While at Google, where he led data center acquisitions across North America, Raj Vohra learned "we're just scratching the surface of what the world needs for compute capacity," says Vohra, now the head of data center investing for Thor Equities. "We'll see evolutions of different product types," Vorha tells Cool Vector in a wide-ranging interview. "There's going to be a lot of demand in a lot of different forms over the foreseeable future." Vorha speaks with Cool Vector's David Snow about what he learned at Google about data centers, and what Thor Equities' approach will be to the digital infrastructure opportunity. Among the topics discussed: Demand for compute continues to outpace supply. From his decade at Google, Vohra learned that demand for compute capacity is only accelerating, driven by both consumer and enterprise applications. The last few years have seen demand far exceed supply, creating urgency around quality sites with available power. “For 10 years now, there's been a supply demand mismatch, but I would say in the last couple years, that demand just blew past supply," he says. Thor Equities’ data center strategy targets growth markets. Thor, a $20 billion AUM investment firm best known for its track record in real estate, is not chasing the crowded, established hubs of Northern Virginia or Silicon Valley. Instead, its focus is on land acquisition and infrastructure development in “path of growth” markets that hyperscalers will need next. "We're focused on real estate infrastructure development for hyperscale data centers in what I would call next-up markets, in the path of growth for large hyperscale development users," Vohra says.  Industrial real estate expertise provides a competitive edge. Thor’s long track record in industrial real estate translates well into the infrastructure demands of data centers. Teams that know how to handle utilities, municipalities, and complex site development are able to bridge into data centers faster, even as specialists are still needed. “The data center acquisition and development space is ultimately an infrastructure game," Vohra says. 

Agentic AI is driving the use of modular data centers, according to Tony Grayson, former President of Compass Datacenters, and now President and General Manager of Northstar Federal and Northstar Enterprise & Defense, where he has innovated modular data centers designed to bring flexibility and efficiency to a market in which technology evolves faster than traditional large-scale data centers can keep up with. Grayson is a well-known leader within the data center world. In a lively conversation with his friends and industry sojourners Phillip Koblence and Nabeel Mahmood, Grayson talks about the frustrating history and bright future of modular data centers and the AI applications that are finally driving demand for smaller data centers that can fit in parking lots.  As the former Commanding Officer of a US Navy submarine, Grayson shares keen insights into mission-critical energy, having been responsible for, essentially, a "submerged nuclear reactor" in which even small mistakes can lead to fatalities. Among the key takeaways of Cool Vector's conversation with Tony Grayson: • Modular data centers are set to dominate deployment timelines. Grayson argues that modular deployments are becoming essential as compute demand from AI workloads outpaces hyperscale construction timelines. Instead of multi-year builds, modular units can be deployed in “three to six months,” making them critical for real-time AI inference such as fraud detection and language translation. “What modular data centers give you is a very, very quick time in the market at a very good cost on something that’s easily upgradeable,” says Grayson. • Distributed compute is replacing "bigger is better" economics. Scale for its own sake is no longer aligned with technology or economics. Customers want smaller, controllable AI environments—sometimes literally “in the parking lot”— rather than massive centralized builds. “It’s not a how big can you build? It’s how can you build a hundred thousand of these things just for one platform and place them all around the world?” says Grayson. • Nuclear power may lose admirers after overpromises. While nuclear power is again being floated as a solution for energy-hungry data centers, Grayson—drawing on his background as a submarine commander—warned of overpromising. He noted that advanced reactor projects face long regulatory and technical hurdles, predicting a backlash if expectations are not met. “I am worried that nuclear is gonna get a bad name when all these Gen 4s who promised delivery in a couple years never happen,” he says. • Decomposable infrastructure will displace GPUs. Grayson highighted the looming shift from GPU-dominated architectures to decomposable infrastructure and custom ASICs, which can outperform GPUs at lower cost. This evolution will fundamentally reshape facility design and economics over the next five years. “You are getting AI right now, which is agentic machine to machine stuff," says Grayson. "In a couple years, they’re gonna have decomposable infrastructure where basically you’re separating your CPU, your memory, your storage with optical, and then we’re gonna build a data center for that,” says Grayson • Europe enforces sustainability as U.S. lags behind. Sustainability remains a patchy priority, with European regulators pushing strict standards while U.S. operators often give it “lip service.” Time-to-market and ROI remain dominant drivers, even if climate goals are compromised. “I think Europe is super sustainable. In the US, it’s more lip service than anything else right now,” says Grayson. Follow Cool Vector on LinkedIn:  https://www.linkedin.com/company/cool-vector-media/

