Gas turbine prices have risen 195% since 2019. Global orders reached 110 GW by end-2025 against annual manufacturing capacity of 60-70 GW. New orders placed today will not receive delivery before 2029. This is not a demand-side story. It is a physical manufacturing constraint with a six-year clearance horizon, and it is the choke point that determines how fast AI infrastructure can be built.
Why This Is Structural, Not Cyclical
The component that limits turbine production is the single-crystal turbine blade. These blades operate at temperatures exceeding 1,600 degrees Celsius and require direc