Land Is the Cheapest Input. Turbines and Transformers Are Not.
Land is the cheapest input in this whole stack.
The binding constraints:
- New heavy-duty gas turbine orders run about 3 years. GE Vernova has roughly 10 GW of slots left across 2029 and 2030 combined.
- Large power transformers now exceed 160 weeks, up from about 50 weeks in 2021.
- PJM projects that came online in 2025 averaged more than 7 years from queue to operating.
You can release acreage with a signature. You cannot sign a turbine into existence.
Related names: $GEV $ETN $PWR $VRT $POWL $CEG.
When people talk about AI infrastructure, follow the bottleneck that cannot be rushed: equipment lead times and interconnection queues, not the land press release.
Originally shared on X: https://x.com/RosannaInvests/status/2101063366793941301