Two of the world's biggest digital infrastructure investors - EQT and DigitalBridge - are bullish about fiber networks, and tell Cool Vector why.   The long-term bet on fiber began in 2019, when EQT and DigitalBridge jointly took Zayo private in a $14 billion transaction. In March 2025, the group announced another wave of investment - Zayo's acquisition of Crown Castle's fiber solutions business for $4.25 billion, and EQT Active Core Infrastructure's acquisition of the Crown Castle small-cells business for $4.25 billion.   In a recent interview, Cool Vector's David Snow and Phillip Koblence caught up with  Arnav Mitra, Managing Director of EQT, Jonathan Friesel, Senior Managing Director of DigitalBridge, and Bill Long, Chief Product and Strategy Officer, of Zayo, to learn about the bright future of fiber optic networks.     "Connectivity is increasing, bandwidth needs are increasing," says Jonathan Friesel of DigitalBridge. "There was a study a bunch of years ago where they talked about the hierarchy of needs, and broadband connectivity came out ahead of water, which literally means that people would rather die than lose their broadband connection."   Among the key takeaways of this fascinating conversation:    AI is creating a step-function in bandwidth, giving fiber investors a “free option” on outsized growth. "The way that this deal came together was, it was a good asset at the right price with a gargantuan upside option value," says Bill Long of Zayo.    For hyperscalers and edge expansion, fiber has become as decisive as power in site selection and network strategy. "Fiber is certainly just as critical to the data center ecosystem as power is," says Arnav Mitra of EQT.    Zayo’s take-private unlocked the multi-year investments needed to integrate 47 acquisitions and deliver a single, coherent platform. "Being a private company, being able to make those long-term value creation bets, is a better instrument than waking up every quarter to have the public markets judging you," says Long.   Physics favors fiber for moving massive data volumes—making in-ground fiber a long-lived, compounding asset. "Being able to constrain a wave in a piece of fiber is always going to be several orders of magnitude more efficient for conveying large amounts of data relative to broadcasting it over an open medium like the air," says Long.   Clear signs of market froth include speculative builds and financing deals that effectively give away future monetization. "Anytime you're doing long-term IRUs of your assets, and you have no further opportunity to monetize them, that feels more like an asset sale or a capital infusion," says Mitra.   Follow Cool Vector on LinkedIn:    https://www.linkedin.com/company/cool-vector-media/

The moment its construction begins, a new data center becomes an old data center, given how fast technology and use-cases are evolving. Retrofitting an existing data center is the only way to save it from obsolescence. But retrofits are more difficult than you might imagine, a panel of experts tell Cool Vector. This episode of Cool Vector includes Bo Bond, Vice Chair of Cushman & Wakefield, Brian Jabeck, VP Business Development at Bennett & Pless, Phillip Koblence of NYI, Critical Ventures, UIA and Nomad Futurist, and Nabeel Mahmood an industry Top 10 Influencer, CXO and co-founder of Nomad Futurist.  Among the key takeaways of the conversation: • Data center retrofits will remain a moving target as technology advances. The types of workloads data centers must support are evolving too quickly for any one design to remain optimal for long. “The beauty is that technology and innovation, which drives our industry, will always cause change," says Cushman & Wakefield's Bond. "Can we take something that was built before, improve it so it serves something today or for the future, or does it cost more and save us more on time to be able to come out of the ground new? And I think that cycle’s always gonna turn." • The data-center retrofit queue is growing. Rising rack densities and global power shortages mean more operators are upgrading existing facilities to meet AI and high-performance computing needs. "There is a significant amount of data center and compute space that's available in the market space that needs to be retrofitted to meet the existing compute demands," says Mahmood.  • Even new data centers can become obsolete almost immediately. Technological shifts, such as liquid-to-chip cooling, are forcing operators to modify facilities that are only a year or two old. The decision between retrofitting and rebuilding often comes down to rapid tech obsolescence—not the building’s age. "You've got one- to two-year-old buildings that are drilling holes and making penetrations to run a bunch of liquid lines that they didn't plan on," says Jabeck. Follow Cool Vector on LinkedIn:   http://www.linkedin.com/company/search-party-channel   About Cool Vector's editorial advisors: Phillip Koblence is a strategic executive and thought leader in the data center and interconnection space. He co-founded NYI in 1996 and has successfully evolved the company from a Web design and hosting provider to a facilitator of robust digital infrastructure and connectivity solutions with executional capabilities in key national and international markets. He also serves as CEO of Critical Ventures, and Managing Director at United Integrity Advisors, agencies that provide multi-disciplinary consulting services to a broad range of real estate and digital infrastructure firms. Phillip is Co-Founder of the non-profit Nomad Futurist Foundation and Podcast, designed to demystify the world of critical infrastructure and inspire younger generations to join the industry. Nabeel Mahmood is a globally recognized futurist, technology executive, and board member guiding innovation across the intersecting worlds of AI, quantum computing, data infrastructure and automation. With decades of experience shaping digital transformation strategies, Nabeel serves on multiple boards of publicly traded and privately held companies, where he influences decision-making at the highest levels. As the co-founder of the Nomad Futurist Foundation, a 501(c)(3) nonprofit, he’s leading an international movement to democratize access to education and careers in digital infrastructure, particularly for underserved and underrepresented communities. A top 10 global influencer, Nabeel is known for his bold perspectives, thought leadership, and ability to connect complex technology trends to their real-world human and environmental impact. He delivers keynotes around the world that challenge industry norms and push for a more equitable, inclusive, and sustainable future.

