According to Macquarie, the new capacity of the DRAM industry in the next two years will only be able to support the construction of approximately 15GW of AI data centers. This hard constraint will force the ambitious global AI expansion plans to face large-scale delays and rescheduling, thereby reshaping the power structure of the entire tech hardware supply chain. This is not just a capital issue, but more importantly, a matter of the limits of physical manufacturing capacity.

But according to calculations by Visible Alpha, the global data center installed capacity reached 17.4GW in 2025 and will hit 30.2GW this year.

So in other words, constrained by memory supplies, the growth of AIDC will not be as fast as expected this year. This may explain the recent decline in hardware stocks triggered by the market's interpretation of this report.

Has anyone calculated how many GW of capacity the DRAM industry can support in the next two years?