July 20, 2025 06:00 AM GMT To be clear, capex related to AI and data centers has been in motion for the last few years. Spending from the hyperscalers alone has gone from ~$125 billion two years ago to ~$200 billion in 2024 and the consensus expectation is that it exceeds $300 billion in 2025. Internal operating cash flows from the hyperscalers have been the source of this spending. However, our equity analysts expect the investment needs for data centers to rise sharply over the next few years (see here an ...

July 15, 2025 03:21 PM GMT Crypto-to-DC Conversion Analysis MORGAN STANLEY RESEARCH July 15, 2025 Morgan Stanley & Co. Stephen Byrd Global Head of Thematic & Sustainability Research Stephen.Byrd@morganstanley.com +1 212 761-3865 Jamil Ohayia Global Thematic Strategist Jamil.Ohayia@morganstanley.com +1 212 761-4776 Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affe ...