US data centers face a 6-NYC power gap by 2028

Morgan Stanley’s updated forecast for US data-centers projects about 257 GW of demand by 2028, with a 30–40% shortfall against supply; using New York City as a yardstick, that gap equates to roughly six NYC-sized baseloads today and could reach 10 NYC equivalents without mitigations, rising to about 18 NYC equivalents (107 GW) by 2029 as denser GPU racks and Nvidia’s Vera Rubin architectures boost power demand. Time-to-power measures like Bloom Energy and behind-the-meter generation could close part of the shortfall, but the analysis warns that without a major increase in supply, AI deployment and hardware improvements may be slower than market expectations.