--- title: The US has 5,381 data centers — more than China (449) and every other major nation combined. description: "The American bet is simple: own the most compute, win the AI race.\n\nBut China isn’t playing that game.\n\nInstead of chasing data center volume, China open-sourced frontier models (DeepSeek, Qwen, Baichuan) that run on cheap hardware.\n\nDeepSeek trained a frontier model for $5–6M (vs. tens of millions in the US).\n\nInference costs are ~280x cheaper than ChatGPT.\n\nModular data centers deploy in weeks, built around ultra-low-cost power.\n\nChina isn’t scaling infrastructure. They’re scaling efficiency — and commoditizing intelligence.\n\nMeanwhile, the US is hitting a wall: the power grid.\n\nData centers already use 6% of US electricity, headed to 11% by 2030.\n\nSpare grid capacity has fallen from 26% → 19%, on track for <15%.\n\nSome regions face 7-year waitlists just to connect new facilities.\n\nOhio alone rejected 17 GW of new data center interconnection requests.\n\nYou can build data centers. But can you power them?\n\nChina can.\nBy 2025, their installed capacity hits 3.99 TW (up 19% YoY). Renewables are nearly half of all generation. In the first five months of 2025 alone:\n\n197 GW solar added\n\n46 GW wind added\n\nBy 2030, China is expected to have 400 GW of spare power capacity — over 3× global data center demand.\n\nThe US built the most data centers.\nChina built the power to scale whatever it wants.\n\nThe real race isn’t about who has more compute today — it’s who can power their compute tomorrow. And on that dimension, China is pulling ahead.\n\nSource: StockMarket.news, Apollo" image: https://blog.syzgroup.com/hubfs/5-Nov-19-2025-01-12-44-0517-PM.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 19 Nov 2025 - - - #### The US has 5,381 data centers — more than China (449) and every other major nation combined. The American bet is simple: own the most compute, win the AI race. But China isn’t playing that game. Instead of chasing data center volume, China open-sourced frontier models (DeepSeek, Qwen, Baichuan) that run on cheap hardware. DeepSeek trained a frontier model for $5–6M (vs. tens of millions in the US). Inference costs are ~280x cheaper than ChatGPT. Modular data centers deploy in weeks, built around ultra-low-cost power. China isn’t scaling infrastructure. They’re scaling efficiency — and commoditizing intelligence. Meanwhile, the US is hitting a wall: the power grid. Data centers already use 6% of US electricity, headed to 11% by 2030. Spare grid capacity has fallen from 26% → 19%, on track for \<15%. Some regions face 7-year waitlists just to connect new facilities. Ohio alone rejected 17 GW of new data center interconnection requests. You can build data centers. But can you power them? China can. By 2025, their installed capacity hits 3.99 TW (up 19% YoY). Renewables are nearly half of all generation. In the first five months of 2025 alone: 197 GW solar added 46 GW wind added By 2030, China is expected to have 400 GW of spare power capacity — over 3× global data center demand. The US built the most data centers. China built the power to scale whatever it wants. The real race isn’t about who has more compute today — it’s who can power their compute tomorrow. And on that dimension, China is pulling ahead. Source: StockMarket.news, Apollo [#AI|](https://blog.syzgroup.com/syz-the-moment/tag/ai) [#china](https://blog.syzgroup.com/syz-the-moment/tag/china) ![The US has 5,381 data centers — more than China (449) and every other major nation combined.](https://blog.syzgroup.com/hubfs/5-Nov-19-2025-01-12-44-0517-PM.jpg) ![The US has 5,381 data centers — more than China (449) and every other major nation combined.](https://blog.syzgroup.com/hubfs/5-Nov-19-2025-01-12-44-0517-PM.jpg) #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [Food for Thought|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [The AI bond rout has now hit the blue-chip tenants as well.](https://blog.syzgroup.com/syz-the-moment/the-ai-bond-rout-has-now-hit-the-blue-chip-tenants-as-well?hsLang=en) Meta's Hyperion: 91c. Hut 8's Nvidia-leased sites: 91-93. Microsoft-leased Excalibur: 87. All were sold as the "safe" end of the AI trade. Well, it's now very quickly repricing like the risky end. Source: Nic @puckrin, FT **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 16/10/2026 [earnings|](https://blog.syzgroup.com/syz-the-moment/tag/earnings) [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [Anthropic just printed $16.8bn in ONE quarter.](https://blog.syzgroup.com/syz-the-moment/anthropic-just-printed-16.8bn-in-one-quarter?hsLang=en) +46% QoQ. Profitable (adjusted). Cash-flow positive. $1.70 of revenue per $1 of compute. Few companies in history have printed a quarter like this. So why is the perp future on Binance down 14% from its high? 📉 Because markets price the slope, not the level. → Monthly run-rate growth: ~33% (Jan–Jul) vs 3–7% (Aug–Sep) → $100bn by year-end now needs Q4 to roughly double that pace → Token prices have halved in a month → Usage up, spend flat (Ramp data) → OpenAI is back, and it’s now a two-horse race → “Adjusted” profit, with $518bn of compute commitments ahead The key question: Can volume grow faster than prices fall? What to watch: the S-1 (~25 Oct), token prices, Q4 run rate, credit spreads. Spectacular numbers. Harder questions. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 15/10/2026 [AI|](https://blog.syzgroup.com/syz-the-moment/tag/ai) [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) #### [One reason for the skepticism: Anthropic token prices have tumbled to all time low](https://blog.syzgroup.com/syz-the-moment/one-reason-for-the-skepticism-anthropic-token-prices-have-tumbled-to-all-time-low?hsLang=en) Source: Zerohedge **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 15/10/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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