After chips, the next bottlenecks are permits and fiber-optic cable

It proposes the hypothesis that the constraint on AI data centers moves in sequence from chips to power, and then on to permitting and network connections. In the US, opposition to building a data center in one's own neighborhood has reached 69%, and with power requests filed in Texas hitting 474 GW, more than five times the all-time peak, even states that had been friendly have begun to slow things down. That pressure is pushing expansion out to Argentina's Patagonia, Australia and New Zealand, prompting the observation that electricity can be generated, but fiber-optic cable takes time to lay. The outlook is that even if the chip shortage eases with capacity added in 2028, land, power lines, electrical equipment and subsea cables cannot be increased in a short time, so a period will come in which order backlogs pile up while revenue recognition lags. However, because the aim is picking stocks, the internal logic of residents' opposition is treated only superficially.

This is a note: my own write-up after reading several sources. It has no source link; events checked against a source are kept as records.