Every message you send, every video you watch, every prompt you type into an AI — it always runs through one set of physical 'real estate': cell towers, fiber-optic cables, and the data-center buildings that house servers (colocation). The companies that own these things don't sell anything to you directly. They're the 'landlords' — they build a big asset once, then collect rent on it for years. And in 2025–2026, the AI wave is turning part of this business into the hottest it's been in a decade.
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Theme index· base 100 · USD total return
Why is Telecom Towers, Fiber & Colocation moving?
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AI Demand Drives Buildout, But Power, Debt and Local Pushback Bite
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AI demand keeps setting records, pulling through to towers, fiber and colocation Vertiv and Seagate posted blowout results, with Seagate's nearline capacity almost fully sold through 2027. Oracle added 850 MW and 300,000 GPUs, and its AI backlog hit $664 billion. HPE signed a gigawatt-scale networking deal with Oracle. These show AI infrastructure demand remains strong and directly lifts colocation, fiber and connectivity.
This is the core positive force: record AI infrastructure demand directly drives the theme.
New capital and fiber deals fund more capacity AT&T, GIP and CPP Investments agreed to form a wholesale fiber joint venture, combining Lumen assets and Gigapower, targeting over 60 million fiber locations by 2030. Ciena set 30% revenue growth targets and a $10B backlog. Alibaba pledged $53B for cloud data centers. These lock in long-term fiber and colocation supply.
Capital and fiber supply expansion is a key positive driver for the theme.
Power shortages, local pushback and geopolitics delay projects Goldman says only 50-60% of planned US data center capacity will open on time, with 100+ local restrictions. AWS still can't restore Bahrain/UAE cloud after Iran strikes. Oracle issued a force majeure on its New Mexico campus. These delays push back colocation and fiber demand.
These are real constraints slowing the buildout, a key counterweight to the positive demand story.
Rising debt costs and financial complexity raise financing risk Oracle's credit insurance hit a record high and its 2056 bonds yield above 8%. Sona Asset Management warned the AI buildout is too interconnected to fail, with neoclouds and data center platforms carrying the highest leverage and weakest cash flows. Higher borrowing costs could slow tower, fiber and colocation construction.
Financing risk is a major negative force that could slow the theme's buildout.
Cable One Plunges 35% After Lender Sues to Block Mega Broadband Deal
Cable One shares cratered 35% after a report that a lender filed a lawsuit seeking to block the cable operator from purchasing a 55% equity stake in Mega Broadband from financial sponsor GTCR. CoBank, which says it holds about $1.1 billion in secured credit issued by Cable One, asked a federal judge in New York to issue an emergency restraining order to prevent the company from transferring about $480 million for the Mega Broadband purchase, according to a Bloomberg report on Friday that cited the lawsuit. Cable One faces a Friday deadline to complete the purchase. The lender said the transfer of funds would make Cable One sink deeper into insolvency and make its remaining assets unreasonably small given its already large debts. Representatives for Cable One, CoBank and GTCR didn't immediately respond to Bloomberg requests for comment.
Cloud & Digital Infrastructure › Telecom Towers, Fiber & Colocation Capital
CABO · Regulation · Negative Lender CoBank sued to block Cable One's $480M Mega Broadband stake purchase, threatening the deal and deepening insolvency concerns.
CoBank · Regulation · Neutral CoBank filed the lawsuit seeking to block the fund transfer, but the article does not state a clear positive or negative outcome for CoBank itself.
Mega Broadband Investments Holdings LLC · Regulation · Neutral Mega Broadband is the acquisition target whose stake sale is being challenged by the lender's lawsuit; no clear directional impact stated.
GTCR · Regulation · Neutral GTCR is the financial sponsor selling the 55% Mega Broadband stake; the lawsuit could block the sale but no clear directional impact is stated.
