Group 1 - The data center securitization market has surged from $5 billion to $30 billion, driven by significant investments in facilities equipped with thousands of GPUs for large language models [1] - Securitization has become a stable and scalable financing source for the capital-intensive digital infrastructure industry [1] - After a stagnation earlier this year due to concerns over AI-related data center demand and tariff uncertainties, the market has rebounded significantly, with pricing and issuance volumes returning to positive trends [1] Group 2 - Three key factors support short-term market momentum: a surge in capital expenditures from major cloud service providers (AWS, Microsoft, Google, Meta, Oracle) indicating strong forward demand for AI cloud services [4] - Despite the optimistic short-term outlook, there are concerns about long-term supply-demand balance, with expectations that the data center market will peak in occupancy rates by mid-next year and then gradually slow down [7] - A tight supply situation is evident, with North America's data center vacancy rate expected to hit a historical low of 1.9% by the end of 2024, and 72% of new capacity already pre-leased [8] Group 3 - The "Gateway to the Stars" initiative by the Trump administration prioritizes generative AI infrastructure, encouraging private sector investment and leading to a growing pipeline of data center projects [8] - Investors should focus on market timing to capitalize on the benefits of AI infrastructure development while closely monitoring changes in supply-demand balance to avoid long-term oversupply risks [9]