118 Data Centers = Key Beneficiary of AI CapEx Spend For one lens into the economics of AI infrastructure, it’s useful to look at the pace and scale of data center construction. The current wave of AI-driven demand has pushed data center spending to historic highs. According to Dell’Oro Research, global IT company data center CapEx reached $455 billion in 2024 and is accelerating. Hyperscalers and AI-first companies alike are pouring billions into building out compute-ready capacity – not just for storage, but for real-time inference and model training workloads that require dense, high-power hardware. As AI moves from experimental to essential, so too do data centers. Per NVIDIA Co-Founder and CEO Jensen Huang, These AI data centers…are, in fact, AI factories. That race is moving faster than many expected. The most striking example may be xAI’s Colossus facility in Memphis, Tennessee which went from a gutted factory to a fully operational AI data center in just 122 days. As noted on page 122, at 750,000 square feet – roughly the size of 418 average USA homes – it was built in half the time it typically takes to construct a single American house. Per NVIDIA Co-Founder & CEO Jensen Huang, What they achieved is singular, never been done before…That is, like, superhuman…