Construction Boom Meets Regional Labor, Equipment and Cooling Bottlenecks

Record construction activity still excludes major components such as servers, racks, power plants, and transmission, understating total capital intensity. Switchgear, transformers, turbines, cable, memory, chillers, and liquid-cooling systems remain schedule and pricing risks; direct-to-chip and closed-loop cooling may improve density and energy use but introduce water, retrofit, reliability, vendor, and lifecycle-cost questions.