The 2nd inning of the AI Revolution: Nvidia CEO Jensen Huang made a subtle mention to what will soon be the biggest limitation on AI growth. Electricity constraints. Nvidia's metric of "perf per dollar" is being increasingly mentioned along with "power-limited data centers." Data center load is set to account for up to 40% of net new electricity demand added until 2030. Overall, electricity demand for data centers is expected to grow at a compounded annual growth rate of +23% through 2030. Energy will soon be the AI bottleneck.(The Kobeissi Letter)