AT&T Wins Court Approval for $177 Million Data Breach Settlement
AT&T secured court approval for a US$177 million settlement over a major customer data breach affecting millions of users, with a federal judge signing off on the agreement in early October 2026 and resolving multiple consolidated class action lawsuits. Separately, AT&T, Verizon and T-Mobile agreed to pool spectrum and share satellite access in a new US connectivity joint venture targeting coverage gaps. The US$177 million breach settlement and the multi-carrier satellite venture are reshaping AT&T's risk profile and network ambitions. The payment is sizeable yet small next to the US$167.7b telecom group, which is already spending heavily on fiber and 5G, and the bigger issue for investors is execution on the US$6b targeted copper cost reductions and the large network build. The satellite venture is aimed at filling dead zones that fiber and towers do not reach, while the GIP and CPP Investments fiber venture pushes deeper high speed access in 16 states. The clearest test ahead is whether AT&T closes the fiber JV in the first half of 2027 as planned and starts reporting its share of JV earnings without consolidating the results, alongside progress toward the more than 60 million fiber locations target by 2030.
Gorilla Technology Signs First U.S. Data Center LOI, Targets 100 MW Portfolio
Gorilla Technology announced Friday that it signed a non-binding letter of intent to acquire its first U.S. data center, with the acquisition targeted to close by the end of November 2026. The existing facility has 6 MW of current power capacity and potential expansion to 36 MW, while the local utility supports an additional 30 MW expected to be delivered in about 18 months, subject to infrastructure work. The operational facility generates colocation revenue that the company expects to continue after the acquisition, subject to final lease and transfer arrangements. Gorilla targets a U.S. data center portfolio exceeding 100 MW within 12 to 18 months through acquisitions, expansion, and AI computing deployments. The deal remains subject to due diligence and definitive agreements.
GRRR · Capital · Positive Gorilla Technology signed a non-binding LOI to acquire its first U.S. data center, targeting a 100 MW portfolio via acquisitions and AI computing deployments.
OpenAI Revenue Reports and Delta Earnings in Focus for Markets
OpenAI expects to reach or exceed $70 billion in annualized revenue by the end of the year, according to a Bloomberg News report, after a Financial Times report said its annualized revenue stood at about $50 billion at the end of September, short of the $70 billion previously signaled. The growth is expected to be driven chiefly by its enterprise business, Bloomberg said, though a path to profitability remained unclear, with recent reports indicating the company was still on track to slip to a full-year loss and has projected it will burn $280 billion by 2030. Delta Air Lines is due to report third-quarter results before the opening bell, with Bloomberg consensus estimates pointing to adjusted revenue of $17.66 billion and adjusted per-share income of $1.82, as the carrier grapples with an uptick in fuel costs and has predicted its fuel bill will be roughly $4 billion higher this year compared to the prior year. The University of Michigan's October consumer sentiment index is tipped to edge down to a reading of 47.5 from a four-month low of 48.1 in September. U.S. mobile tower stocks rose in extended hours trading after SpaceX agreed to buy a nationwide block of low-band spectrum from private equity firm Grain Management for about $8 billion in cash, a deal Bernstein said keeps alive the possibility that the satellite company builds a ground network; American Tower, Crown Castle, and SBA Communications rose between 3% and 4.5% after-hours.
DAL · Capital · Neutral Delta is due to report Q3 results with consensus revenue $17.66B and EPS $1.82, while facing an uptick in fuel costs and a ~$4B higher fuel bill this year.
AMT · Competition · Positive SpaceX's $8B spectrum purchase from Grain Management keeps alive a possible ground network, lifting tower stocks including American Tower after-hours.
CCI · Competition · Positive Crown Castle rose after-hours alongside peers on SpaceX's spectrum deal, which Bernstein says keeps a ground-network build possible.
SBAC · Competition · Positive SBA Communications rose after-hours with other US mobile tower stocks on SpaceX's $8B spectrum purchase from Grain Management.
