Data Center Demand Explosion

Meta's AI data center lease obligations surge to $279B, including $50B Hyperion campus. Microsoft $130B in leases. Digital Realty record bookings. Nvidia, AMD, Anthropic sign massive deals. A $1.09T uncommenced AI data center lease pipeline across Big Tech is building, with Oracle showing 7x leverage gap—critical signal for demand and balance sheet risk. Regulatory pushback increasing in several states.