[DEVELOPING] Power gap holds as the AI-buildout spine: MS sees a 38GW US shortfall 2026-28; GEV backlog builds
Morgan Stanley frames US data centers needing another 68GW of electricity across 2026-28 against only ~30GW under construction or contracted, a ~38GW gap before mitigation, with gas turbines the largest contributor to closing it. That positions GE Vernova as the clearest beneficiary, with Q1 Electrification orders of $18.3B (up 71% organically) and a book-to-bill near 2.5, alongside grid builders such as Quanta. The desk carries GEV and PWR as validated BUYs on a structural, multi-year power-scarcity thesis.