Core Insights - The Canada data center colocation market is projected to grow from $1.38 billion in 2024 to $2.11 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.33% [1][4] - As of December 2024, Canada has approximately 111 operational colocation data centers, with expectations for growth in both existing and new facilities [1][2] Market Overview - Toronto and Montreal are the primary hubs for data center growth in Canada, with Toronto hosting around 35 facilities and Montreal 29 facilities [2] - The report includes a comprehensive analysis of colocation demand and supply, market size metrics, and insights into the investment landscape in Canada [3][4] Market Dynamics - The report covers various aspects such as utilized white floor area, IT power capacity, and occupancy rates, providing a detailed snapshot of the current market landscape [3][4] - It also examines the impact of artificial intelligence on the data center industry and the sustainability status in Canada [3][14] Competitive Landscape - Key players in the Canadian colocation market include Cologix, Compass Datacenters, Digital Realty, eStruxture Data Centers, Equinix, and Telehouse, among others [2][6] - The report analyzes the competitive scenario, including market share by revenue and IT power capacity for existing operators [6][18] Future Projections - The study forecasts the colocation market's growth factors, potential opportunities, and pricing trends for both retail and wholesale colocation services from 2024 to 2030 [6][14] - It identifies 29 upcoming colocation facilities, indicating a robust pipeline for future growth in the sector [3][14]

Core Insights - Nvidia is collaborating with CoreWeave, Microsoft, Nscale, and OpenAI to build AI infrastructure in the UK to foster innovation, economic growth, and job opportunities [1][2] - The project aims to establish an AI factory by the end of 2026, providing services for leading AI models, including those from OpenAI, to support the UK's autonomous AI goals [1][2] - The investment in AI factories in the UK could reach up to £11 billion, marking the largest AI infrastructure project in the country's history [2] Investment and Infrastructure - The collaboration will deploy up to 300,000 Nvidia Grace Blackwell GPUs across various AI factories in the US, Portugal, and Norway, with up to 60,000 GPUs specifically in the UK [1] - Nscale and Microsoft plan to build the UK's most powerful supercomputer in Lutterworth, Essex, equipped with over 24,000 Grace Blackwell Ultra GPUs to support Microsoft Azure services [2] Quantum Computing Initiatives - Nvidia is taking steps to advance quantum computing in the UK, including a partnership with Oxford Quantum Circuits to establish a quantum-GPU AI supercomputing center [2] - The OQC GENESIS system will integrate quantum computing technology with Nvidia's AI infrastructure at Digital Realty's JFK10 facility in New York [3] Ecosystem Development - Nvidia is collaborating with techUK, Quanser, and QA to strengthen the UK's robotics and AI ecosystem [3] - Various AI leaders in sectors such as quantum computing, life sciences, finance, and robotics are developing applications based on Nvidia's AI architecture [3] Data Center Modernization - BlackRock has announced a partnership with Digital Gravity Partners to invest up to £500 million in modernizing data centers in the UK to meet Nvidia's standards [3]

DigitalBridge Group (NYSE:DBRG) Conference Summary Industry Overview - The infrastructure ecosystem is facing significant challenges with 57 companies competing globally for business [5] - This year is projected to be the largest in terms of capital expenditure (CapEx) deployment across the ecosystem [5] - The company emphasizes the importance of capital and power in the current market [6] Key Insights on Infrastructure - The demand for mobile infrastructure, particularly towers, is experiencing a resurgence, with leasing demand at its highest since 2013 [8] - Mobile data traffic is expected to increase between 3x and 5x, driven by the rise of AI and connected devices [9][11] - The number of connected wireless devices is projected to grow from 30 billion today to 60 billion by 2033 [11] - Machine-to-machine connectivity is identified as the fastest-growing area of data consumption in AI [12] Fiber and Tower Infrastructure - The company is optimistic about the mobile infrastructure sector, particularly due to the growth in machine-to-machine connectivity and AI inferencing [13] - There is a notable increase in new construction, with Vertical Bridge expected to deliver 1,000 towers this year, up from 800 last year [18] - The company is focusing on both residential and commercial fiber businesses, with significant investments planned [20][21] Data Center and Power Strategy - DigitalBridge is investing heavily in data centers, with an average spend of $10 million per megawatt, which has increased to $11-$12 million [30] - The company has a power bank of 22 gigawatts and aims to lease this capacity over the next three years [32] - The U.S. is facing a significant power gap, with a need for 200-300 gigawatts of new power generation [49] - DigitalBridge is exploring building grid-independent power solutions and microgrids to address power challenges [50][55] Financial Performance and Future Outlook - The company is focused on converting megawatts into carried interest, which is expected to significantly enhance its net asset value (NAV) [59] - Fee-related earnings (FRE) are projected to grow, with a goal of achieving a 40% margin by year-end [61] - DigitalBridge is transitioning from a digital REIT to a financial alternative space, which presents both challenges and opportunities [42] Conclusion - DigitalBridge is positioned to capitalize on the growing demand for digital infrastructure, particularly in mobile, fiber, and data center sectors, while addressing power supply challenges through innovative solutions [55][61]

