US data center projects face significant delays, only 35% deemed credible: Bernstein

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Recent reports have highlighted significant delays in the development of data centers across the United States in 2026. According to Bernstein, at least 47 major projects have been either delayed, scrapped, or blocked this year, with only about 35% of the planned pipeline deemed credible. The development has sparked concerns about the sustainability of the AI infrastructure buildout. This slowdown is attributed to multiple factors, including grid connection issues, permitting challenges, equipment shortages, and local opposition. The impact is being closely monitored by market participants, particularly in states contemplating moratoriums on data center construction.

Key Takeaways

• The news of significant delays in US data center projects appears to align with concerns over infrastructure viability.
• Market pricing suggests an increased likelihood of Louisiana considering a moratorium on data center approvals by the end of 2026.
• The data center moratorium markets in Oklahoma and Missouri could be influenced by similar developments, though current pricing indicates varied expectations.

What to Watch

The next steps for states like Louisiana, Oklahoma, and Missouri could significantly influence market outcomes. Watch for any legislative or executive actions by key actors such as governors and state legislatures that could indicate movement towards moratoriums. Developments in utility and infrastructure reports might also provide indications of potential policy shifts. As the year progresses, any changes in the broader AI infrastructure landscape could further impact market sentiment.