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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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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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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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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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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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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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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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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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