美国工业与科技：数据中心项目管线——容量、建设及取消（2026年6月）

US Industrials & Tech: The Data Center Project Pipeline - Capacity,Construction & Cancellations (Jun '26) monitorofN.American data centercapacityby stageofdevelopment, operator,andgeography.Togain recurring access to the excel-basedversion of this datafeed,pleasereach out toyoursalesperson.For our servermodeland performance of semilhardware suppliers in A/supplychain,seeourlatestA/ServerPulsecheck. +19173448469chad.dillard@bernsteinsg.com +4420 7762 4952alasdair.leslie@bernsteinsg.com GWto338 GW.Hyperscalers(3.5GW),developers(2.2GW),and colos(2 GW) drovethemajority of the growth this month, accounting for 50% of the increase (5 GW remain notdisclosed).Of the hyperscalers, Google (1.8 GW)andAmazon (1.4Gw)drove 90%+oftheM/M increase.For developerand colos,EdgeConnex (1.5GW),BealeInfrastructure(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 sawthegreatest(3 GW) increase. On a cumulative TTM basis,the change in pipeline isdown (for only thesecondmonth this year)by 4%M/M from225GWto 217GW. +19173448622madison.rezaei@bernsteinsg.com Varun Govindaraj+1 917 344 8543vindaraj@bernsteinsg.com GautamChhugani+912268421416gautam.chhugani@bernsteinsg.com UnderConstruction.Capacitymarginally increased by200MWto63.2GW.Colos(399MW),crypto (423 MW)anddevelopers(344 MW) werethelargest contributors,whilehyperscalers andneocloudswereheadwindswithcombined constructiondown1GwM/M.Microsoft (203 MW) was the onlymeaningful contributor for hyperscalers.Of thecolos,Vantage (226MW)andDigital Realty(155MW)werethelargest contributors.Newconstruction was largest in Missouri(288Mw),N.Carolina(251Mw),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+191734488508mark.shmulik@bernsteinsg.com Mark L. Moerdler, Ph.D.+19173448506mark.moerdler@bernsteinsg.com Stacy A. Rasgon, Ph.D.+12135595917stacy.rasgon@bernsteinsg.con 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 theincreasewith2.1GW ofnewly stranded capacity. Mark C.Newman+1 212 845 7822mark.newman@bernsteinsg.com Behind-the-meter slows vs.lastmonth.TheBTM pipeline grewby 1% or 1.6GW M/M to 131 GW after growing 14 GW in May. 15 GW of BTM capacity is currently underconstruction, down slightly M/M by ~4oo MW. Of note, BTM projects accounted for only12%of the additions to June'spipeline,below the 36%YTDaverage.Froman operatortype perspective, neoclouds are most reliant on BTM (56% of pipeline),followed bydevelopers (47% of pipeline),and hyperscalers (38% of pipeline). Currently, only 5%ofthe installed base ofdata centers use this approach,but 24% of the capacityunderconstruction will use it and 39% of the projects in the pipeline will use it. Alex Wang, CFA+85221232613alex.wang@bernsteinsg.com Daniel Zhu+1917344 8309daniel.zhu@bernsteinsg.com Connor Cerniglia, CFA+1 917 344 8472connor.cerniglia@bernsteinsg.com ElectricalsTAMupdate.Basedon thecurrentpipelineand company-disclosed$M/MWopportunity,we estimatethefollowing data center TAMs:PWR ($4.6T),ETN ($791B),LGN($343B),VRT($1T),Schneider ($902B),ABB ($676B),as wellas several otherOEMs. LGN, 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.GRestimate is Reported EPS Organic Sales Growth (%) EBITA (M); PRY.IM estimate is Organic Sales Growth (%); LGN,valuation is Reported P/E (x); NVDA, ORCL, DELL, SMCI base year is 2026;Source: Bloomberg. Bernstein estimates and analysis. andlong-termtailwindsseenintheelectrificationspace.Weseealldatacenterexposednamesinourcoveragebenefitingfrom attractive multi-year endmarketgrowth wherebottlenecks persist, demandfor equipment and laboris high,and backlogsremain healthy.Remain Outperform on ETN ($534),HUBB ($584), LGN ($103),J($163), TRMB ($85), and URI($1,153).Remain Market-Perform on CAT($1002),CMI ($700),0SK ($138)and PWR($725) EuropeanCapitalGoods:WerateSchneider(PT310),Siemens(300),Legrand (170),SiemensEnergy(210),andPrysmian (110) Outperform, and rate ABB (CHF 70) Market-Perform. USCommunicationsInfrastructure:WerateDLR($232)andEQIX($1,222)Outperform.WerateCRWV($67)Underperform. Market-Perform. Bitcoin miners/Emerging Al Infra: Crypto miners remain well positioned to solve‘time to compute'given their planned 3OGWpowerportfolio and operating abilityto deliver'warmpowered shells'in time.Overthepasttwoyears,miners have contracted6 GWofpower capacitytohyperscalers,neocloudsand Al-chipmanufacturers across17deals worthover $110Bn.Thecontracted 6 GW represents~20% of the30 GWpipeline of