Research · Sep 3, 2026
Equinix FY25 (Dec 31, 2025) at $9.26B revenue (+5.9%). MRR +8% cc; Q4 MRR +10%. Annualized gross bookings $1.6B (+27%); Q4 bookings $474M (+42%). AI workloads 60% of Q4 largest deals. 500K+ interconnections globally; +7,800 net Q4. Operating income $1.85B (20% margin); Net income $1.35B; Diluted EPS $13.76. Capex $4.31B (+40%, Build Bolder); FCF -$400M (capex acceleration). Dividends $1.86B (+13%); zero buybacks. Total debt $22.7B (+$3.8B). 15 analysts: 12 Buy / 3 Hold; consensus $1,086.40, range $894-$1,250. Feb 12 post-earnings: 9 firms raised PTs same day; April: MS to $1,250, WF + Citi to $1,200.
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 13, 2026
April 10, 2026 Treasury yields snapshot signals volatility surge, favoring banks/insurers like PGR, JPM, BAC via NII/margins while pressuring REITs (PLD, EQIX) and NVDA on costs/valuations. PGR tops conviction ranks for pristine balance sheet and yield leverage.
Research · Apr 10, 2026
April 1's strong US data reduced Fed cut bets, favoring banks (JPM, BAC) and cyclicals (CAT, XOM) via higher NII and demand, while REITs (PLD, EQIX) face debt headwinds. JPM leads conviction at cheap multiples; ranked picks prioritize resilient earners.
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
Cato Institute's push for US AI infrastructure investment underscores the buildout boom, positioning NVIDIA, Dell, Applied Materials, Equinix, Amazon, and Microsoft as prime beneficiaries. These firms show explosive growth in AI-related revenue, with NVDA leading conviction. Watch capex guidance and policy 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 10, 2026
CoreWeave's $8.5B financing highlights surging AI infrastructure demand, benefiting Nvidia, Broadcom, Dell, Equinix, Super Micro, and AMD. We analyze each's exposure with fresh financials and rank conviction from strongest (Nvidia) to solid (AMD). The buildout persists, but capex risks loom.
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.
Research · Mar 12, 2026
Oracle's capital expenditure has surged to a $40B+ annualized run rate in FY2026, with $12B spent in the most recent quarter alone — nearly doubling FY2025's $21.2B total. NVIDIA captures the largest share through GPU sales, while Vertiv (power/cooling, +214% 1Y return) and Quanta Services (electrical infrastructure, +128% 1Y return) offer leveraged exposure to the physical buildout layer.
