year power purchase agreement for Google's electricity demand. Securing a fuel-cell supply route is distinct from achieving the end-2028 operating target.
What it means
Google's long-term purchasing commitment provides a demand base for new generation investment. It advances a power supply route, but construction, fuel availability and completion must follow before it supports compute supply. Without contract prices and cost terms, neither a reduction in Google's electricity cost nor the amount of AEP profit growth can be established.
Next evidence to watch
Execution of the 2026 construction start and end-2028 full-operation target
Jupiter project scope reaffirmedCapacity added by this announcement: 0MW
Previously disclosed
Plan updated in April 2026
Newly disclosed
No further change to capacity, buildings or power plans
Why it changed
Oracle's statement reaffirms an existing plan. A new publication date alone does not establish an increase in project scope or operating capacity.
What it means
An increase in estimated economic impact is not a disclosure of added facility capacity. Forecast GW is not increased solely because of this announcement.
Next evidence to watch
Energization and completion schedules, actual installed IT load
Zero refers only to the change in scope announced here, not to any change in Oracle's total operating capacity.
Maia operating expansion and next-generation plansMaia 300 tokens/MW expected to improve by 40%
Previously disclosed
Previous Maia deployment plan
Newly disclosed
Maia 200 deployment expands · Maia 300 production deployment planned for 2027
Why it changed
Microsoft said it co-designs chips and systems to optimize memory, data movement, networking and power together for long-context and inference-focused workloads.
What it means
At power-constrained facilities, workload processed per MW matters alongside MW capacity itself. Maia 300's projected 40% improvement is the company's comparison against leading GPU systems, not against Maia 200 and not a realized company-wide improvement. More in-house chips do not imply complete GPU replacement or lower HBM demand.
Next evidence to watch
Independent performance under matching model, quality and latency conditions; actual deployed MW
The projected 40% improvement in tokens/MW is the company's forward-looking comparison against leading GPU-based systems. Independent verification under matching model, quality and latency conditions, and the actual deployment mix, are separate questions.
Constellation agreements for new and existing supplyNew generation 890MW / Existing supply 2,700MW
Previously disclosed
Before this agreement was announced
Newly disclosed
New nuclear uprates of 890MW plus existing supply of 2,700MW
Why it changed
The company described upgrading equipment and efficiency at existing nuclear plants as a faster route to additional electricity than building new plants. Google's long-term agreement supports the uprate investment.
What it means
The agreements include 890MW of new generation and 2,700MW supporting revenue stability for existing assets. First delivery from the new supply is expected in 2028. Treating both figures as current additions to operating datacenters would overstate supply improvement.
Next evidence to watch
Plant-level uprate construction, approvals and first electricity delivery
The 2,700MW is an agreement covering existing generation and is excluded from the new-generation total.
Pre-IPO convertible financing announcedTotal financing structure of $3.36B
Previously disclosed
Before this convertible financing was announced
Newly disclosed
$3.36B: initial $2.36B plus a subsequent $1B commitment
Why it changed
Nscale said the convertible financing would fund expansion of datacenters, power and GPU clusters. It converts into equity upon completion of an IPO, while subsequent funding follows a separate schedule.
What it means
Some operators continue to raise capital. CoreWeave's bond weakness cannot readily be generalized into a funding halt for every operator.
Next evidence to watch
Whether the subsequent $1B is funded in mid-November, IPO conditions and use of proceeds
The subsequent $1B is a commitment from NVIDIA, with funding expected in mid-November 2026.
Georgia Power support for nuclear upratesNew generation plan: approximately 96MW
Previously disclosed
Before this support agreement was announced
Newly disclosed
Approximately 96MW uprate plan · Regulatory approval required
Why it changed
Backed by the Google agreement, Georgia Power presented nuclear uprates alongside savings for existing customers. The uprates remain subject to regulatory approval.
What it means
A route to higher output from existing plants was added. Approval conditions mean it must be distinguished from confirmed operating capacity.
Next evidence to watch
Georgia PSC approval and plant-by-plant uprate schedules
This is new generation supplying the grid, not dedicated Google datacenter IT load.
