"This AI thing better work."
Torsten Slok, Apollo's chief economist, when asked what keeps him up at night.
The biggest bet in history runs through a windowless box: chips, servers, networking, storage, power, cooling, and the real estate that shells it all.
We mapped the players in every layer and their performance since 2023. The table below is long. That's the point.
The scale, for context:
- Big tech capex: ~$150B a year three years ago. ~$600B now. Pacing toward $1T by 2027.
- Estimated buildout through 2030: $5.5 trillion (JPMorgan).
- The entire institutional real estate universe: ~$10 trillion.
If your business feeds this machine, the last few years have been very good to you. What could stop the train is the more interesting question.
PS: We answered that one in this week's deep dive: a 60-second tour through a data center, the ten cracks that could cripple the ecosystem, and the tape holding it together. Live now on the CRE Analyst Substack.
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