Data-centre boom exciting but risky; focus on green energy and select banks, says Sameer Dalal

“Data centres are the back office of the AI boom, so you can’t ignore the trend,” Dalal said. “But large capex + low initial utilisation can crush profitability. I’m not buying stocks just because companies are entering Dalal added that replacing storage hardware is expensive and frequent, making depreciation a very real cash cost, unlike other infrastructure plays.Valuation comfort: Only in selective pocketsAccording to Dalal, Indian markets have turned complacent about high valuations, making stock-picki ...