Bernstein US Industrials & Technology: Data Center Pipeline — Capacity, Construction and Cancellations (September 2026)
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Bernstein's September 2026 data center tracker shows the project pipeline at 456 GW, up 52 GW (13%) month over month, while capacity under construction rose 7 GW (10%) to 48 GW; at the current build rate, clearing the pipeline would take 13.3 years. Behind-the-meter (BTM) projects accounted for 56% of September's pipeline additions, and stranded capacity rose 2 GW to 52 GW as NIMBY pressures persist, with 27 states limiting or considering limits on new construction. Bernstein frames AI-driven demand as sustaining expansion in pipeline and construction despite power bottlenecks, labor shortages, and local opposition, reinforcing its long-term electrification thesis. The firm expects the top five hyperscalers' 2026 capex to reach $771 billion, up 87% YoY, and to grow another 40% to $1.1 trillion in 2027. Outperform-rated names span industrials and electrical equipment (ETN, HUBB, PWR, LGN, J, FPS, TRMB, URI), AI infrastructure and miners (WULF, CIFR, IREN, CORZ, RIOT, CLSK), and tech hardware (NVDA, AVGO, AMD, Dell, SNDK, STX, WDC).
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