Fervo geothermal PPANew generation plan: 396MW
Previously disclosed
Before the announcement of this 396MW agreement
Newly disclosed
396MW PPA · Operation expected in 2028
Why it changed
Google signed a geothermal power purchase agreement with Fervo targeting electricity delivery in 2028. This can be interpreted as supply diversification, but the reasons for the selected mix of generation technologies were not disclosed.
What it means
Geothermal broadens the sources of power targeted for 2028. Separate permitting and commercial conditions remain for potential datacenter plans.
Next evidence to watch
Geothermal drilling and construction progress, PPA electricity delivery, datacenter sites and permits
The additional purchase option of approximately 600MW is excluded from the firm contract total.
Approximately $3B in loan commitments for two US facilitiesApproximately $3B committed
Previously disclosed
Before these loan commitments were announced
Newly disclosed
Two senior secured delayed-draw term loans signed
Why it changed
Nscale entered into senior secured delayed-draw loans for GPU deployments and other uses at two US facilities. The commitments establish access to funds when drawn; they are not equivalent to receiving the entire amount in cash.
What it means
Financing secured against facilities and GPUs has progressed. Actual drawdowns, installation and conversion into revenue require separate confirmation.
Next evidence to watch
Drawdowns, equipment delivery, customer acceptance and revenue recognition
These are commitment limits, not the full amount of cash received.
Lower end of 2026 CapEx guidance raisedMidpoint +$2.5B / +1.9%
Previously disclosed
$125–145B
Newly disclosed
$130–145B
Why it changed
The IR release specified that the investment range narrowed from $125–145B to $130–145B. It did not disclose the contribution of individual drivers to the lower-end adjustment, so a surge in AI demand is not assumed to be the cause.
What it means
The upper end stayed unchanged while only the lower end rose. This is best read as reducing the low-spending scenario, not as an increase of the same strength as Alphabet's or a measure of demand growth. Meta's investment returns should be assessed alongside improvements in its core advertising and recommendation businesses.
Next evidence to watch
Next results: CapEx range and spending relative to OCF
2026 CapEx guidance range raisedMidpoint +$15B / +8.1%
Previously disclosed
$180–190B
Newly disclosed
$195–205B
Why it changed
At the July earnings release, the CFO cited demand exceeding supply and earlier equipment delivery. The CFO also discussed greater use of external facilities in Q3 and short-term margin pressure. This is management's explanation, not an independent measurement of demand.
What it means
Management described accelerating capacity delivery to meet demand as the main reason for the increase. Temporary use of external facilities may secure revenue opportunities while pressuring short-term margins. Investment expansion and margin improvement can occur at different times.
Next evidence to watch
Next results: CapEx execution, deployment delays, cloud revenue and cash flow
Scope and comparison basis
This analysis covers 14 selected events and 5 generation plans. Company-level WoW, MoM and QoQ changes in actual operating IT capacity and total capacity for 2026–2030 were not calculated because comparable time series are unavailable. Unconfirmed values are not treated as zero or no change.
| Item | Current status | Interpretation limits |
|---|---|---|
| Actual operating IT capacity of major CSPs and AI companies | Period-by-period net additions cannot be calculated without comparable current and historical observations | The generation-plan total cannot be converted into each company's actual operating IT MW. |
| Company operating-capacity outlook for 2026–2030 | No consistently verified operating base and project-by-year time series | Project supply targets are individual schedules, not company-wide capacity forecasts. |
| Yield on the same CoreWeave bond | Comparable observations for the same bond on the relevant preceding trading days are unavailable | Approximately 15% is the reported current level. The difference from June is not a WoW, MoM or QoQ change. |
| HBM, GPU and networking supply bottlenecks | No time series of lead times, prices and delivery schedules for identical products | Disclosed designs and deployment plans alone do not establish improvements in component prices or delivery times. |
| Changes in AWS, Alibaba and Tesla operating capacity | The selected evidence contains no comparable MW observations | Exclusion does not mean no expansion occurred; industry conclusions are not extended to these companies. |
The same MW unit does not make capacities interchangeable
IT MW measures the power scale of IT equipment such as servers. Facility power includes cooling and losses, while generation MW is a plant's nominal output. Utilization, transmission, contractual allocation and PUE differ, so these measures cannot be directly converted into one another. Electricity generation in MWh and firm supply capacity were not calculated either.
Long-term purchase commitments, annual investment budgets, loan limits and actual funding are different measures. They are not simply added together as cash available for operations.