The AI infrastructure boom has a timing problem. Chip stocks are feeling the pain of delayed Google AI projects, but the companies actually writing the checks for data centers haven’t flinched, continuing to pour record amounts of capital into buildouts that will take years to complete.
The delay problem is bigger than Google
Nearly half of planned 2026 US AI data center mega-projects are facing some form of delay, postponement, or outright cancellation. Of the anticipated 12-16 GW of data center capacity, only about 5 GW is under active construction as of mid-2026.
JPMorgan found that over 60% of data center capacity planned for 2027 hasn’t even started construction yet.
The culprits are the usual suspects in large-scale infrastructure: power grid constraints, permitting difficulties, and supply chain bottlenecks.
