Tech companies are earmarking unprecedented sums of money to finance the build-out of massive data centers, with a planned $80 billion equity-raise by Google parent Alphabet being the latest example. But even as the piles of capital secured have grown ever larger, the ability to deploy it in the artificial-intelligence race has become less certain. Supply-chain backlogs, permitting fights and availability of power supplies are among the issues that have caused the construction of data centers to fall behind targeted timelines, with the gap growing wider in recent months: A JPMorgan analysis last month found that more than 60% of…

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