美国工业与科技：数据中心项目管线容量与建设（2026年6月）

US Industrials & Tech: The Data Center Project Pipeline - Capacity,Construction & Cancellations (Jun '26) In this note, we update our monthly Data Center Capacity Tracker series, a comprehensivemonitor of N. American data center capacity by stage of development, operator, andgeography.To gain recurring access to the excel-based version of this data feed,please reach out to your salesperson.For our server model and performance of semi/hardware suppliers in AI supply chain, see our latestAI Server Pulsecheck. Chad Dillard+1 917 344 8469chad.dillard@bernsteinsg.com Alasdair Leslie+44 20 7762 4952alasdair.leslie@bernsteinsg.com Project Pipeline.Over the last month, the data center project pipeline grew by 4%, up 14GW to 338 GW. Hyperscalers (3.5 GW), developers (2.2 GW), and colos (2 GW) drove themajority of the growth this month, accounting for 50% of the increase (5 GW remain notdisclosed). Of the hyperscalers, Google (1.8 GW) and Amazon (1.4 GW) drove 90%+ of theM/M increase. For developer and colos, EdgeConnex (1.5 GW), Beale Infrastructure (1.4GW), Beltline (1.2 GW), Digital Realty (836 MW) Applied Digital (640 MW) and QTS (309MW) the largest M/M increases. From a geographic standpoint, Texas saw the greatest(3 GW) increase. On a cumulative TTM basis, the change in pipeline is down (for only thesecond month this year) by 4% M/M from 225 GW to 217 GW. Madison Rezaei+1 917 344 8622madison.rezaei@bernsteinsg.com Varun Govindaraj+1 917 344 8543varun.govindaraj@bernsteinsg.com Gautam Chhugani+91 226 842 1416gautam.chhugani@bernsteinsg.com Under Construction.Capacity marginally increased by 200 MW to 63.2 GW. Colos (399MW), crypto (423 MW) and developers (344 MW) were the largest contributors, whilehyperscalers and neoclouds were headwinds with combined construction down 1 GWM/M. Microsoft (203 MW) was the only meaningful contributor for hyperscalers. Of thecolos, Vantage (226 MW) and Digital Realty (155 MW) were the largest contributors. Newconstruction was largest in Missouri (288 MW), N. Carolina (251 MW), and Georgia (204MW). On a cumulative TTM basis, the change in capacity under construction is down 2% M/M to 40 MW. As a result, at today’s build rate, it would take 12 years to clear the 338 GWpipeline, up from 10 years last month. Mark Shmulik+1 917 344 8508mark.shmulik@bernsteinsg.com Mark L. Moerdler, Ph.D.+1 917 344 8506mark.moerdler@bernsteinsg.com Stacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.com Stranded Capacity.The rise in local data center opposition/NIMBY continues drivingstranded capacity higher, up 4 GW to 38 GW, representing 11% of total pipeline, whichremains up vs. 7-9% last summer, but is beginning to stabilize. Developers drove half of theincrease with 2.1 GW of newly stranded capacity. Mark C. Newman+1 212 845 7822mark.newman@bernsteinsg.com Behind-the-meter slows vs. last month.The BTM pipeline grew by 1% or 1.6 GW M/M to 131 GW after growing 14 GW in May. 15 GW of BTM capacity is currently underconstruction, down slightly M/M by ~400 MW. Of note, BTM projects accounted for only12% of the additions to June’s pipeline, below the 36% YTD average. From an operatortype perspective, neoclouds are most reliant on BTM (56% of pipeline), followed bydevelopers (47% of pipeline), and hyperscalers (38% of pipeline). Currently, only 5%of the installed base of data centers use this approach, but 24% of the capacity underconstruction will use it and 39% of the projects in the pipeline will use it. Alex Wang, CFA+852 2123 2613alex.wang@bernsteinsg.com Daniel Zhu+1 917 344 8309daniel.zhu@bernsteinsg.com Connor Cerniglia, CFA+1 917 344 8472connor.cerniglia@bernsteinsg.com Electricals TAM update.Based on the current pipeline and company-disclosed $M/MWopportunity, we estimate the following data center TAMs: PWR ($4.6T), ETN ($791B), LGN($343B), VRT ($1T), Schneider ($902B), ABB ($676B), as well as several other OEMs. BERNSTEIN TICKER TABLE O - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedLGN, IREN, CIFR, WULF, CLSK, MARA, RIOT, CORZ estimate is EBITDA (M); AMZN, META, GOOGL, 2308.TT, 2360.TT, 2382.TT, 3037.TT, ENR.GR, DELLestimate is Reported EPS; SIE.GR estimate is Reported EPS Organic Sales Growth (%) EBITA (M); PRY.IM estimate is Organic Sales Growth (%); LGN,CRWV valuation is EV/EBITDA (x); AMZN, META, GOOGL, 2308.TT, 2360.TT, 2382.TT, 3037.TT, ENR.GR, IREN, CIFR, WULF, CLSK, MARA, RIOT, CORZvaluation is Reported P/E (x); NVDA, ORCL, DELL, SMCI base year is 2026;Source: Bloomberg, Bernstein estimates and analysis. INVESTMENT IMPLICATIONS US Machinery & Electrical Equipment:our latest data center capacity tracking exercise is further supportive of the shortand long-term tailwinds seen in the electrification space. We see all data center exposed names in our coverage benefitingfrom attractive multi-year end market growth where bottlenecks persist, demand for equipment and labor is high, and backlogsremain healthy. Remain O