Equinix capex for 2024 is ~$3bn
Digital Reality capex for 2024 is close to $3bn
The largest independent data center GDS operator only has rmb 6.5bn (less than $1bn) capex for 2024, of which rmb 4bn is outside of mainland China.
GPU shortage is the key, which limits the development and usage of AI.
Overall weak demand in China is also the key, as main internet companies need a surge in net income or cash flow first to support a surge in capex.
2025/26 could be interesting. If US feels the lead in AI is firm, and the H800 etc. is more of a legacy chip, and Huawei develops better AI chips, it doesn’t hurt to sell some Nvidia chips to Chinese customers.
$EQIX capex guide
$DLR capex guide
