全球数据中心需求旺盛，供应仍显不足
Equity Research USA | Digital Infrastructure All the Data Center Demand in the World, StillNot Enough Supply Exhibit 4 - In 2025, Data Center Leases SignedExceeded Actual Delivered Capacity by Over Demand for data centers continues to outpace supply, with hyperscaler capexaccelerating and chip volume forecasts implying GWs of capacity ahead offeasible data center delivery. Demand is not the issue, but the supply chain is.Our DC Capacity data pulls show only 8.9 GW was lit in '25, while data center Exhibit 5 - Under Construction GW in NorthAmerica is Over 6x the Capacity Delivered in2025 Demand Signals Are Unambiguous Across Every Metric:Hyperscaler capex is on pace for $770Bin CY26E, up 74% YoY and nearly 5x the $156B deployed in CY23. Combined cloud backlog surgedto $2T in 1Q26, growing 3x faster than capex since CY23. Bottom-up accelerator sales volumesfrom our semiconductor team imply ~30 GW of global AI power demand in 2026E from GPU/XPU Source: Jefferies, Aterio Six Physical Supply Constraints Set the Ceiling on Deliverable Capacity:Our proprietary DCCapacity Delivery Model calibrates supply ceilings across six constraint categories. We estimateEPC/Labor as the binding constraint in 2026E, with a ceiling of 10.4 GW. Cooling is nearly co-binding Jonathan Petersen * | Equity Analyst(212) 284-1705 | jpetersen@jefferies.com Stephen Volkmann, CFA * | Equity Analyst(212) 284-2031 | svolkmann@jefferies.com StructuralUndersupply Benefits Operators,Suppliers,and New Entrants Across the DCEcosystem:With vacancy rates at 1-3% across primary markets and wholesale rents accelerating,the demand/supply imbalance continues to benefit operators, suppliers, and new entrants alike. DCREITs (DLR, EQIX, IRM) have realized meaningful growth in leasing volumes and pricing over thepast several years, with rents and bookings accelerating alongside AI-driven demand. Supply chaintightness is equally favorable for equipment suppliers, where order growth continues to outpacerevenue delivery across cooling, electrical, and power transformer manufacturers, with backlogs Julien Dumoulin-Smith * | Equity Analyst+1 (281) 774-2066 | jds@jefferies.com Brent Thill * | Equity Analyst(415) 229-1559 | bthill@jefferies.comBlayne Curtis * | Equity Analyst +1 (212) 336-7493 | bcurtis@jefferies.comRoger Samuel, CFA ^ | Equity Analyst +612 9364 2931 | rsamuel@jefferies.com Paul Zimbardo * | Equity Analyst+1 (212) 778-8497 | pzimbardo@jefferies.comAniket Shah, PhD * | Head of Sust. & Transition Strategy(212) 323-3976 | ashah14@jefferies.com Our Data Validates the Trend; With the Data Center Industry Exiting 2025 With a 12 GW Deficit:According to Aterio's comprehensive site database, only 3.4 GW of lit data center capacity cameonline that were not hyperscaler self-builds in North America in 2025, against 15.6 GW of leasessigned (per Data Center hawk), a 12.2 GW deficit. This gap has been growing significantly, from2.9 GW in 2023 to 4.3 GW in 2024 and nearly tripling to 12.2 GW in 2025. From 2021 to 2025,the cumulative deficit has reached 20.4 GW of undelivered data center capacity, a trend we Edison Lee, CFA ‡ | Equity Analyst852 3743 8009 | edison.lee@jefferies.comStephanie Dossmann § | Equity Analyst +33 1 8665 6367 | sdossmann@jefferies.com Mike Prew || | Equity Analyst44 (0) 20 7029 8422 | mprew@jefferies.com Sarim Chaudhry || | Equity Analyst+44 (0)20 7029 8423 | schaudhry1@jefferies.com Our Top Picks to Play DC Supply Chain Tightness (see inside for more details): DLR, EQIX, CORZ,WULF, CAT, ETN, WCC, PRIM, MTZ, NI, ETR, GEV, CRDO, AMZN, CRWV, GOOGL, MSFT, MRL SM, Source: Jefferies, AterioExhibit 3 - Top 15 Data Center Operators/Owners in North America by Power (GW) Table of Contents Best Investments in a Data Center Supply Constraint WorldOur Data Center Capacity ModelData Center Demand is RobustSupply Chain Constraints: What are They and Which Companies? Best Investments in a Data Center Supply ConstraintWorld Jon Petersen (REITs and Digital Infrastructure) first to make the pivot with a 590 MW development for CoreWeave. The company trades at adiscount to peers, despite having the largest powered land bank to drive future growth.• DLRis a data center REIT with a combined wholesale and enterprise Colo platform seeingmeaningfuldemand acceleration as AI workloads scale.Enterprise Colo bookings haveaccelerated from roughly ~$50M per quarter to nearly ~$100M per quarter, with AI now representing ~33-50% of aggregate bookings and ~20% of enterprise Colo activity, up from low-teens levels last year. EQIXoperates the most interconnected data center platform globally, enabling low-latencyinfrastructure across its ecosystem and positioning it as the natural hub for inference and edgecompute. Four of the top five neocloud providers and eight of the top ten AI labs are deployed centers built for neoclouds and hyperscalers. Management's deep experience and legacy in thepower & utilities market positions the company well t