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As artificial intelligence infrastructure buildout accelerates, power supply has emerged as a key limiting factor, with Morgan Stanley identifying electricity constraints as a major near-term headwind for data-center expansion. The investment bank flagged electricity distribution and grid modernization as a critical chokepoint, identifying SpaceX and other infrastructure companies as potential beneficiaries of efforts to solve the power shortage. The analysis highlights how the AI boom is running into physical infrastructure limits, shifting investment focus beyond chips and servers to energy supply and grid resilience.