Markets
Infrastructure
The Data Center Bottleneck Isn't Chips
It's power, transformers, and water rights — and it's about to reshape where AI gets built.
By The Memo · Monday, June 15, 2026 · 9 min read
Ask a hyperscaler executive what's keeping them up at night and they will not say GPUs. They will say substations. They will say the eighteen-month lead time on large power transformers. They will, eventually, say water.
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