The next phase of the AI race may well be about power supply more than models and chips

But as the scale of the AI industry and its reliance on computing power grows, the bottleneck will move from chips to electricity because all the data centres in the world will not help if they lack a continuous supply of affordable energy. The International Energy Agency estimates that roughly 20% of planned global data-centre capacity will be at risk by 2030, owing to grid bottlenecks and interconnection queues. And as energy supplies are constrained, costs will rise, eventually trickling down to households and firms.