The Real Eisman Playbook Inside the Data Center Boom: Understanding the Massive Infrastructure That Supports AI
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Oct 26, 2025 Nick Del Deo, a digital infrastructure analyst at MoffettNathanson, joins to shed light on the booming data center industry. He explains the transition to private markets and contrasts business models of major players like Digital Realty and Equinix. The discussion dives into the impact of AI on data center economics, revealing how power constraints interplay with explosive demand. Del Deo also explores CoreWeave's rapid ascent, repurposing of crypto sites for AI, and the challenges of building infrastructure amid tight power supplies.
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What A Data Center Actually Is
- A data center is a purpose-built warehouse for computers with power, cooling, and security systems.
- Land-rich, power-hungry facilities host IT equipment and determine where AI infrastructure sits.
Who The Hyperscalers Are
- Hyperscalers are the few firms that build IT infrastructure at unmatched global scale.
- Amazon, Microsoft, Google, and Meta drive massive demand for data center capacity.
Data Center CapEx Scale
- Hyperscaler CapEx is enormous and often cited as the industry's spending benchmark.
- Building data centers costs low-teens million dollars per megawatt for the facility alone.