[Morgan Stanley: U.S. Data Centers May Face a 32GW Power Shortage by 2028] According to a report by Jinse Finance on October 7, Morgan Stanley's latest report indicates that U.S. data centers are expected to face a net power shortage of approximately 34% between 2026 and 2028, equivalent to 32GW. The bottleneck may shift from a 'chip shortage' to a 'power shortage,' initially impacting the tail end of the supply chain for ASICs, storage, optical modules, power management, and analog chips. The report suggests that ASICs are more sensitive to power constraints, while products like storage, optics, and power management are more susceptible to delays, facing risks of order postponements and inventory adjustments. The report highlights Oracle's 1.3GW 'Project Lighthouse' in Wisconsin as a real-world reflection of this issue, with power supply potentially delayed until October 2028 at the earliest. The report estimates that the baseline scenario for new gas turbine capacity in the U.S. is approximately 19GW, with Bloom Energy fuel cells potentially contributing around 6GW, which still falls short of bridging the gap.