The power super cycle is about more than just AI! Morgan Stanley: The "Three A" forces are pushing the global power shortage beyond expectations, and about half of market demand has yet to be priced in.

Zhitong Finance APP has learned that Morgan Stanley recently released an in-depth global power industry research report, "Powering AI: Agents, Aircons, Allshoring: All Not Priced In," presenting a judgment that differs from the mainstream market narrative: the upgrade in electricity consumption led by data centers and semiconductor fabs over the past three years is spreading to the industrial sector and the residential sector. The "3A" forces consisting of AI agents (Agentic), air conditioners (Aircons), and industrial reshoring/supply chain restructuring (Allshoring) will push global electricity tightness beyond expectations. The bank raised its global electricity consumption growth forecast for 2025-2030 by 10%, estimating that global electricity consumption will reach about 36.3 trillion kWh by 2030, about 60 basis points higher than the IEA forecast, and said it is about 15% faster than market expectations.