Morgan Stanley estimates that US data centers will need an additional 68 gigawatts (GW) of electricity between 2026 and 2028. After accounting for projects under construction and available grid capacity, this leaves a 38 GW gap, which could result in a 1 GW to 11 GW supply deficit even after deploying all practical solutions. The investment bank's analysis suggests natural gas turbines are the largest lever to close this power gap, positioning GE Vernova, a dominant player in the large-frame gas turbine market with a multiyear order backlog, as a primary beneficiary. Bitcoin mining firms like Core Scientific and IREN are also noted for their existing grid connections, which could be repurposed for AI campuses.