Nokia Oyj (NOK) CEO Justin Hotard said the tech industry would build data centers twice as fast if not for supply constraints, CNBC reported, citing an interview on its "The Tech Download" podcast.

"I don't think you can say in any manner we're overbuilding today," Hotard said, according to the report. He said customers would probably build 2x faster if they could, which gives him confidence the industry is still in the early days of the AI buildout.

Hotard cited shortages of key memory chips and energy among the supply constraints facing the sector, the report said.