The AI buildout is running out of places to put its buildings, with more than 300 cities, towns and counties having banned or paused hyperscale data centers and $130 billion of projects blocked or delayed in the first quarter alone. The buildout's four biggest spenders, Amazon (NASDAQ: $AMZN), Microsoft (NASDAQ: $MSFT), Alphabet (NASDAQ: $GOOGL) and Meta (NASDAQ: $META), still plan to spend roughly $725 billion on that infrastructure this year, up 77% from a record 2025, and