Episode 34: Follow the AI Chips to the Data Centers

Anne Malone talks with communications services and infrastructure analyst Michael Rollins about doubts that have crept into the markets concerning the pace of demand growth for data centers. A number of factors are spurring these doubts, from lower-cost Large Language Models and supply limitations to uncertainties about the macro environment and tariffs. Michael explains why we’re staying positive on the pace of demand through 2030, notes the difficulties in quantifying that demand, and offers insights into the methodology developed by Citi for estimating demand, which is based on the premise that “the chips have to go somewhere.”

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