POWER · T04
Will NVIDIA report data-center revenue growth of less than 15% year-over-year in any fiscal quarter reported between 2026-11-15 and 2027-12-31 while simultaneously citing customer power/grid availability as a factor?
Power and interconnection scarcity may bind before chip supply does, potentially slowing GPU absorption in ways that show up as decelerating NVIDIA data-center revenue, if the company attributes any slowdown to siting and energization.
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Interconnection capacity is the bottleneck, and NVIDIA will say so
Rack power density is rising from tens of kW to hundreds of kW while substation, transformer, and generation additions move on multi-year utility timescales. GPUs can sit unused because they cannot be energized, so when NVIDIA's data-center revenue growth does slow, the company is likely to name customer power or grid availability as a factor, not just chip supply.
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The case against it
If chips, skilled labor such as plumbers and electricians, and power were all in unlimited supply, builders would already be racing to overcapacity; instead these combined shortages are what pace the buildout. Because allocation of chips and workers remains the visible constraint companies describe, NVIDIA's data-center revenue growth can keep compounding above 15% YoY without the company specifically citing customer power or grid availability as the reason for any given quarter.
1 voice
The questions
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