Key Takeaways
- ▹ Power availability, not land, is the primary constraint and moat for modern data centers.
- ▹ AI workloads require significantly higher power densities per rack compared to traditional cloud computing.
- ▹ Long-term lease agreements provide revenue visibility but expose operators to inflation risk if not structured properly.
Data centers have evolved from mere real estate plays into critical infrastructure assets with utility-like characteristics. The surge in AI and machine learning workloads has fundamentally altered the demand curve, pushing operators to construct hyperscale facilities at unprecedented rates.
[ Interactive Chart Placeholder: MW Capacity Pipeline vs. Demand ]