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    Michael Elias

    Communications Infrastructure Analyst at TD Cowen

    Michael Elias is a Communications Infrastructure Analyst at TD Cowen, specializing in coverage of the data center and communications infrastructure sector, with a research focus on companies such as Akamai (AKAM), Equinix (EQIX), DigitalBridge (DBRG), and GDS. He consistently provides investment research and recommendations, holding a success rate of approximately 54.9% and an average return per transaction of 5.3%, with his most profitable call yielding a 313.4% return on GDS. Michael began his career as an Equity Analyst at Xanthus Capital Management before joining TD Cowen, and he holds a B.S. in Industrial Engineering. His professional credentials include sector expertise and a record of high-performing calls recognized on platforms such as TipRanks.

    Michael Elias's questions to DigitalBridge Group (DBRG) leadership

    Michael Elias's questions to DigitalBridge Group (DBRG) leadership • Q2 2025

    Question

    Michael Elias of TD Cowen inquired about the scaling of AI inference workloads, how DigitalBridge is positioned to capture this emerging demand, and the expected financial results and return profile compared to the AI training phase.

    Answer

    CEO Marc Ganzi explained that the market is in the "bottom of the first inning" for inference, which favors highly interconnected, high-power capacity platforms like DataBank and Switch. He noted that inference architecture differs from traditional cloud edge, requiring larger power deployments. Ganzi highlighted that these edge deployments can create a customer ecosystem, driving higher returns, citing a campus in Utah with levered returns "well north of 30%." He emphasized that DigitalBridge's ability to deliver power today is a key differentiator for winning these workloads.

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    Michael Elias's questions to DigitalBridge Group (DBRG) leadership • Q4 2024

    Question

    Michael Elias asked about the strength of DigitalBridge's data center leasing pipeline entering 2025 compared to the prior year and inquired about the outlook for hyperscale data center development yields and pricing.

    Answer

    CEO Marc Ganzi confirmed that the data center leasing pipeline is up 22% year-over-year to over 6.2 gigawatts. He emphasized that the entire digital ecosystem is performing well, with fiber pipelines up over 50%. Ganzi stated that development yields have stabilized in the double-digit range for their strategic projects and have not retreated, as the company avoids chasing lower-yield deals. He added that their ability to tap securitization markets helps preserve these returns.

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    Michael Elias's questions to EQUINIX (EQIX) leadership

    Michael Elias's questions to EQUINIX (EQIX) leadership • Q2 2025

    Question

    Michael Elias of TD Cowen asked if pre-buying equipment could smooth CapEx and boost future AFFO growth, and requested more color on the customer demand signals underpinning the 'Build Bolder' initiative.

    Answer

    CEO Adair Fox-Martin highlighted strong demand signals, including trends toward distributed workloads, increased power density, and larger enterprise deployments for AI. CFO Keith Taylor addressed the financial question, explaining that while pre-buys shift spending, the overall scale of investment means it won't meaningfully alter the AFFO outlook, for which operating performance remains the key driver.

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    Michael Elias's questions to EQUINIX (EQIX) leadership • Q2 2025

    Question

    Michael Elias of TD Cowen asked if pre-buying equipment could smooth the CapEx curve to improve 2026 AFFO growth and requested more color on the customer demand signals underpinning the 'Build Bolder' initiative.

    Answer

    CEO Adair Fox-Martin detailed customer demand signals, including trends toward distributed workloads, increased density, and AI-driven use cases requiring data privacy and secure interconnection. CFO Keith Taylor addressed the financial question, stating that while pre-buys have a marginal impact, the primary drivers of AFFO growth remain strong operating performance and efficient debt management, not the timing of specific capital purchases.

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    Michael Elias's questions to EQUINIX (EQIX) leadership • Q1 2025

    Question

    Michael Elias inquired about pre-leasing activity for the over 9,000 cabinets scheduled for delivery in Q4 2025 and what that suggests for the 2026 growth trajectory.

    Answer

    CEO and President Adaire Fox-Martin confirmed that Equinix experienced presale activity in Q1, similar to late 2024, with customers committing to capacity further out on the delivery roadmap to secure their compute and energy future. She affirmed that the company closely manages the ready-for-service dates for all new capacity coming online.