Core Insights - Applied Digital reported a significant revenue miss in fiscal Q4 2025, with GAAP revenue of $38.0 million compared to the expected $79.4 million, but a narrower non-GAAP net loss per share of $(0.03) versus the anticipated $(0.09) [1][2] - The company is undergoing a strategic shift towards long-term AI data center leasing, moving away from its Cloud Services Business to attract large enterprise customers and potential REIT investors [4][9] Financial Performance - Non-GAAP EPS improved by 78.6% year-over-year, from $(0.14) in Q4 FY2024 to $(0.03) in Q4 FY2025 [2] - GAAP revenue increased by 41.3% year-over-year, from $26.9 million in Q4 FY2024 to $38.0 million in Q4 FY2025, despite missing market expectations [2][6] - Net loss attributable to common stockholders decreased by 24.7% year-over-year, from $(35.3) million in FY2024 to $(26.6) million in FY2025 [2] Business Model and Strategy - Applied Digital operates data centers for cryptocurrency mining and high-performance computing, focusing on AI workloads with purpose-built facilities [3][10] - The company signed two major 15-year leases with CoreWeave, projected to generate $11 billion in revenue over their term, indicating a strong commitment to the AI sector [5][6] - The transition to leasing infrastructure rather than providing cloud services is aimed at stabilizing revenue streams and reducing operational friction [4][9] Operational Developments - Selling, general, and administrative expenses rose significantly to $28.1 million in Q4 FY2025, up from $13.1 million in the same period of FY2024, primarily due to increased stock-based compensation and personnel costs [7] - Adjusted EBITDA turned positive at $1.0 million, reflecting some operational improvements despite substantial non-cash charges impacting GAAP losses [8] Market Position and Risks - The company faces competitive pressures from larger players like Digital Realty and Equinix, and is exposed to regulatory risks related to energy consumption and AI hosting practices [12] - Heavy reliance on a few major customers poses a concentration risk, with total debt at $688.2 million as of May 31, 2025, raising concerns about financial stability [11] Future Outlook - Management highlighted a ramp-up schedule for new facilities, with the first 100 MW building expected to be operational in Q4 2025, followed by further expansions in 2026 and 2027 [14] - Cash and equivalents stood at $120.9 million as of May 31, 2025, with additional capital raised through equity and preferred share sales, providing some financial flexibility for future growth [14]

Core Insights - Fortinet's Fabric-Ready Technology Alliance Partner Program has achieved over 3,000 integrations with more than 400 technology partners, highlighting its commitment to interoperability and simplifying security for organizations [1][2][5] Group 1: Industry Context - The digital attack surface is expanding, with 68% of organizations managing between 10 and 49 security tools, leading to challenges in visibility and centralized management [3] - Fortinet's Open Ecosystem provides over 3,000 pre-validated integrations optimized for the Security Fabric, addressing complexities in cloud, virtualization, security operations, automation, IoT, OT, endpoint security, and networking [3][4] Group 2: Customer Benefits - Key benefits of the Fabric-Ready Partner Program include broad visibility of security risks, simplified operations through automation, enhanced incident response via real-time threat intelligence sharing, and rapid deployment through pre-validated integrations [6][19] - The program has grown its membership by 36 times since 2015, reflecting Fortinet's focus on fostering innovation and interoperability [5] Group 3: Partner Contributions - Notable partners such as Armis, CrowdStrike, Digital Realty, Equinix, Megaport, Qualcomm, and ServiceNow contribute specialized expertise in various areas, enhancing the overall value of the Fortinet ecosystem [5][7][8][9][10][15] - The collaboration with partners enables organizations to secure their digital landscapes effectively, regardless of existing technology stacks [2][4]

