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Behind the strong growth in investments in artificial intelligence, a less visible story is hidden. More and more large-scale AI and data center projects are being postponed or canceled. Not due to a lack of capital, but because of practical and societal obstacles. And that can also have major consequences for the bitcoin price.
When Capital Meets Resistance And The Hidden Slowdown Behind AI’s Buildout These cancellations don’t show up as one off failures. They build month by month. A few delays in early summer turn into a steady pickup by fall, and by year end it’s clearly accelerating. That’s usually… pic.twitter.com/kFF26q452q — EndGame Macro (@onechancefreedm) December 14, 2025
Capital is available, but execution is getting harder #
According to recent estimates, about $64 billion in planned investments have stalled in the past two years. This withdrawal doesn’t happen suddenly, but step by step: first small delays, then structural blocks. That pattern indicates that the problem is broader than individual projects.
The causes vary, but recur everywhere:
- limited availability of power
- pressure on water networks
- long permitting processes
- local objections over noise and space
- changing tax benefits
- financing that gets stuck due to rising costs and delays
The result is that the route from “money to concrete” is no longer self-evident. Investors want to invest, but projects get stuck before construction begins.
Why this is becoming visible now #
In times of strong growth and low interest rates, there is more support for large-scale projects. Municipalities accept disruption, and financiers accept delays. But now that households are under pressure, infrastructure is overflowing and interest rates remain high, that tolerance quickly disappears.
That local resistance acts as an invisible form of tightening. It doesn’t show up in interest rates or growth figures, but it does slow down the economy. Projects become more expensive, take longer or don’t happen at all.
The timing is particularly interesting: just as the optimism around AI infrastructure reaches its peak, more and more projects are stalling. That tension, between big ambitions and hard physical and political limits, is often characteristic of a late-cycle phase.
No AI crisis, but more friction #
This does not mean that the AI sector is collapsing. Demand remains high. But the easy growth phase seems to be over. Even sectors with strong long-term prospects are now running into limitations in network capacity, labor market and local decision-making.
Economic growth doesn’t stop, but it becomes slower, more expensive and less predictable. And once projects fail at the local level, that process rarely reverses quickly.
What does this mean for bitcoin? #
The impact on the bitcoin price runs through the broader macro picture:
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Less growth momentum, more caution As large investment projects slow, confidence in rapid economic growth declines. This often leads to more risk aversion, which can put pressure on risky investments like bitcoin in the short term.
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More chance of policy support At the same time, a creeping slowdown in growth increases the likelihood that central banks and governments will have to adjust. More liquidity, lower interest rates or fiscal support are historically beneficial for bitcoin, although that effect usually follows with a delay.
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Structural contrast remains While physical growth (like AI infrastructure) gets stuck on tangible limits, bitcoin remains attractive as a digital scarce good that is not dependent on power grids, permits or local politics. That contrast can be supportive for demand in the longer term.