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    Michael Elias's questions to Vertiv Holdings (VRT) leadership

    Michael Elias's questions to Vertiv Holdings (VRT) leadership • Q2 2025

    Question

    Michael Elias of TD Cowen asked how Vertiv's product footprint needs to evolve to keep pace with data center trends like directing medium voltage to the rack and rising rack densities.

    Answer

    CEO Giordano Albertazzi confirmed these trends are on Vertiv's roadmaps and that power infrastructure will evolve much like thermal has. He highlighted the company's deep DC power expertise and its close collaboration with key industry players to define future architectures, emphasizing the growing importance of an orchestrated system from generation to rack.

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    Michael Elias's questions to Vertiv Holdings (VRT) leadership • Q2 2025

    Question

    Michael Elias of TD Cowen asked how Vertiv's product portfolio is evolving to address emerging data center trends like medium voltage power to the rack and rack densities approaching two megawatts.

    Answer

    CEO Giordano Albertazzi confirmed these trends are on Vertiv's technology roadmaps and that power infrastructure will evolve significantly. He noted Vertiv is leveraging its DC power expertise and collaborating with silicon and hyperscale partners to define future architectures, connecting this evolution to the broader trend of power self-sufficiency in data centers.

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    Michael Elias's questions to Vertiv Holdings (VRT) leadership • Q3 2024

    Question

    Michael Elias of TD Cowen asked for confirmation that the demand pipeline entering Q4 was higher than when entering Q3, and questioned if elongating customer lead times could negatively impact Vertiv's pricing power.

    Answer

    CEO Giordano Albertazzi gave a resounding 'yes' to confirm that the pipeline entering Q4 is higher than it was entering Q3. He stated that Vertiv does not see a correlation between longer lead times and reduced pricing power, noting that the elongation is driven by customer project schedules and actually provides benefits for supply chain planning.

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    Michael Elias's questions to DIGITAL REALTY TRUST (DLR) leadership

    Michael Elias's questions to DIGITAL REALTY TRUST (DLR) leadership • Q2 2025

    Question

    Michael Elias of TD Cowen requested an update on the Charlotte market, specifically regarding power availability and customer conversations. He also asked about the nature of the enterprise pipeline for deals larger than 20 megawatts.

    Answer

    CIO Greg Wright confirmed that the Charlotte development is on track, with strong customer interest. Chief Revenue Officer Colin McLean noted that while the overall enterprise pipeline is at a record high and deal sizes are increasing, demand for blocks over 20 megawatts from enterprises is more sporadic compared to hyperscalers.

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    Michael Elias's questions to DIGITAL REALTY TRUST (DLR) leadership • Q1 2025

    Question

    Michael Elias from TD Cowen asked for an update on the Teraco and Ascenty investments, specifically regarding the put-call option for the remaining Teraco stake and the current status of Ascenty.

    Answer

    CIO Gregory Wright explained that for Teraco, a put-call mechanism for the remaining stake begins in mid-2026. He praised Teraco's strong performance and market position. Regarding Ascenty, he stated the business and its partnership with Brookfield are performing well, with the team successfully expanding its enterprise business alongside its traditional hyperscale focus. He confirmed there are no exit rights associated with the Ascenty investment.

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    Michael Elias's questions to DIGITAL REALTY TRUST (DLR) leadership • Q4 2024

    Question

    Michael Elias of TD Cowen asked for a prognosis on where development yields and spot market pricing for hyperscale deals are heading, particularly in relation to where the private market is clearing deals.

    Answer

    CEO Andrew Power expressed confidence that Digital Realty can maintain returns a couple of hundred basis points higher than the average competitor. He acknowledged that while private market returns are healthy, Digital Realty's ability to be selective and not chase volume at the expense of price allows them to achieve superior yields on their valuable, well-located capacity.

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    Michael Elias's questions to DIGITAL REALTY TRUST (DLR) leadership • Q3 2024

    Question

    Michael Elias asked about the drivers behind the exceptional enterprise bookings, questioning if it was due to a better market backdrop or a shift in go-to-market strategy, and also inquired about pricing power with these customers.

    Answer

    President and CEO Andy Power attributed the success to a multi-year strategic transformation, not a single quarter's event, and noted healthy 4.5% cash mark-to-markets in the 0-1MW segment. CRO Colin McLean added that platform enhancements, like new assets in key markets, are attracting more enterprises, with record 'export' activity proving the platform's value.

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