Demand & Growth - Digital Realty is experiencing strong demand driven by cloud computing, enterprise colocation, hybrid IT, and increasingly AI, across various regions [3] - The company has prepared for this increased demand with 5 gigawatts of land shells and data centers under construction [4] - Digital Realty signed a record 90 million in enterprise colo interconnection, 18% higher than the previous record, adding 139 new customers to the existing 5,000 [8] - The company signed its largest lease with a top hyperscale customer, nearly 100MW of growth [8] - Digital Realty beat expectations and raised its guidance, aiming for mid to high single-digit compounding growth for several years [9] Strategy & Operations - Digital Realty focuses on long-term sustainable growth, building campuses and extending its growth runway [8][18] - The company is pre-leasing data center capacity ahead of delivery, with the quantity of pre-leasing serving as an indicator of future demand [6] - Digital Realty operates in 50 metropolitan areas across six continents, focusing on major metros with robust and diverse demand and barriers to supply [10] - The company emphasizes proximity to GDP and eyeballs, working with local communities and utilities to expedite power delivery [16] Power & Sustainability - Digital Realty is working with utility partners to expedite transmission and increase power to its sites [15] - The company is pursuing power purchase agreements with true additionality and reports that 75% of its global power, nearly 3 gigawatts, is green and sustainable [17]

Core Insights - Realty Income (O) is expanding its portfolio beyond traditional U.S. retail into high-value sectors and international markets, enhancing its growth trajectory and defensive positioning [1][8] - The company has over 15,600 properties across eight countries, leveraging scale, diversification, and disciplined underwriting to drive long-term value [1] Investment Strategy - Realty Income emphasizes sectoral and geographic diversification, with significant investments in gaming and data infrastructure, including a $1.7 billion acquisition of Encore Boston Harbor and a $200 million joint venture with Digital Realty [2] - Since 2019, nearly 30% of sourced volume has come from international markets, primarily Europe, where competition among public net lease REITs is limited [3] Financial Performance - In Q1 2025, Realty Income invested $1.4 billion at a 7.5% cash yield, with $893 million in Europe at a 7.0% yield and $479 million in the U.S. at an 8.3% yield, expecting total investments of $4 billion for the full year [4][8] - The company has maintained a 5% AFFO CAGR since 1996 and stable EBITDA margins, indicating a strong mix of income stability and growth [4] Market Position - Realty Income's global addressable market is estimated at $14 trillion, with a selective, analytics-driven approach leading to $335 billion in sourced opportunities and $31 billion in acquisitions from 2020 to 2024 [3] - The company's shares have risen 7.9% year to date, contrasting with an 8.8% decline in the industry [7] Valuation Metrics - Realty Income trades at a forward 12-month price-to-FFO of 13.23, which is below the industry average, and carries a Value Score of D [9] - The Zacks Consensus Estimate for O's funds from operations (FFO) per share has been revised marginally upward over the past 30 days [10]

Financial Data and Key Metrics Changes - The company reported fee revenues of $90 million, an increase of 24% year-over-year, and FRE of $35 million, up almost 80% year-over-year [27][28] - Distributable earnings for the quarter were $55 million, which included a $34 million gain from the partial realization of an investment in DataBank [28] - Fee earning equity under management increased to $37.3 billion, a 15% increase from the previous year [28] Business Line Data and Key Metrics Changes - The company raised $1.2 billion in new fee earning commitments during the first quarter, contributing to the growth in fee revenues [28] - The fundraising for the flagship Digital Ridge Partner strategy represented over 70% of total fundraising [5] Market Data and Key Metrics Changes - The company noted that despite financial market volatility, allocators are still investing in digital infrastructure, indicating a strong pipeline of investor interest [6][10] - The performance of digital infrastructure assets has been resilient, with private infrastructure delivering solid returns compared to other asset classes [18][20] Company Strategy and Development Direction - The company is focused on building a diversified portfolio across digital infrastructure, including investments in fiber, small cells, and mobile infrastructure [22][23] - The acquisition of Crown Castle's fiber business by Zayo for $4.5 billion is expected to enhance the company's market position and improve returns [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 goals despite some delays in fundraising decisions due to market conditions [9][10] - The company is positioned to benefit from long-term contracts and inflation protection, which are expected to mitigate short-term impacts from market volatility [11][12] Other Important Information - The company has committed over $28 billion in CapEx for new site development over the next 24 months, indicating strong growth plans [12] - The management team emphasized the importance of maintaining a conservative approach to asset valuation to ensure credibility with investors [91][92] Q&A Session Summary Question: Is the guidance for total company FRE growth and margins maintained? - Management confirmed that the guidance for total company FRE growth of 10% to 20% and FRE margins of 34.5% is maintained [53][54] Question: How is market volatility impacting carried interest events? - Management noted that while deal-making has slowed in the U.S., global M&A activity is up, and they are still looking for carried interest opportunities across their portfolio [56][59] Question: What steps can be taken to close the valuation disconnect with peers? - Management highlighted the importance of execution and consistency in delivering on fundraising targets and FRE goals to regain investor trust [63][64] Question: What is the current sentiment from potential investors regarding fundraising? - Management reported that most investors have not changed their allocation strategies and continue to commit to digital infrastructure investments [75][76] Question: Is there a shift in investor interest towards credit strategies? - Management indicated an uptick in interest for credit strategies, with over 100 LPs currently evaluating their private credit offerings [105]

