Topic
Capex, markets, and where the hyperscale buildout goes next.
Big Tech's data center spending is heading toward $700 billion in 2026, vacancy in top markets has fallen to fractions of a percent, and 71% of Americans don't want any of it next door. Where the capacity is going, and why.
From Johor's gigawatt pipeline to Stargate UAE and Europe's AI gigafactories, the data center boom has gone worldwide. The new capacity is landing wherever power and policy line up.
Big Tech's cash flows can no longer cover the data center boom, so private credit giants, bond markets, securitization desks, and NVIDIA itself are filling the gap. A tour of the money behind the megawatts, and what breaks if AI demand disappoints.
