Core Insights - The AI boom has intensified competition for data center capacity, with electricity and grid connections being the primary constraints rather than chips [1] - Hyperscalers have capital but are facing significant delays in utility interconnections, while independent operators that secured power rights early are gaining long-term contracts [2] - Two notable stocks are highlighted for their contracted megawatt capacity, focusing on a purpose-built campus operator and an independent hosting platform [3] Company Analysis - Applied Digital (NASDAQ: APLD) specializes in building AI campuses and has secured long-term leases with fixed minimum payments, providing revenue visibility [5] - In October 2025, Applied Digital signed a $5 billion, 15-year lease for 200 megawatts with a U.S. hyperscaler, with an option for an additional 800 megawatts [5] - The total leased capacity across Applied's campuses is around 600 megawatts, with commitments that mitigate financing risks [6] Industry Dynamics - Infrastructure landlords with multiyear leases and fixed payments offer more revenue visibility compared to software-only AI companies [7] - Existing data center operators can convert sites to AI hosting more quickly than building new facilities, allowing them to serve multiple tech customers [7] - The demand for reliable infrastructure is increasing as enterprises transition AI workloads from proof of concept to production [4]