Bernstein: Data Center Pipeline at 456GW, Shelved Capacity Hits Record 51.7GW

According to Chaoxiang Research, a Bernstein research report dated October 11, 2026 states that the September data center project pipeline reached 456 gigawatts (GW), up 52 GW month-over-month, representing a 13% increase; capacity under construction stands at 79.9 GW, up 7 GW month-over-month; shelved capacity reached 51.7 GW, setting a record high and accounting for 11% of the pipeline; 27 states are currently restricting or considering restrictions on new data center construction. Bernstein assesses that AI-driven data center construction demand continues to expand, while local opposition and approval constraints are simultaneously accumulating. The firm remains bullish on the electrical equipment sector, maintaining Outperform ratings on Eaton, Hubbell, Quanta Services, Legence, Jacobs, Forgent, Trimble, and United Rentals, with target prices of $534, $584, $775, $103, $163, $48, $73, and $1,317, respectively.