2025年悉尼AWS峰会花絮

Australia | Data Centers Tidbits from AWS Summit Sydney 2025 AWS'sinvestment in cloud infrastructure,coupled with acceleratingmigration to the cloud may present tailwinds to NXT and IFT. AWS'snetwork demand shows the appeal of TLS's inter-city fibre network. MP1may face competitive pressures from Cloudflare's expanding networkconnectivity services. Meanwhile, MAQ may experience continued impactfrom VMware's price rises before transitioning to alternative solutions. AWS's investments in AU/NZ.We attended the AWS Summit in Sydney, a large eventthat reached full capacity. AWS has established itself as an important player in the AIlandscape, with the opening keynote speech showcasing several new tools such as Bedrockand Sagemaker. Over the next two years, AWS plans to invest $13.2 billion in Australia for cloudinfrastructure, including data centres. Additionally, AWS is investing $7.5 billion in New Zealandto establish on-shore data centres. The summit highlighted significant adoption of AWS's AItools by the Big 4 banks in Australia. One notable example is ANZ Bank's implementation ofAMIE, a dedicated AI market intelligence engine designed to assist bankers in making decisionsabout their client portfolios. More to go in cloud migration.Speaking with Nutanix and Red Hat OpenShift, we get asense that migration of IT workload from on-premise to cloud is still in its early stages. Mostcorporates have been holding back on cloud migration because they can still sweat their IThardware by using VMware. Now that VMware has increased its prices substantially in the last12 months, corporates are accelerating their migration to the public cloud. Preparing for AI isalso another catalyst for cloud adoption. This trend, coupled with AWS's investments in theregion, should provide tailwinds for data centre operators likeNXTandIFT/CDC. In terms ofMAQ, although Nutanix and Red Hat OpenShift are viable alternatives to VMware, this transitionto newer solutions will not happen overnight, and MAQ's Cloud Services & Gov't may continueto feel the impact from VMware's price rises for another 12 months. Network connectivity is important.AWS has significantly increased its network capacityglobally by 80% in the last 12 months, underscoring the importance of robust networkconnectivity. This expansion aligns with AWS’s stated commitment to enhancing its cloudinfrastructure and supporting the growing demands of enterprises. In Australia,TLSis at theforefront of this development with its current rollout of an inter-city fibre network. The latestupdate reveals that TLS will activate the Sydney to Melbourne connection via Canberra in 2Hof this year, with expectations for strong demand on that network. MSFT has already secureda position as an anchor tenant, and other hyperscalers are likely to follow suit. Cloudflare vs MP1 - friend or foe?WhileMP1should also be a beneficiary of the rising demandfor network connectivity, our meeting with Cloudflare suggested that the cybersecuritycompany could become a competitor to MP1 one day. Cloudflare expanded its portfolioin 2019 to include network connectivity services, through its “Connectivity Cloud” platform.Although this is not new news, Cloudflare's recent announcement of Magic Cloud Networking,currently in beta, may change the competitive landscape for MP1. Furthermore, Cloudflare’ssubstantial investment in purchasing capacity on fibre networks worldwide may impact MP1by pushing up input costs and/or reducing available capacity. Roger Samuel, CFA * | Equity Analyst+612 9364 2931 | rsamuel@jefferies.com Lucy Krimmer * | Equity Associate+612 9364 2924 | lkrimmer@jefferies.com Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Roger Samuel, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Lucy Krimmer, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. Registration of non-US analysts:Roger Samuel, CFA is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company,