New Delhi, Oct. 17 -- The global race to expand artificial intelligence (AI) capabilities could increasingly be determined by which companies can secure enough electricity, financing and data-centre infrastructure to operate advanced chips, rather than simply by their ability to acquire the latest technology, according to a Morgan Stanley research report.

The assessment comes as rapid investment in AI infrastructure threatens to outpace the availability of electricity, raising concerns that smaller companies could struggle to compete with financially stronger technology giants.

In its equity research report titled "What Does the Power Shortfall Mean for Semis?", Morgan Stanley estimated that US data-centre developers could face a 32-gig...