Most AI data centers may never be built. Blame the 'bragawatts.'

What happened: Bernstein Research analyzed thousands of planned US data centers and concluded only about 35% of announced capacity is likely to be built, labeling low-credibility projects "bragawatts." Key numbers: About 170 of nearly 500 gigawatts likely to be built. Why it matters: Bernstein gave Amazon, Google, Microsoft, Meta, Digital Realty, Equinix, and CoreSite perfect 5 out of 5 scores, while newcomers face lower confidence. O'Leary Digital disputed the assessment, saying it would rather be judged on milestones than on a model.

Bernstein Research analyzed thousands of planned US data centers and concluded only about 35% of announced capacity is likely to be built, labeling low-credibility projects "bragawatts."

Bernstein gave Amazon, Google, Microsoft, Meta, Digital Realty, Equinix, and CoreSite perfect 5 out of 5 scores, while newcomers face lower confidence. O'Leary Digital disputed the assessment, saying it would rather be judged on milestones than on a model.