Data center expansion is reshaping global power markets. Last year saw a surge in demand for electrical infrastructure as AI computing and blockchain networks scaled up worldwide, pushing power transformer exports to record highs. China capitalized on this trend, securing significant market share as Western supply chains struggled to keep pace with accelerating electrification needs. The squeeze on transformer supplies has rippled through global markets—spot prices climbed while lead times stretched. It's a domino effect: rapid buildout of data centers for everything from AI training to crypto mining infrastructure drives demand for reliable power systems, but manufacturers can't ramp up fast enough. Meanwhile, the broader energy transition toward renewable-powered infrastructure compounds the challenge. For those tracking market cycles, this supply crunch on critical industrial components often signals broader infrastructure expansion phases ahead.