Is power actually the AI bottleneck now, not chips?

A few things from the last month: * A single downed power line near DC caused data centers to drop over 3 gigawatts of load in about 30 seconds, and it took PJM over 10 minutes to stabilize. * Wood Mackenzie thinks only about 28% of the 1,066 gigawatts requested for US data center projects will actually get built; the rest is phantom demand. * DOE has data centers going from about 4% to 9% of US power demand by 2030. I feel like for two years the constraint everyone talked about was GPU supply, but now power siting, grid interconnection, and local capacity look like the harder constraint now, and it's a much slower one. I'm split on whether this gets solved with capital, batteries, on-site generation, or flexible data centers or if it actually caps how quickly compute can scale.