Executive Summary
A $2.9 trillion data center buildout through 2028 is creating a massive financing puzzle that few investors understand. Baker Botts partner Travis Wofford reveals the critical bottleneck isn't chips or capital—it's 'powered land' with grid connections that take five years to secure. The real alpha lies in understanding that 80% of projects in interconnection queues will never get built, creating scarcity value for the 20% that do. While hyperscalers like Microsoft and Google securitize their dat...
Key Investment Opportunity
Power Infrastructure Over Data Center REITs
The financing complexity Wofford describes creates a classic 'picks and shovels' opportunity. While data center REITs like DLR and EQIX trade at extreme valuations with insider selling, power companies like NRG offer exposure to the same demand drivers at reasonable prices. NRG's ability to provide ...
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