News Summary

• Microsoft has ordered too many chips for the amount of power it has contracted.
• That has put software-first businesses like OpenAI and Microsoft in a bind.
• For more than a decade, electricity demand in the U.S. was flat.
• But over the last five years, demand from data centers has begun to ramp up, outpacing utilities’ plans for new generating capacity.“The cycles of demand and supply in this particular case you can’t really predict,” Nadella said.