Despite its relatively small size, Ireland is a heavyweight among global data center hubs. But that advantaged position has been thrown into doubt amid political gridlock.  In this episode of Cool Vector, four Irish data center veterans explain why Ireland's continued leadership in data infrastructure will require close cooperation between government and industry, as well as awareness among the general public that, despite energy challenges, data management is among the nation's most important growth industries.  The fascinating conversation includes  Christopher Brown, Partner, Global Strategy Group KPMG in Ireland, Garry Connolly, Founder, Digital Infrastructure Ireland, Eugene Finn, Managing Director at CAPCON, and Gary Watson, Country Manager and Director, Keppel DC REIT in Ireland. Among the topics discussed in this fascinating, and sometimes funny, conversation: Ireland’s impressive legacy in data infrastructure is now under pressure. Ireland has spent 50 years building itself into a digital infrastructure powerhouse—but its success is now straining its outdated utilities and policymaking frameworks. “We arrived at 2025 with all the leading hyperscaler companies of today,” says Connolly. “We were built on data. The reason we fight is for the data. The centers are just the 'what.' The data is the 'why' for Ireland.” Irish government gridlock risks undermining economic opportunity. While the global demand for Irish-based compute remains strong, a lack of long-term infrastructure planning is pushing projects—and capital—elsewhere, and the country's policymakers are too often focused on short-term electoral victories. “Sometimes you feel that things have fallen on deaf ears,” says Watson. “A lot of investment is being driven out of Ireland right now to where it's easier to do business.” Irish digital infrastructure talent is everywhere in the world where there are data centers. Even if projects leave Ireland, Irish engineering, construction, and design expertise is now powering data center growth across Europe and beyond. “The Irish who have built Intel, built Digital Equipment Corporation, are not sitting around waiting for Ireland Inc. to get itself together," says Connolly. "And they're following these projects because they have the trust, they have the skills.” Ireland's real constraint Is grid process, not clean energy supply. Ireland has ample renewable energy potential, but limited grid storage and planning capabilities are blocking growth; the challenge is no longer generation, but regulation. “More renewable power without storage capabilities doesn't necessarily solve the problem,” says Brown. “Ireland has arguably gone into the realm of scaling renewable generation ahead of the grid's ability to meaningfully store it longer than a few seconds.” Follow Cool Vector on LinkedIn: https://www.linkedin.com/company/cool-vector-media #datacenters #digitalinfrastructure #ireland #privateequity #coolvector

The future of the data center industry is being shaped by a use-case pivot among crypto miners, as well as by energy innovations within the crypto industry that make compute more efficient, say two Macquarie Group analysts.  In an interview with Cool Vector, Macquarie senior equities analyst Paul Golding and Charles Yonts, Head of Sustainability Research for Asia at Macquarie, describe the recent evolution of major crypto mining players like CoreWeave, Galaxy Digital, Applied Digital and Core Scientific, and speak on the history of how these companies evolved into data center industry players.  The conversation is particularly relevant in light of the recently announced acquisition of Core Scientific by CoreWeave. Based in Asia, Yonts also describes the importance of the region’s supply chain and how the data center industry there is positioned to grow quickly, thanks in part to practices developed by crypto miners.  Other important trends discussed by Yonts and Golding:  Crypto’s shift to AI data infrastructure is driving a new phase of growth. Crypto mining firms are leveraging their existing power-intensive sites to serve high-performance computing (HPC) demand—especially AI workloads—which has revitalized gross margins and unlocked new business models. The crypto industry was a forerunner in renewable energy and grid flexibility. Bitcoin miners pioneered partnerships with remote and stranded renewable power sources and embraced demand response—offering a blueprint for energy-conscious data center expansion in the AI era. “Bitcoin mining data centers can partner with stranded power renewables that have not had an interconnect set up yet... and be an off-take partner to these relatively remote facilities generating power," says Golding. Latency-agnostic crypto operations enabled early adoption of remote clean energy. Because crypto workloads are less sensitive to latency than traditional cloud services, crypto companies have long located in rural, power-abundant regions—setting an early example for sustainable AI infrastructure,  if this latency can be overcome with advances in fiber and networking technology. “The lack of sensitivity to latency has enabled them to have access to very cheap renewables, which is absolutely crucial," says Yonts. In the new data center race, time to power is the ultimate advantage. As AI demand surges, developers and hyperscalers prioritize how fast energy can be delivered to a site—outpacing concerns over cost or carbon intensity—making speed the defining competitive edge. “Today, it's time to power, time to power, and time to power," Yonts adds. Follow Cool Vector on LinkedIn: https://www.linkedin.com/company/cool-vector-media/?viewAsMember=true Macquarie provided the following company disclosures as of July 17, 2025: Core Scientific (CORZ US) - Macquarie Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of Core Scientific Inc. CoreWeave (CRWV US) - Macquarie managed or co-managed a public offering of securities of CoreWeave Inc in the past 12 months, for which it received compensation.

Power constraints in major European data center hubs is driving investment to second-tier markets like Berlin, Madrid and Manchester, says Zahl Limbuwala, Operating Partner at Germany-based investment firm DTCP.  In a Cool Vector interview, Limbuwala explains the evolved landscape for data center investing across Europe, and stresses that knowledge of individual market regulations is critical for success.  Among Limbuwala's key takeaways: • Europe's fragmented markets are driving investors toward tier-two data center locations. With tier-one hubs like Frankfurt, London, Amsterdam, Paris, and Dublin increasingly constrained by power distribution challenges and growing residential encroachment, DTCP sees opportunity in secondary cities such as Berlin, Madrid, and Manchester. "The emergence of Berlin is predominantly a way of getting access to power," says Limbuwala. • Large-scale campus developments offer long-term alignment with Europe's renewable energy transition. DTCP’s recently launched GreenScale investment platform  targets sites where massive data center campuses can integrate directly with renewable power sources, creating stable baseload demand while supporting national decarbonization goals. Limbuwala notes: "The larger data center campus developments - 200 megawatt plus and beyond - represent an opportunity to work with the grid providers, work with the renewable investors and developers, and really put together a cohesive proposition story." • DTCP focuses on scaling companies that have secured permits, land, and power, but need capital and expertise to expand. Rather than speculative builds, DTCP invests in businesses with early momentum that can benefit from the firm’s operational, regulatory, and financial capabilities across Europe. "We are looking for businesses that are established but have not yet scaled. we're looking for businesses led by a management team, at least a core management team that has a strong track record." Follow Cool Vector on LinkedIn: https://www.linkedin.com/company/cool-vector-media/

