AI’s Infrastructure Binge: Spending Sprees and Supply Squeezes

In the private market, what does that growth look like versus the hyperscalers?

So let's specifically break it up. The private market almost is a misnomer, but NeoCloud specifically aren't really that big of the incremental step up. CoreWeave, Nebius, those are big incremental. You know, they're starting to talk about these gigawatt projects that they could potentially have, and the revenue contribution for that could be meaningful. But it's all a drop in the bucket compared to like the 4.5 gigawatts that Microsoft has. Those multi-gigawatt projects is the vast majority. I think what we're really seeing that is not in the private markets is the sovereign. Sovereign demand is really the big incremental that's changed from last year to this year. We're talking about tens of billions of dollars from the UAE, the Middle East, but also even European Stargate. That is where we're seeing the incremental demand. It's not just from private companies, it's often private companies connected to countries.