2026 年展望：AI 基础设施需求演变下，超大规模 AI 产能交付的关键之年；通信塔有望增长，但 EchoStar 仍存不确定性

J P M O R G A N North America Equity Research 12 December 2025 Communications Infrastructure 2026 Outlook: Crucial Year for Hyperscale AI Capacity Delivery as AI Infrastructure Needs Evolve; Towers Poised for Growth, but EchoStar Uncertainty Remains The data center industry went into overdrive in 2025, with incremental capacity builds doubling from last year, and we look for even more supply to be brought online in 2026. This year, AI-focused companies have announced a wave of deals totaling tens of billion ...