CapitaLand is building four major data centers in India, taking advantage of what Managing Director Surajit Chatterjee describes as a huge population underserved by digital infrastructure, a supportive government and keen hyperscaler interest in the country.  In an interview with Cool Vector, Chatterjee details the thesis behind CapitaLand's data center strategy in India as well as the macro conditions he argues make the country a prime destination for digital infrastructure investment.  Among the key takeaways from the interview: • CapitaLand is pursuing a large-campus, hyperscaler-first strategy in India, leveraging its real estate and energy expertise, while opening doors for private equity partners in its next growth phase.CapitaLand is planning to introduce LP capital into future phases, offering global investors access to India’s rapidly scaling data center market. "It helps us to have the right mix from a capital pool perspective." • India’s data center market is at an inflection point, driven by hyperscalers seeking strategic capacity as the country’s digital economy accelerates. Global hyperscalers now account for the majority of India's data center demand, positioning the country as a critical growth market amid rising cloud, AI, and digital services penetration. "The hyperscalers have understood that for them to grow faster in the APAC, India becomes a very strategic location." • Government reforms—including state-level incentives—have streamlined project approvals, reducing timelines and risk for data center developers. India’s regulatory modernization has created a more predictable environment for investors, enabling faster land acquisition, licensing, and project execution. "The central government took an early strategic step, and they declared this asset class [to be] an infrastructure status, which enabled it to de-align itself from the IT policy of the country." • Institutional investors see India’s data center sector as a long-term infrastructure play, supported by government initiatives, improving power access, and predictable demand from hyperscalers.Chatterjee emphasized that India’s evolving regulatory and power frameworks, combined with long-term contracts, are giving global investors "comfort that if they look at India, the story is definitely very, very clear and visible for the next eight to 10 years." Follow Cool Vector on LinkedIn: https://www.linkedin.com/company/cool-vector-media/ #datacenter #infrastructure #india #mumbai #investment

There is a greenfield development boom in the data center market, and the capital markets for digital infrastructure have rapidly evolved to keep up, drawing attention to risk factors of the many data centers already up and running, says the head of RBC Capital Market's influential data center advisory business. In a wide-ranging interview with Cool Vector, Shivek Ratnasamy paints the picture of a "booming" but "nuanced" market offering different opportunities to investors across the risk-appetite spectrum. The most pronounced trend, says Ratnasamy, is the practice of securitizing pools of stabilized data center assets to free up capital for new developments - essentially "recycling" capital where fresh equity may prove too expensive.  Among the interview's key takeaways: Investors are 'ring-fencing' stabilized assets to unlock capital for growth: With equity markets expensive and platform sales less feasible, data center operators are monetizing stabilized assets through minority sales while retaining operational control. "Capital recycling" strategies allow them to plow proceeds into high-yield development projects without giving up the entire company. Development financing is evolving with creative structures like TopCo/DevCo: RBC and peers are seeing success financing projects where stabilized assets provide a borrowing base for new developments, blending cash flow stability with growth capital. Terms remain attractive for proven operators, with leverage up to 85% and spreads in the low-to-mid 200s over base rates. Elevated interest rates are reshaping return expectations and deal dynamics: Core infra investors now demand low double-digit returns, forcing sellers to bridge the gap with future lease repricing assumptions. While financing markets have adapted, investors are scrutinizing long-term rates and asset obsolescence more closely than ever. The securitization market for digital infrastructure is maturing fast: Once considered “esoteric,” ABS financing has become a mainstream tool for data center operators, providing leverage above 10x at compelling rates. Operators are increasingly securitizing not just hyperscale real estate, but also fiber assets and more complex colocation portfolios. GPU-as-a-Service is disrupting data center leasing economics: Companies like CoreWeave are driving explosive demand by leasing third-party capacity at unprecedented rates, forcing operators to choose between higher rents with greater credit risk or lower rates with investment-grade hyperscalers. This trade-off is reshaping tenant mixes and financing strategies. Follow Cool Vector on LinkedIn: https://www.linkedin.com/company/cool-vector-media/

How will the tariff imbroglio impact data center development in the US, which relies heavily on imported components? Cool Vector convened a panel of experts, including the CFO of a major data center company, to compare notes on supply chain disruptions, critical equipment and what happens to compute demand in economic downturns. This episode of Cool Vector Hot Takes features a lively conversation between John Wilson, CFO of ⁠Sabey Data Centers⁠, Philbert Shih, Founder of ⁠Structure Research⁠, Nabeel Mahmood of ⁠Nomad Futurist Foundation⁠, and Phillip Koblence of Critical Ventures and ⁠Nomad Futurist.⁠  Among the key takeaways of the data center supply chain conversation: • Uninterruptible Power Supply (UPS) systems and edge data centers (EDCs) are among the most critical components manufactured outside the US that are worrying data center operators. In addition, says says John Wilson of Sabey Data Centers, “If I think up and down the supply chain, it’s the transformers, it’s the GPUs and the CPUs that I would put right at the top of that criticality list." • The power grid could become the most worrisome bottleneck in the data center supply chain. “Electricity production, and the impact that has on our ability to service the demand, is incredibly complex,” says Wilson. • The global nature of the data center supply chain can create “cascading” delays from even small disruptions. “If the customer doesn’t have chips, doesn’t have servers, doesn’t have cables, they’re not going to be able to set up their infrastructure,” warned Philbert Shih of Structure Research. • Multi-tenant data centers may have greater pricing flexibility to pass along cost increases—compared to single-tenant hyperscale facilities — because they operate with shorter contract durations and serve a diversified customer base with varying margin sensitivities and renewal cycles, notes Phillip Koblence. • New data center development may accelerate outside of the US as operators hedge against geopolitical and supply chain volatility. “We’re seeing a massive boom in the Middle East, in Africa, in Australasia. We’ve got to understand that the days of just focusing on North America or Europe are gone,” says Nabeel Mahmood. • Even enormous budgets can’t override the need for planning, patience, and trusted vendors.Says Wilson:  ”This isn't stuff where, even if you're throwing multiple billions of dollars at it, you can solve in an instant,” says Wilson. “It takes time to recreate the supply chains. It takes time to reshore manufacturing, if that's really gonna be the long term solution. These aren't problems that are easily solved in a moment. It takes careful planning. It takes work to find alternatives, and it takes patience.” Follow Cool Vector on LinkedIn: https://www.linkedin.com/company/cool-vector-media/

