EQIX
Equinix, Inc. Common Stock REIT
stock NASDAQ

Been tracking the hyperscaler capex story for a while now and the numbers keep getting bigger. Morgan Stanley is projecting $1.4 trillion in hyperscaler capex by 2028. That's not a typo. And yet 48% of investors are calling AI capex the most likely source of the next credit event. Make it make sense.
The bull case is real. $NVDA, $AVGO, $MU are all riding this wave and the earnings durability argument holds up if you believe the capex keeps flowing. Amazon Prime Days saw 54% of shoppers spending over 10% more YoY, which kinda shows consumer AI integration is actually sticky.
But the bear case people keep missing: there's an estimated 38GW power shortfall through 2028 for data centers. That's the actual ceiling. Not valuation, not rates. Power.
Checked the moomoo community breakdown on this and the crowded trade concern is legit. 82% of surveyed investors flagged long semis as the most crowded trade right now.
So here's my actual question: is anyone underwriting the power infrastructure plays instead of chasing the semis at these levels? Feels like $EQIX and energy names might be where the real setup is now. Am I missing something, or is the semi trade just running on fumes at this point?

Been tracking the hyperscaler capex story for a while now and the numbers keep getting bigger. Morgan Stanley is projecting $1.4 trillion in hyperscaler capex by 2028. That's not a typo. And yet 48% of investors are calling AI capex the most likely source of the next credit event. Make it make sense.
The bull case is real. $NVDA, $AVGO, $MU are all riding this wave and the earnings durability argument holds up if you believe the capex keeps flowing. Amazon Prime Days saw 54% of shoppers spending over 10% more YoY, which kinda shows consumer AI integration is actually sticky.
But the bear case people keep missing: there's an estimated 38GW power shortfall through 2028 for data centers. That's the actual ceiling. Not valuation, not rates. Power.
Checked the moomoo community breakdown on this and the crowded trade concern is legit. 82% of surveyed investors flagged long semis as the most crowded trade right now.
So here's my actual question: is anyone underwriting the power infrastructure plays instead of chasing the semis at these levels? Feels like $EQIX and energy names might be where the real setup is now. Am I missing something, or is the semi trade just running on fumes at this point?