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4 articles tagged #data-centers. See all tags →
Nvidia was the obvious AI trade. The non-obvious one is whoever plugs the grid into the building. Hyperscalers are guiding to $725 billion of 2026 capex, and the binding constraint is no longer chips. It's turbines, transformers, and interconnection queues.
Real estate people ignored the AI trade. Tech people ignored REITs. In the middle sit Equinix and Digital Realty, landlords for the compute that runs GPT and Gemini. In 2026 they are up 36% while the rest of real estate barely moved.
Microsoft is paying to restart Three Mile Island. That is not a meme, it is a thesis. Here's how the nuclear trade actually splits between cash-flowing utilities like Constellation and pre-revenue SMR bets like Oklo and NuScale.
The warehouse trade is over. Logistics rents fell 4.5% in 2025 while data center rents hit a record $196.25 per kW/month at 1.4% vacancy. The next industrial asset class is here, and its scarce input is not land, it's power.