The private equity firm that created ⁠Digital Realty ⁠sees a "wealth of opportunities" in digital infrastructure, but avoids hyperscaler mega-projects, says Mark Prybutok, a Managing Director at ⁠GI Partners⁠ and Head of the Data Infrastructure strategy. In 2001, GI Partners made its very first investment as a firm in a portfolio of distressed data centers reeling from the dotcom crash. In 2004, that portfolio was listed publicy as Digital Realty, now the world's largest data-center REIT.  Today, GI Partners has $45 billion in assets under management, and oversees three strategies: private equity, real estate and digital infrastructure. In a wide-ranging interview with Cool Vector, Prybutok shares his excitement about investing in a rapidly expanding market, but offers guidance to investors about nuanced differences between business models, locations and commercial strategies.  Prybutok also describes GI Partners' strategy in digital infrastructure as being more akin to private equity, with a focus on operating businesses, management teams and value-add strategies.  Among the key takeaways from the interview:  Digital infrastructure deserves a substantial allocation in the portfolio. As digital giants drive global economic growth, Prybutok argues digital infrastructure should potentially command a larger allocation in institutional portfolios than the modest levels seen today: “If you think about infrastructure as the physical underpinnings of the economy… why shouldn’t it be significantly higher than 20%, 25%?”  Success in digital infrastructure requires sector nuance. With growing competition from generalist investors, GI Partners differentiates itself through deep sectoral focus and an ability to identify winners in niche sub-markets: “We’re identifying businesses that we in particular think are going to be the winners within a sub-sector of a sub-sector.” Edge infrastructure is a bigger opportunity than centralized mega-infrastructure. While hyperscaler campuses get headlines, GI sees greater long-term opportunity in edge infrastructure tailored to mid-sized businesses and real-world IT needs: “There’s a massive opportunity, multiples larger in aggregate, than these massive concentrated AI training data centers, but located closer to those end use points.” Digital infrastructure should be tech-enhancing, not tech-exposed. GI Partners focuses on durable physical infrastructure, steering clear of reliance on rapidly evolving technologies that risk obsolescence: “You want to make sure you’re not getting stuck investing in a generation of technology that is then made obsolete by improvements that happen in the next generation.” AI and IoT are fueling an urgent need for more infrastructure. From video surveillance to industrial automation, AI’s real-world applications are just beginning, creating vast demand for data centers and networks: “We see real-world examples… where the number of people reviewing and responding to alerts is going down exponentially as the AI improves.” Follow Cool Vector on LinkedIn: ⁠https://www.linkedin.com/company/cool-vector-media⁠ #datacenters #digitalrealty #digitalinfrastructure #privateequity

The launch of a new data center 'pod' business is being met with surging customer demand, highlighting the need for edge digital infrastructure in remote areas, according to the leadership of Duos Edge AI.  In an extensive interview with Cool Vector,  Doug Recker, President of Duos Edge AI, and Adrian Goldfarb, CFO of parent company Duos Technologies Group, describe how edge data centers offer an affordable, scalable solution to bring low-latency connectivity to remote regions underserved by traditional infrastructure. “When we drop one of our pods, you’re right around a million dollars," says Recker. "So you can justify the expense and the revenue by deploying these, and the savings to the customer out there justifies the [co-location]." Other key takeaways from the Duos Edge AI interview on Cool Vector: Edge pods serve diverse and growing demand—from remote school districts to ranchers using drones and AI—accelerating a trend of localized cloud computing. “They’re now going to drones and AI to manage their cattle," says Recker, of cattle ranchers in remote parts of Texas. "Well, they can’t do all this data and AI without having compute on site.” Compared to traditional data centers that can take years to build, Duos Edge AI delivers a fully operational edge pod in less than four months. With revenue potential of up to $400,000 per year, and rapid deployment costs of around $1 million, edge pods deliver attractive ROI within four years. “The expected revenue from that is somewhere between $300,000 and $400,000 per year, which means the return on it is anywhere between two and a half and four years," says Goldfarb. The explosion of data demand—especially in remote healthcare and education—has transformed edge data centers from speculative infrastructure to essential utility. "The need is there," says Recker. "We’re not trying to invent a product. Now we’re trying to fix a need, which is always better to be on that side.” Follow Cool Vector on LinkedIn: ⁠https://www.linkedin.com/company/cool-vector-media⁠

