The future of artificial intelligence may depend less on chips from Nvidia Corp. (NASDAQ:NVDA) and Advanced Micro Devices Inc. (NASDAQ:AMD), and more on the raw watts needed to power data centers.

America's lead in the global artificial intelligence race is dangerously walking a tightrope, as a looming domestic power shortage threatens to stall progress and open the door for China to seize the upper hand, according to Goldman Sachs.

The bank’s analyst Hongcen Wei indicated the key ingredient to dominating the global AI race is having reliable and ample power supply—something the United States may struggle to maintain.

"The global AI race is heating up, with fierce competition centered on chips, rare earths access, energy supply, talent, and AI adoption," said Wei in a Thursday report.

But what could soon matter most, he said, is electricity.

"As AI demands massive power, reliable and ample power supply is likely to be a key factor shaping this race, especially because power infrastructure bottlenecks can be slow to solve."

US Data Center Growth May Hit A Wall

Currently, the U.S. leads the world in AI infrastructure, hosting 44% of global data center capacity, equivalent to over 50 gigawatts (GW). That's roughly equal to the combined capacity of China, the EU, Japan, South Korea and ...