SpaceX Buys Spectrum for $8 Billion, Lifting US Tower Stocks
SpaceX agreed to buy a nationwide block of low-band spectrum for about $8 billion in cash from private equity firm Grain Management, a deal that sent U.S. cell tower stocks higher in aftermarket trade on Thursday. American Tower Corp, Crown Castle International Corp, and SBA Communications Corp, three of the country's largest phone tower operators, rose between 3% and 4.5% in afterhours trade. Bernstein analysts called the move positive for tower operators, saying it keeps the terrestrial network build option very much alive, though they noted that buying spectrum is not a commitment to build more towers. SpaceX CEO Elon Musk said the spectrum is the last critical piece of the spectrum puzzle needed for SpaceX to provide complete phone coverage in America, and the acquisition is aimed at improving its Starlink satellite-to-cellular service by letting its signal pass through obstacles. Shares of major American telecommunications providers fell on the prospect of more competition from Starlink, with AT&T Inc, Verizon Communications Inc, and T-Mobile US Inc sliding between 5% and 7% in aftermarket trade, while SpaceX shares rose 2.3%.
Zayo Appoints Mariana Agathoklis Schlock as First Chief Communications & Marketing Officer
Zayo has named Mariana Agathoklis Schlock as its first-ever Executive Vice President, Chief Communications & Marketing Officer, reporting to Chief Executive Officer Sowmyanarayan Sampath. In the role, Agathoklis Schlock will lead Zayo's integrated communications, marketing and environmental, social and governance functions as the company scales for the AI-driven infrastructure era. She joins Zayo after nearly nine years at Verizon, where she most recently served as Head of Communications for Verizon Consumer, a $100 billion annual revenue business unit, and helped lead initiatives including the public launch of 5G and the Verizon Family campaign. Before Verizon, she spent 12 years at MTV leading communications across corporate, brand, programming and digital initiatives. Zayo operates a network spanning 32 million fiber miles and 224,000 route miles across North America, connecting more than 400 markets globally.
Zayo Group Holdings · Capital · Positive Zayo names its first Chief Communications & Marketing Officer as it scales for the AI-driven infrastructure era.
Krungsri Expects Both 3BBIF and DIF REIT Profits to Grow in Q3 2026
The securities analyst at Krungsri Securities Public Company Limited released a comparative analysis of the infrastructure funds of the two major mobile operators, expecting the Broadband Internet Infrastructure Fund, or 3BBIF, to post investment profit of 1.615 billion baht in the third quarter of 2026, up 0.2% from the same period last year and 0.2% from the previous quarter. Rental income held steady as rental rates remained unchanged, while financial expenses declined in line with lower interest rates and a reduced outstanding principal after gradual loan repayments, helping to offset higher operating expenses from property maintenance and cable-laying costs. The distribution is expected at 0.14 baht per unit, with a maintained hold recommendation and a target price of 7.20 baht. Meanwhile, the Digital Telecommunications Infrastructure Fund, or DIF, is expected to post investment profit of 3.138 billion baht in the third quarter of 2026, up 3% from the same period last year and up 5% from the previous quarter, driven by rental income growth from an increased ownership of telecommunications tower assets and an annual tower rental rate increase of about 3%. Financial expenses are expected to decline in line with loan interest rates and gradual principal repayments, and there were no special expenses from a large FOC cable removal as in the second quarter of 2026. The fund is expected to pay a dividend of 0.222 baht per unit, with a maintained hold recommendation and a target price of 10.60 baht.
