Once the consensus solidified around a data center expansion wave, the writing was on the wall. But here's the reality check: what everyone hyped as the inevitable AI power boom turned out to be more wishful thinking than concrete reality.

PJM just downgraded its 2027 demand forecast—and the reason is telling. A significant chunk of those "AI data centers" flooding the headlines? They lack binding power contracts or actual construction commitments. It's all projection without the foundation. The gap between bullish narratives and on-the-ground execution keeps widening.