Most of the commentary on the data center buildout is still written as if the binding constraint were silicon. It isn't. For anyone actually sourcing to these projects, the constraint moved to the electrical room some time ago, and it has stayed there. Three numbers frame the problem. The power math GE Vernova closed its second quarter of 2026 with a gas turbine backlog of 116 GW, up from 100 GW a quarter earlier, and is now taking reservations for 2031 delivery slots. Like S