The electron is the bottleneck.

US Had 52 GW Data Center Capacity in 2025 vs 28 GW China and 17 GW All of Europe; US Has 4,767 Centers, More Than Next Nine Countries Combined

The US also counts 4,767 data centers, more than the next nine countries combined.

Per Cushman & Wakefield, the US has more current-plus-planned capacity than China, the UK, Germany and eleven other countries combined.

Data centers now consume roughly 5% of US electricity demand, versus roughly 2% in Europe.

The power consumption gap matters because it sets a floor on how much of the AI infrastructure buildout Europe can plausibly host even if capital were available.