Morgan Stanley Raises U.S. Data Center Power Shortfall to 38GW, Focus on Nvidia and Broadcom

Morgan Stanley has revised its forecast for the net power shortfall in U.S. data centers from 33GW to 38GW for the years 2026 to 2028, noting that ASIC chips may face market share losses due to limited power supply. Nvidia's stock price rose over 3% at one point, bringing its market capitalization to $5.23 trillion. Morgan Stanley remains most bullish on Nvidia and Broadcom, citing conservative earnings guidance, visibility on chip shipments, and market expansion as reasons. The market is attempting to align the expected capital expenditures for data centers of $1.5 trillion in 2027 and $1.6 trillion in 2028 with actual power supply capabilities. If data center construction is paused or slowed, downstream components such as storage and optical modules may face greater impacts.

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