Interest in ETA careers is rising "exponentially" among MBA candidates at what is widely regarded as the intellectual birthplace of Entrepreneurship-Through-Acquisition, according to three leaders of the Stanford Graduate School of Business' ETA club. In a joint interview with Search Party, president Michelle Nguyen and vice presidents Ruby Au and Laura Kiehl share details of the club's mission to prepare students for the rigors of ETA search, in which post-MBA entrepreneurs, backed by investors, have two years to find and acquire a high-quality, lower-middle-market business, and, if successful, take the reins as CEO.  According to Au, ETA increasingly is viewed as a "risk-adjusted way to do a startup," appealing to ambitious operators who want ownership without starting from scratch. "If you really want to run something and have your own piece of something, then search fund starts to make a lot of sense," she says.  Nguyen, Au and Kiehl also share details of their own professional backgrounds and what led them to become ETA-curious.  Important takeaways from the conversation: ETA searchers are backed more like athletes choosing coaches than founders pitching VCs—fit and mentorship matter as much as capital.  While ETA offers autonomy and potential reward, its journey is uncertain and emotionally demanding, requiring grit, adaptability, and community support. "Search could be very lonely, could be very stressful. It takes determination as well as a very can-do attitude to go through the search process," says Nguyen. The Stanford ETA Club has become a hub for investor access and student exploration, offering a blend of networking, mentorship, and tailored coursework. "We are kind of like the orchestrator, trying to select based on experience, knowledge, know-how, and just kind of value to the students, but also to the investors," says Kiehl. Stanford GSB's faculty have published some of the most influential studies in the search fund space, including the Search Fund Primer and Search Fund Study, which have become essential reading for aspiring searchers and investors who back searchers. These materials helped define the model, demystify the process, and give institutional legitimacy to what was once a niche strategy. Follow Search Party on LinkedIn: ⁠https://www.linkedin.com/company/search-party-channel/⁠ #stanfordbusiness #stanford #mba #business #privateequity

How is it that Denmark, with a population of 6 million, has become a major nexus for sustainable data centers? Cool Vector convened a lively, in-depth conversation with CEOs from Digital Realty, atNorth and Danish Datacenter Industrien to learn the country's formula for public-private collaboration and digital infrastructure success.  Joining the conversation are Pernille Hoffmann, CEO of Digital Realty (Denmark & Nordics), Magnus Kristinsson, CEO of atNorth and Henrik Hansen, CEO of industry advocate Danish Datacenter Industrien.  Some key takeaways from the episode: Denmark’s proximity to major European markets and multiple subsea cables make it an ideal hub for digital infrastructure. “Denmark is the region that has the closest proximity to central Europe, and is only a few milliseconds from London, Amsterdam, Frankfurt, Paris," says Kristinsson. Denmark is pushing toward 100% renewable energy, including green biogas and innovative backup solutions, positioning its data centers at the forefront of sustainability. “Adding to wind and solar, we're also very big on green biogas. And this means that in our gas pipeline, close to 50% is actually green biogas. And by 2030, we expect to be close to 100%," says Hansen. Danish enterprises expect their data center providers to deliver 100% renewable energy, making sustainability a competitive requirement. “The Danish enterprises' awareness around sustainability—it's a significant criteria in their decision-making process. It's not just an ask, it's kind of a demand that we supply 100% renewable energy in our data centers," says Hoffmann. The presence of major hyperscalers has accelerated Denmark’s data center market, attracting global investment and creating a skilled workforce. As Hansen explains, “Ten years ago, we didn't have any data center capacity. The hyperscalers have accelerated the development because of the size of the investments they have made, and also because all of them basically decided to build in Denmark. It was a good signal to the surrounding world that this is an attractive market." Denmark fosters digital infrastructure growth not through tax incentives, but by integrating industry into the country’s ambitious sustainability goals. Says Hansen: "The incentive is more really becoming part of this ambitious goal that we have for Denmark in general—about very ambitious emission targets, climate targets by 2030, reducing by 70%, which is above the normal targets in other countries and in the EU. We try to lift the bar of what is achievable." Denmark is the site of pioneering circular energy use, with data center waste heat being repurposed for homes and novel projects like year-round tomato farming. "We have a contract with a company called WA3RM that is planning to reuse waste heat from the site to grow tomatoes. Not only does the heat not go wasted, but it reduces the carbon footprint of tomatoes grown in Denmark, since most of them are imported from more southern parts of Europe," says Krisinsson. Denmark’s approach to sustainable digital infrastructure relies on collaboration, innovation, and ambitious climate targets—offering a model for other countries. “You have to bring a lot of different parties into the same room and decide on a strategy. You have to bring in various knowledge from different sectors because these things are going so fast now. We need other types of partnerships, other types of regulations, if we are going to do this AI and digital journey without killing our climate," says Hansen.

