For a long time, the cloud giants were the ones calling the shots. AWS, Microsoft and Google had the scale to squeeze suppliers and negotiate pretty favorable terms.
But when vacancy is around 1.4% and most new data center capacity is already preleased, suppliers suddenly have a lot more leverage.
Now multiple hyperscalers are competing for the same power, land, cooling and available capacity.
EQIX/DLR on capacity and VRT/ETN on power and cooling seem like obvious examples, but there are probably others.
What other companies do you think have genuine scarcity-driven pricing power from the AI buildout?