AI Infrastructure Becomes a Power- and Capital-Constrained Asset Class

NVIDIA's $1.5B SB Energy investment supports an Ohio campus anchored by OpenAI, targeting 4.25 IT-GW initially and up to 8 GW. SK Telecom's SK Horizon adds 3.08 trillion won in financing and ambitions for 5 GW by 2029 and 15 GW by 2035, underscoring how grid capacity, transmission, networking, storage, and custom silicon constrain AI expansion.