The Giants Supporting the AI Era: Competition and Constraints of Digital Infrastructure Companies
The "invisible foundation" supporting the generative AI boom is the "digital infrastructure complex" of data centers, fiber, towers, and power. From the massive investments of hyperscalers, the expansion of REITs and emerging AI clouds, to government subsidies and power transmission constraints, every "player" in the ecosystem is moving simultaneously. This article organizes the major corporate groups and provides an overview of investment and business opportunities and risks.
1. Demand Driver: Hyperscalers' "$325 Billion" CAPEX
The 2025 CAPEX of the four major US hyperscalers is projected to be around $325 billion, an increase of over 30% from the previous year. This is rising to over 20% of revenue, with the expansion of computing resources for generative AI being the primary factor.
In terms of power, global data center electricity demand is expected to roughly double (945 TWh) by 2030. In the US alone, an additional 460 TWh is required between 2023 and 2030, and constraints on power supply and transmission are becoming a "quiet bottleneck" to growth.
2. The Core of Data Centers: Expansion of REITs and AI Clouds
2-1. Global REITs (Equinix / Digital Realty)
Equinix is expanding to a scale of 260 global locations, with plans to add 24,000 racks by 2027. It is responding to AI demand with an annual investment range of $4–5 billion.
Digital Realty also reported $1.4 billion in Q1 2025 revenue and announced a €5 billion AI infrastructure investment in Europe.
2-2. Emerging AI Clouds (CoreWeave)
CoreWeave has raised $2.6 billion in collateralized debt to prepare for unfulfilled demand, while increasing its presence through "high-speed vertical scaling" of AI-specialized data centers, such as building up long-term leases of 400 MW / $15 billion with Applied Digital.
3. Symbol of Mega-Projects: The "Stargate" Initiative
OpenAI is partnering with Oracle and SoftBank to promote a 7–10 GW class large-scale data center cluster in the US. It expects a cumulative investment of over $400 billion and the creation of over 25,000 jobs, and agreements of up to $100 billion with NVIDIA for GPU supply have been reported. Securing power has emerged as the biggest challenge.
4. Arteries of Connectivity: Fiber (Zayo and others)
It is estimated that the AI era will require an additional 200 million fiber miles of long-haul and metro fiber combined. Zayo is enhancing "AI-optimized" lines, such as a new 521-mile route, and accelerating the development of dark fiber within the US.
In addition, the US government's BEAD ($42.45 billion) program is supporting broadband development in unserved areas, which is spreading not only to the last mile but also to the expansion of the base for inter-DC and edge connections.
5. The Last Mate: Towers (American Tower / Crown Castle)
On the mobile side, the deployment of 5G mid-band continues. American Tower suggests growth opportunities in 5G expansion and the edge. Crown Castle is pivoting to focus on towers by selling its small cell/fiber business, aiming to improve capital efficiency through a reorganization involving transfers to Zayo and EQT.
6. Power and Peripheral Supply Chain: The Biggest Constraint and New Opportunities
Due to shortages of transformers and switchgear and tight grid capacity, the risk of 24–72 month delays in new data center construction is becoming apparent. Demand areas (e.g., Phoenix) are reaching 1.5 GW loads, increasing the importance of coordination with utilities, the use of on-site power sources (gas turbines, etc.), and long-term PPAs.
In the periphery, the "reshoring to North America" of component supply is also progressing, with Brazil's WEG deciding to invest in a 50% increase in transformer capacity in the US.
7. Risk Management: Overinvestment or Continued Supply-Demand Tightness?
While the monetization speed of the AI mode is difficult to predict, advance contracts for data centers (high pre-lease ratios) function as a supply adjustment valve. According to projections by JLL and various consulting firms, there is a possibility of $1 trillion in scale/over 100GW of construction starts in North America between 2025 and 2030, with observations of tight supply and demand, such as a 73% pre-lease ratio for the construction pipeline.
Summary
The “next wave of the cloud” will proceed through a trinity of AI, power, and connectivity. Simultaneous optimization across the entire group of companies—REITs (Equinix/Digital Realty), AI clouds (CoreWeave), fiber (Zayo), towers (American Tower/Crown Castle), and power/component suppliers—is the source of competitiveness. The constraints are severe—which is precisely why companies that span capital formation, power source strategy, and network expansion will most reliably harvest the fruits of this unprecedented “GW-class” investment cycle.
