Data centres have become one of the most compelling themes in digital infrastructure, supported by long-term growth in cloud, streaming, e-commerce and, increasingly, AI. But the investment case is changing: the next phase is being shaped less by space and storage, and more by power, cooling, connectivity and access to resources.

Key takeaways

  • AI is accelerating demand across training, inference and edge data centres

  • The sector increasingly looks like an infrastructure opportunity, not just a real estate one

  • Power availability, grid access and cooling are now critical constraints

  • Specialist expertise and diversification are becoming essential for investors

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