Data center investment strategies that focus on ground-up development in unconventional locations are more complex, and therefore more likely to generate stronger returns, says Mark McComiskey, a partner at AVAIO Capital. In an extensive conversation with Cool Vector, McComiskey explains that many private capital firms active in digital infrastructure invest in existing assets, or compete for sites in overheated hubs like Northern Virginia. By contrast, AVAIO is simultaneously developing six sites in less competitive markets, positioning itself as data center provider of choice to large customers. “The best returns come from building infrastructure where it doesn’t already exist,” McComiskey says. “We’re taking on complexity—power procurement, entitlement, permitting—but that’s where the opportunity lies.” AVAIO’s approach involves incremental risk management—deploying capital only as sites pass key milestones. This method ensures projects are fully de-risked before significant investment, reducing exposure to cost overruns or regulatory hurdles, he says.  At present, AVAIO is bringing to market a diverse portfolio of sites. “Instead of pitching one-off locations, we’re offering AI-focused campuses, cloud deployments, and hyperscaler-ready sites across North America and Europe,” says McComiskey. For decades, data centers have clustered in a handful of hubs in the US, but AVAIO anticipated grid congestion, and decided to look elsewhere. “In Santa Clara, new power access could take a decade,” McComiskey says. “We secured 100 megawatts of power just 30 minutes outside the city—that’s the kind of forward-thinking strategy this market demands.” The continued high demand for data center capacity is influencing negotiating dynamics between providers and customers. Customers in need of cloud and AI compute are willing to pay premiums for sites that can deliver in the next 24 to 36 months. “If you can build in 2025 or 2026, you have leverage,” says McComiskey. “If you’re offering capacity in 2030, the power shifts back to the customer.” With billions pouring into AI-driven infrastructure, some market observers worry the sector is overheating. McComiskey acknowledges signs of speculation—like developers stockpiling electrical components without confirmed projects—but argues that irrational exuberance is still under control. “No one’s building speculative capacity without customers lined up,” he says. “Unlike real estate bubbles, where demand can disappear overnight, AI and cloud computing growth isn’t slowing down anytime soon.” Follow Cool Vector on Spotify: https://open.spotify.com/show/4nsZ5LKkE5sBSb04tAf94P?si=f047c3d6b664458e  Visit the Cool Vector website: https://coolvectormedia.com

This episode of Cool Vector Hot Takes tackles four hot topics in the global digital infrastructure market: 1) Has Microsoft been oversupplied data centers? 2) Inside the plan for Southeast Asia’s largest data center 3) Real estate investor love for data centers keeps rising 4) Blackstone’s low-carbon power move in Virginia’s data center alley. This round, the Cool Vector editorial team of David Snow, Phillip Koblence and Nabeel Mahmood is joined by Obinna Isiadinso, Global Sector Lead for Data Centers at the International Finance Corporation (IFC), a division of the World Bank.  In a lively exchange, our CVHT panelists respond to a recent report from TD Cowen that Microsoft has cancelled data center leases in the US worth two hundred megawatts, and that the company is reallocating international data center investment back to the US. Koblence, Mahmood and Isiadinso agree that despite some scaling back, Microsoft remains committed to significant infrastructure investment, signaling confidence in long-term demand. They also touch on how hyperscalers must adjust their very large plans in real time, and why these shifts should be seen as strategic recalibrations rather than signs of evaporating demand. The discussion turns to the rapid expansion of digital infrastructure in Southeast Asia, with a $900 million investment in a Johor, Malaysia, data center mega-project led by Yondr Group. The deal includes significant financing from Isiadinso’s IFC. He explains the importance of the pre-contract financing provided to Yondr, and the panel discusses the compelling demand profile of Southeast Asia, still in the very early stages of building out digital infrastructure sufficient to meet an expected explosion in regional growth. The conversation then shifts to the growing interest in data centers from real estate investors. A recent KPMG survey reveals 40% of investors now see data centers as the most attractive asset class, up from 27% last year. The experts discuss what’s driving this rising enthusiasm, how data centers straddle the asset classes of real estate and infrastructure, and how these assets increasingly are seen as long-term and recession-resistant. Finally, the panel examines Blackstone’s $1 billion investment in a hydrogen-ready power plant in Northern Virginia, the “Data Center Alley” that processes roughly one fourth of America’s compute. Blackstone, they agree, is being very strategic positioning itself as a provider of low-carbon energy to the most important data center hub in the world. The experts note that Blackstone now has key investments across the data center value chain, in energy, construction and data centers themselves.   Watch the full episode on Cool Vector’s YouTube channel: https://www.youtube.com/@CoolVector Nomad Futurist Website: ⁠https://nomadfuturist.org/⁠ Visit Cool Vector Media's Website:⁠ https://coolvectormedia.com/

Infranity's ambitions to become a global player in the infrastructure debt market have advanced with the establishment of a US office. Cool Vector caught up with two Infranity partners to learn about the sustainable lending opportunity in North America, the risk-reward profile of co-location data centers and the limits of the energy transition.  Infranity, based in Paris, launched seven years ago in partnership with Italian insurer and asset manager Generali. The firm has a mandate to lend to the expanding infrastructure market in a way that supports sutainability goals, says Sacha Kamp, Investment Managing Director and Head of Investment Debt. Infranity's backers want to see their capital "creating positive change." Paul Colatrella, Managing Director and Head of North American Debt, explains that while the focus on sustainability is more pronounced among European investors, his recent meetings with North American investors reveal a "material segment in the US and Canada" that integrate sustainability goals into overall investment objectives.  In the interview, Colatrella and Kamp also discuss the firm's digital infrastructure deal flow, led by co-location data center opportunities, fiber, and small-cell investments. The firm is seeing good opportunities in tier two and tier three markets in North America. Infranity is focused on co-location opportunities in part because these assets have more diversified customer bases, and their more complex business models require more careful due diligence. Infranity looks to invest between $100 million and $200 million per transaction.  While not every emerging low-carbon power technology has led to a viable business model, Colatrella and Kamp say the rising demand for power is producing lending opportunities across the energy transition landscape. "The massive scale of not just building the data centers but the energy need behind them is I think something that might shock really shock a lot of Americans," notes Colatrella. "We're talking about replacing and expanding a very large percentage of our electrical gridif we're going to achieve the AI targets and the quantum computing targets." Watch the episode on YouTube: https://youtu.be/o3m9WcoetVM Visit the Cool Vector Media website: https://coolvectormedia.com/

