According to a report by Jefferies, the global demand for data centres is significantly surpassing supply, leading to a structural shortage expected to persist due to accelerating artificial intelligence (AI) adoption. Despite major technology companies like Amazon, Microsoft, Google, and Meta planning aggressive capital expenditures, supply chain constraints are hindering the delivery of sufficient data centre capacity. In 2025, demand is projected to reach nearly 21.1 GW, while only 8.9 GW of capacity is expected to become operational, creating a 12 GW shortfall. Jefferies estimates that hyperscaler capital expenditure will increase to $770 billion in 2026, nearly five times the $156 billion spent in 2023. The report also highlights that AI-driven power demand for data centres could reach 30 GW by 2026. However, multiple supply-side bottlenecks, including labor shortages and equipment constraints, are limiting the construction pace of new facilities. As a result, data centre operators and infrastructure developers are likely to benefit from the ongoing demand-supply gap, with low vacancy rates and rising rental rates across key markets.