Anders Bylund

It's funny, Emily, because I've heard those stories about how we're overbuilding data centers left and right.

But the fact is that most of those data centers that we've heard about, they haven't even been built yet.

Investors, I think, are reacting more to news of the planned deployment of future data centers than about data centers that are currently on the ground right now.

Building completions, they're going up pretty fast, but it's not an overnight thing.

There's a lot of infrastructure, there's a lot of supporting work that has to go into getting a data center up and running.

It's going to take years to get all the ones that are planned actually built.

Now, yes, there is some risk of a reversal if hyperscalers take

their plans and get cold feet about, are we going to get the return on investment that we had hoped that we were going to get?

Yeah, sure, that might make people pull back on their plans to complete some of the ones that are scheduled to get done in out years.

But I think we're a long way from that point.

And right now, the existing data centers that are up and running and operational are not enough to take care of the current

demand that AI and other intensive computing applications are requiring.

I don't know if I'm going to get that high, but Emily, you and Anders were talking earlier about hyperscalers building out their own data center installations.

That's been a big part of the demand.

But there is a whole class of different companies, the real estate investment trusts that concentrate on being a third-party data center provider.

They're doing their own installations.

Some of these companies are specifically

doing data centers, in particular, Digital Realty Trust, ticker DLR, is the most obvious company in this space.

They have really hammered down on the data center opportunity.

But you've also seen some other real estate investment trusts jump in, companies like Equinix, ticker EQIX, Iron Mountain, ticker IRM, and even American Tower, ticker AMT.