China Data Centers_ Likely In Early Domestic Capex Cycle, Race Ahead, Buy VNET_GDS

V i e w p o i n t | 14 Feb 2025 11:11:27 ET │ 22 pages China Data Centers CITI'S TAKE Our checks indicate rising AI/DC-related capex from domestic CSPs and we believe we are at early stages of a domestic AI capex up-cycle/race, cementing our view in our outlook report, while VNET should be a key beneficiary of domestic AI demand, thanks to strong landbank resources, while domestic DC move-in of GDS should remain rapid with MSR turnaround, positive for destocking and deleveraging, despite not capturing near- ...