New Delhi, Oct. 20 -- Equity-fueled boom, power-limited build, prices on perfection

Where the cycle is undeniably real

The physical footprint is the simple proof. Contractors from Northern Virginia to the Texas Triangle are pouring pads, raising steel, and waiting on transformers. Utilities are juggling interconnection requests that arrive in blocks measured in hundreds of megawatts. For a sense of how the power system is being asked to stretch, see our reporting on grid strain from AI data centers, which follows the queue delays, switchgear shortages, and the scramble for backup generation. None of this appears on a price chart, yet it anchors the investment case with facts that can be counted.

On the corporate side, the commitment sh...