Morgan Stanley: AI power shortages impact supply chains, Nvidia and Broadcom remain unaffected
路透社2026/10/05 14:16Reuters, October 5 – Morgan Stanley stated on Monday that Nvidia (NVDA.O) and Broadcom (AVGO.O) are somewhat shielded from the intensifying U.S. data center power shortage, but delays in AI deployments resulting from this issue could impact manufacturers of memory, optoelectronic, and other secondary chip components. The brokerage estimated last month that, even after factoring in measures such as on-site power generation and fuel cells, U.S. data center developers will face a 34% net power deficit by 2028, equivalent to 32 GW. The AI boom has triggered tens of billions of dollars in data center investments, but the tremendous compute and power demands of generative AI are increasingly clashing with the U.S. power supply. Morgan Stanley and Goldman Sachs have both pointed out that U.S. data center construction is facing increasingly severe constraints; Goldman Sachs expects political resistance to be limited in the short term, while Morgan Stanley sees challenges in workforce, electricity, and politics. Morgan Stanley said that these bottlenecks will not threaten Nvidia or Broadcom’s 2027 forecasts, citing clear visibility into chip layout, geographic expansion, and coordination among data centers, semiconductor suppliers, and the power supply chain. The brokerage also noted that if chip capacity cannot be utilized, customers may delay deliveries or cancel orders, with memory, optical devices, power management, and analog components being most susceptible to inventory disruptions. (For the convenience of non-native English speakers, Reuters provides its reports in several other languages via automated translation. Since automated translations may be inaccurate or lack necessary context, Reuters does not guarantee the accuracy of automated translation texts, which are offered solely for reader convenience. Reuters is not liable for any damage or loss arising from the use of this feature.)
Reuters, October 5 - Morgan Stanley said on Monday that NVIDIA (NVDA.O) and Broadcom (AVGO.O) are to some extent shielded from the worsening US data center power shortages, but AI deployment delays resulting from these shortages may affect memory, optoelectronic, and other secondary chip component manufacturers.
The brokerage estimated last month that, after considering measures such as on-site power generation and fuel cells, US data center developers will face a 34% net power shortfall, amounting to 32 gigawatts, by 2028.
The AI boom has triggered billions of dollars in data center investment, but the enormous computing and power demands of generative AI are increasingly coming into conflict with US energy supply issues.
Morgan Stanley and Goldman Sachs have both pointed out that the construction of US data centers is facing increasingly severe constraints; Goldman Sachs expects political resistance to have limited short-term impact, while Morgan Stanley believes challenges exist in labor, power, and politics.
Morgan Stanley said these bottlenecks will not jeopardize NVIDIA's or Broadcom's 2027 forecasts, citing these companies' clear visibility over chip deployment, geographical expansion, and coordination between data centers, semiconductor suppliers, and the power supply chain.
The brokerage stated that if chip production capacity cannot be put to use, clients might delay deliveries or cancel orders, with memory, optical devices, power management, and analog components being most susceptible to inventory disruptions.
(To assist non-native English speakers, Reuters has its reports automatically translated into several other languages. Since automated translations may contain errors or lack necessary context, Reuters does not guarantee the accuracy of these translations and provides them solely for reader convenience. Reuters disclaims any liability for damages or losses caused by the use of automated translation features.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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