Research · Sep 3, 2026
Digital Realty Trust FY2025 revenue ~$5.85B (+5-7%) with FFO/share ~$7.00. AI infrastructure demand cycle drove FY2024 record bookings ~$1B+ (vs $500M historical baseline) — hyperscaler concentration ~80%+ of bookings. Total IT capacity grew from ~2,400 MW FY2021 to ~3,400 MW FY2025 (~42% capacity growth). Development capex elevated to ~$4B+ FY2025 supporting AI demand response (development yield ~8-9% on cost). Hyperscaler customer concentration: Microsoft + Google + Amazon + Meta + Oracle + selected emerging AI customers. Same-store NOI growth ~4-5%. CEO Andrew Power transitioned Jan 2024 (succeeded Bill Stein 2014-2024). Dividend coverage tight at ~93-98% AFFO. FY2026 thesis: AI demand continuation supports record bookings + development pipeline scaling; key risks: AI cycle reset, dividend coverage compression forcing cut, Equinix competitive intensity at hyperscaler accounts.
Research · Jun 4, 2026
Hyperscalers commit $400-500B AI capex through 2026. DLR and EQIX absorb it as colocation operators at half the ASIC peer multiples, with yield protection.
Research · Apr 10, 2026
New Era Energy & Digital's JV with Stream for West Texas' TCDC campus catalyzes renewable AI data centers, benefiting NEE, EQIX, DLR, VST, and FLR through power supply, operations, and construction. NEE and DLR lead with strong growth and valuations amid surging Texas demand. Watch ERCOT queues and PPAs for confirmation.
Research · Apr 10, 2026
Microsoft's $5.5B AI infrastructure investment in Singapore highlights Southeast Asia's cloud buildout, benefiting US data center REITs (EQIX, DLR) and chip leaders (NVDA, AMAT, ORCL, MSFT). The article ranks exposure based on financials, growth, and guidance, with EQIX topping conviction. Watch for regional capex and power risks.
Research · Apr 9, 2026
Microsoft's $10B Japan investment ignites AI infra demand, benefiting NVDA's GPUs, EQIX/DLR data centers, MSFT's cloud, and CRWD/PANW cyber. Ranked leaders: NVDA, MSFT, EQIX amid 65%+ sector growth.
Research · Mar 12, 2026
Data center REITs are experiencing unprecedented demand as hyperscalers and GPU cloud providers race to lock up AI-ready capacity, with CoreWeave alone planning $30-35B in 2026 capex. Digital Realty offers the best risk-reward with its 5 GW power pipeline and record backlog, while Iron Mountain is the highest-upside dark horse with 30%+ data center revenue growth at a meaningful valuation discount to peers.
