2025-06-12-Jefferies-数字基础设施摘要_超大规模扩张_14页_1mb

Equity Research Summary: USA Digital Infrastructure

The report analyzes the digital infrastructure sector, focusing on data center demand driven by artificial intelligence (AI) growth. Key themes include substantial investments by hyperscalers, geographic expansion into secondary markets, and opportunities for real estate investment trusts (REITs) and infrastructure providers.

Major trends involve AI fueling data center absorption, with net absorption in top US markets reaching nearly 5GW in 2024. Supply constraints from land and power shortages limit growth, leading to higher valuations and lease escalators.

Notable company developments:

• Amazon's $30B AI investments in Pennsylvania ($20B) and North Carolina ($10B) signal strong regional demand, benefiting Digital Realty (DLR) in North Carolina.
• Google's partnership with OpenAI for compute capacity and $7B Iowa investments highlight collaboration in AI infrastructure.
• DLR is expanding with 400 MW in North Carolina and a 200 MW campus in Atlanta, targeting Tier 1.5 markets.
• Core Scientific (CORZ) and Applied Digital (APLD) are transitioning from Bitcoin mining to data centers, with CORZ securing favorable deals with Constellation Energy.

Investment thesis: The high-demand environment allows REITs like DLR and EQIX to secure favorable leases. DLR is top-picked due to Hyperscaler contracts, while EQIX and CORZ show potential for growth. Analysts recommend Buy ratings based on strong market positions and AI-driven demand.

Risks include IT spending reductions, increased supply, and geographic concentration. Valuations are supported by strong rent growth and limited capacity constraints, though power and land availability remain challenges.

Summary Key Points:

• AI infrastructure investments by hyperscalers are accelerating demand.
• DLR recommended with a Buy rating for continued expansion.
• Geographic diversification presents opportunities in emerging markets.