Hyperscaler Self-Build

Most new AI capacity is going up on hyperscalers’ own land, not REIT property. Material driver of construction and electrical demand.

Players

Players: Microsoft MSFT, Amazon (AWS) AMZN, Google GOOG, Meta META, Oracle ORCL, Apple AAPL, xAI (Colossus, Memphis) Private, OpenAI (Stargate sites) Private