A shortage of construction workers with skills specific to data centers is hindering the growth of digital infrastructure, says Amazon Web Service's former Worldwide Head of Engineering, Construction and Real Estate. In a wide-ranging Cool Vector interview, Sandra Benson, now Vice President of Industry Transformation at Procore Technologies, says of the global race to construct data centers: “ We literally can't build fast enough. The biggest reason we can't is we don't have the labor to build fast enough. And even if we had the bodies, there's also skill development” necessary.  The proliferation of data center projects around the world has contributed to the demand for skilled labor, which has led to a rise in compensation. “You can go to a trade school, come out and the kind of salary in general that you can command now versus even five or 10 years ago is exponentially different,” says Benson.  In her Cool Vector interview, Benson discusses her professional background as a woman in a male-dominated industry, as well as the public relations issue faced by construction. “ I think it’s a great industry, but we have a perception problem,” says Benson. “I've said this for almost 30 years. People think of construction as very backwards, right? That it’s not very digital. And that is absolutely not true.” Benson also shares insights into skills necessary for success in data center construction, including installation skills as well as contracting projects with full commissioning, meaning the mandate to make the many components of a data center site work together, although these may be overseen by different contractors.  Benson also discusses the challenge of integrating sustainability goals into data center construction projects in the midst of a labor shortage, as well as the sense of excitement among construction executives for their growing backlogs of projects.

In his 35 years in the power business, ⁠EnCap Investment⁠'s James Hughes has never seen a market as "strange" as the current one, driven by data center inelastic demand as well as industrial projects across the US.  Hughes is a Managing Partner and head of the EnCap's energy transition business, which last May raised a $1.5 billion fund to invest in power, low-carbon fuels and carbon management. In a wide-ranging interview with Cool Vector, Hughes says hyperscaler demand for data centers has created an attractive supply-demand dynamic for his strategy. "I've never seen a large class of customer, a large set of demand, that is price inelastic," he says.  Hughes predicts a five- to seven-year window during which he is confident "we will be able to take capital and earn a return that is a premium return on that capital." Hughes shares his analysis of the the "Republican trifecta" in Washington and its likely impact on his strategy. While the removal of incentives for low-carbon fuels and carbon management companies may challenge those business models, Hughes says any changes to the Biden-administration Inflation Reduction Act will have little impact EnCap's opportunities in power generation.  "If I can execute a power project, there is somebody that's going to buy that power under a long term fixed price agreement," says Hughes. "The challenge is not identifying a customer for the power. The challenge is, okay, can I find a site and get control of that site? Can I gain access to the grid?" Formed in 1988, EnCap is one of the largest energy-focused private equity firms in the world. Hughes says his team has the experience to recognize opportunities in a rapidly changing market. "What we bring to the table is gray hair, and having done this for a very long time and having lived through several cycles," he says.  Hughes shares is views on the prospects for renewable energy in digital infrastructure, noting the huge interest in using "clean, green" power, offset by an urgency to get projects built using whatever energy sources are available, led by oil and gas.  He gives his take on an oft-repeated question in today's digital infrastructure and energy market: Are we in a bubble? Hughes predicts efficiencies in the next generation of GPUs, but says he doesn't see any trend that will reverse excess power demand in the coming years. Watch Cool Vector on Spotify: ⁠https://open.spotify.com/show/4nsZ5LKkE5sBSb04tAf94P?si=f047c3d6b664458e ⁠ Visit the Cool Vector website: ⁠https://coolvectormedia.com

The NEW Episode of Cool Vector delves into the sudden rise of DeepSeek, NVIDIA’s share swoon, the implications of overbuilding in the data center space, Stargate’s shock-and-awe, $500 billion digital infra announcement, tough sledding in the private capital markets, and why Phil, Nabeel and David enjoy the topic of data centers so much.    In “Cool Vector Hot Takes,” Phillip Koblence, Nabeel Mahmood, and David Snow engage in a lively, irreverent conversation, drawing on decades of experience in the data center and private capital industries.   Regarding DeepSeek’s more-with-less breakthrough, Koblence says, “ My initial take was, wow, that was quick. The overarching demand that's been generated in the super, mega, hyperscale data center space has been a little overhyped. You might not need 100 or 300 KW in a single rack in order to achieve some of these things.”   Mahmood adds: “We’ve been talking about it for a long time. People have been talking about the overdesign in the data center and compute space, and the underutilization.”   Despite evidence of potential overbuilding in the data center space, Mahmood and Koblence agree all that compute will eventually be utilized. Demand may increase even quicker, says Mahmood, referencing the Javons Paradox, by which technology made faster, cheaper and easier prompts a surge in usage.    The three discussed Stargate’s impressive consortium of backers, including SoftBank, Oracle and Microsoft, and their decision to highlight the dollar amount of the digital infrastructure mega-project over other metrics.    The talk turns to dynamics in the private capital market, which, Snow explains, is suffering from a dearth of cash distributions, restricting, for now, the amount of capital raised earmarked for digital infrastructure.    Finally, the three editorial advisors to Cool Vector discuss what they find so intellectually fascinating about the data center industry.   Cool Vector Website: coolvectormedia.com Nomad Futurist Website: https://nomadfuturist.org/