杰富瑞瑞典中型股之旅反馈-第二天：数据中心聚焦

Adela Dashian * | Equity Analyst46 8 5052 4624 | adashian@jefferies.comMartin Comtesse, CFA * | Equity Analyst49 69 719187107 | mcomtesse@jefferies.comFabian Piasta * | Equity Analyst+49 697 1918 7867 | fpiasta@jefferies.comGraham Hunt, CFA ^ | Equity Analyst44 (0)20 7548 4251 | ghunt@jefferies.comJefferies Sweden Mid-CapTour•AFRY•Autoliv (NC)•Conapto (private)•MIPS•Munters•Skanska•Truecaller (NC)•Vimian Inside the Data Center Boom: What Investors Need to KnowWhile the scale and speed of data center expansion raise legitimate concerns about long-termviability, several factors suggest that the growth can be sustained. Below, we highlight the main areasof investor focus and what discussions from the day taught us:Is the demand for data centers durable?The digital economy continues to expand, driven by cloud computing, AI, machine learning, andthe proliferation of connected devices. These technologies require vast amounts of data storageand processing power, which only data centers can provide at scale. Moreover, sectors suchas finance, healthcare, and government are increasingly dependent on secure and reliable digitalinfrastructure, further reinforcing demand. While the emergence of more efficient AI models likeDeepSeek has prompted the market to question the future need for high-performance GPUs andexpansive data center footprints, insights gathered during our data center trip suggest otherwise.Many of the company representatives we met expressed the view that these innovations couldactually accelerate AI adoption by lowering computational costs and broadening accessibility. This,in turn, could drive even greater demand for data infrastructure. Ongoing investment commitmentsfrom hyperscalers further reflect strong confidence in the long-term necessity of robust data centercapacity.While we believe the underlying structural growth drivers for data centers remain intact, we also seesmaller, specialized players as better positioned to navigate capital expenditure pressures comparedto larger peers. These niche providers, particularly those focused on emerging areas such as liquidcooling, operate in less saturated, high-growth segments of the market, offering ample room forexpansion. However, despite these fundamental advantages, they may still be vulnerable to broadermarket sentiment. Specifically, there is a risk that such companies could be grouped under thebroader "AI" investment theme and trading basket, leading to negative share price reactions drivenby shifts in investor sentiment, even when their core fundamentals remain unchanged. We remainattentive to these dynamics, as well as to other emerging risks such as regulatory developments,energy constraints, and evolving technology standards.Can the industry overcome limitations in power, land, and water to supportcontinued expansion?Power availability, land use, and water consumption are becoming critical bottlenecks in severalregions. For instance, in Amsterdam, local governments have temporarily paused new data centerdevelopments due to concerns over electricity grid capacity and land use. Similar constraintsare emerging in other urban hubs where infrastructure growth is outpacing utility upgrades. Toaddress these challenges, industry operators are increasingly investing in on-site energy generationand energy storage systems to reduce reliance on overburdened electrical grids while enhancingresilience and load balancing. At the same time, the deployment of modular and edge data centersis gaining traction. These smaller, decentralized facilities not only reduce the strain on land andutility resources but also bring computing power closer to end users, which minimizes latencyand improves performance. Water usage, particularly for cooling, is another area under scrutiny.In response, innovative alternatives to traditional cooling methods are gaining traction, includingclosed-loop systems, hybrid cooling technologies, and AI-driven optimization strategies.How will evolving regulations impact growth?Evolving regulations are playing a crucial role in shaping the future growth of data centers, drivingboth operational transformation and strategic expansion. Increasingly stringent energy efficiencymandates and carbon reporting requirements are pushing operators to adopt greener technologies,optimize resource usage, and pursue building certifications. At the same time, the rise of datasovereignty and localization laws is prompting a shift toward decentralized infrastructure, withPlease see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. operators constructing regional and edge data centers to comply with jurisdictional requirementsand reduce geopolitical risks. Although company representatives indicate that the regulatorylandscape is becoming more complex, there is a consensus that it is also fostering a moredisciplined, transparent, and innovative data cen