Core Viewpoint - The stock of Vertiv (VRT) is currently seen as a great value due to the ongoing demand for artificial intelligence (AI) applications, which is driving unprecedented data growth and increased investment in data centers [1]. Group 1: Company Overview - Vertiv plays a critical role in the data centers that support AI, designing, manufacturing, installing, and servicing essential digital infrastructure [3]. - The company serves a diverse customer base, including hyperscalers like Microsoft Azure and Google Cloud, colocation providers such as Equinix and Digital Realty, and large enterprises with their own data centers [3]. - Vertiv's equipment addresses critical power, thermal management, and monitoring needs, and the company also provides servicing for its products [4]. Group 2: Financial Performance - The partnership with Nvidia has significantly boosted Vertiv's revenue, as evidenced by a three-year sales growth chart [5]. - Management projects a 16% increase in organic sales to $9.2 billion and a 25% increase in adjusted operating profit to $1.94 billion by 2025, alongside an expansion of adjusted operating profit margin from 19.4% in 2024 to 21% in 2025 [7]. Group 3: Market Conditions - The stock has experienced a 23% decline year-to-date due to a broad market sell-off in technology stocks, driven by valuation concerns and fears of a tariff-induced economic slowdown [8]. - Despite a 30% increase in trailing-12-month orders in the fourth quarter, orders were flat compared to the same period in 2024, with the slowdown primarily attributed to European regulatory changes [10]. - The new requirement for data centers in Europe to report power usage effectiveness (PUE) may temporarily impact orders, but a projected 20% growth in data center supply in Europe by 2025 indicates a bullish outlook [11]. Group 4: Investment Opportunity - Vertiv's current share price reflects a valuation of 25.6 times expected free cash flow (FCF) in 2025, decreasing to 18.8 times FCF in 2026, which is considered attractive for a company with mid-teens sales growth and earnings growth above 20% [12].

Core Insights - The UK Data Centre Market is projected to nearly double by 2028, driven by the growth of AI, cloud computing, and government-backed infrastructure reforms [1][2][5] - The UK government has classified data centres as "critical national infrastructure," which will facilitate streamlined planning laws to attract further investments [2][5] - Power capacity in the UK data centre market is expected to exceed 4 GW by 2030, with significant projects underway [1][6] Market Overview - There are currently 250 active data centres across 72 cities in the UK, with notable projects including an 80 MW data centre in Blackpool and a 384 MW project at Humber Technology Park [1][4][6] - London and Slough remain the dominant hubs for data centres, while cities like Manchester, Scotland, and Wales are seeing increased investments [1][7] Investment Trends - The report indicates nearly fifty new project announcements from around thirty data centre companies, many of which are new entrants to the UK market [6] - Kao Data plans to invest GBP £350 million in a new data centre in Manchester, expected to be operational by 2026 [7] - DataVita aims to double its data centre capacity to 40 MW in central Scotland, with a total investment of approximately GBP £500 million over five years [7] Key Players and Developments - Major players in the market include Equinix, Digital Realty, and Ark Data Centres, with the report covering market trends, pricing forecasts, and investment opportunities for these key players [1][9] - The report also highlights the geographical distribution of data centre providers and their market share in terms of space and power [9][13] Future Projections - Data centre floor space and customer power are forecasted to nearly double from 2025 to 2028, indicating robust growth in the sector [4][9] - The report includes forecasts for data centre pricing, market share, and revenue projections for the coming years [9][13]