Morgan Stanley after their second annual Powering AI Summit: -Likely significant US power shortage faced by data center developers, with particular risk in 2027 and 2028. -Growing preference for off-grid solutions given political risk avoidance, and given rising challenges in securing power grid access. -Improving terms of power + data center deals, but execution risks for project developers remain significant. -Battery storage at data centers may become the new "bring your own power" dynamic in 2026. Having battery storage could be thought of as the new "political table stakes" - this can help a data center developer allay fears that their project could contribute to higher power prices during peak demand periods.