3BB Internet Infrastructure Fund · Capital · Positive Analyst expects 3BBIF Q3 2026 investment profit of 1.615 billion baht with a maintained hold and 7.20 baht target price
AT&T Forms U.S. Fiber Joint Venture With GIP and CPP Investments
AT&T Inc. has agreed to form a new U.S. fiber joint venture with Global Infrastructure Partners and the Canada Pension Plan Investment Board. The venture will include AT&T's subsidiary Forged Fiber 37, which holds the fiber build engine, network assets and operations acquired from Lumen Technologies, along with Gigapower, AT&T's existing wholesale fiber joint venture with GIP. AT&T will own 50% of the joint venture, with GIP and CPP Investments collectively owning the remaining 50%, and the company plans to use the transaction proceeds to reduce debt, invest in its business and return capital to shareholders. The deal is expected to close in the first half of 2027, subject to regulatory approvals and other customary closing conditions, and supports AT&T's goal of reaching more than 60 million fiber locations by the end of 2030. The joint venture will operate as a wholesale commercial open-access fiber company supporting AT&T's network growth across major metropolitan areas in 16 states through a capital-light model.
SAMTEL wins two major contracts worth a combined 509 million baht, boosting backlog
Samart Telcoms Public Company Limited, or SAMTEL, disclosed that the SI Consortium, comprising Samart Communication Service Company Limited, a subsidiary 99.99% held by SAMTEL, and Information and Communication Networks Public Company Limited, or ICN, received a letter dated October 6, 2026 from National Telecom Public Company Limited, or NT, to proceed with a contract to expand the capacity of the Backhaul network between Data Centers and submarine cable stations in order to support one international data communication circuit, as previously quoted. The project has a total value of 363.09 million baht including value-added tax, of which ICN holds a 45.41% share of the project, worth 164.87 million baht including value-added tax, while the SAMTEL subsidiary holds 54.59%. In addition, Secure Info Company Limited, or SCI, a subsidiary indirectly held 99.99% by SAMTEL through Samart Comtech Company Limited, signed a purchase agreement for equipment and devices for the project to establish a Cyber Operations Center and a backup data center, the Digital Resilience Center, at the SMART PARK Industrial Estate office, with the Industrial Estate Authority of Thailand on September 29, 2026. The total project value is 146.20 million baht including value-added tax, with delivery scheduled for completion by April 27, 2027, and payment terms divided into five installments based on work progress.
SAMTEL.BK · Demand · Positive SAMTEL disclosed two major contracts worth a combined 509 million baht, boosting its backlog via its subsidiaries.
ICN.BK · Demand · Positive ICN, as part of the SI Consortium, received the NT contract to expand Backhaul network capacity, worth 164.87 million baht to ICN.
Samart Communication Service Co., Ltd. · Demand · Positive Samart Communication Service, a 99.99% SAMTEL subsidiary, holds 54.59% of the 363.09 million baht NT Backhaul expansion contract.
Samart Comtech Co., Ltd. · Demand · Positive Samart Comtech indirectly holds SCI, which signed the 146.20 million baht Digital Resilience Center project with the Industrial Estate Authority of Thailand.
Digital Realty Prices €1B of 5.125% Guaranteed Notes Due 2036
Digital Realty said Tuesday that Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of its operating partnership Digital Realty Trust, L.P., priced an offering of €1 billion aggregate principal amount of 5.125% Guaranteed Notes due 2036 at 99.289% of the principal amount. The euro notes will be senior unsecured obligations of Digital Euro Finco, LLC and will be fully and unconditionally guaranteed by the company and the operating partnership. Interest is payable annually in arrears at 5.125% per annum from and including October 9, 2026, and the notes mature on October 9, 2036. Closing of the offering is expected to occur on October 9, 2026.
Cloud & Digital Infrastructure › Telecom Towers, Fiber & Colocation Capital
Artificial Intelligence › Colocation & Hyperscale REITs Capital
Digital Euro Finco, LLC · Capital · Neutral Digital Euro Finco priced €1B of 5.125% guaranteed notes due 2036, a debt financing event for the Digital Realty subsidiary.
SAMTEL joins forces with ICN to win NT network expansion contract worth 363.09 million baht
Samart Telcoms Public Company Limited, or SAMTEL, informed the Stock Exchange of Thailand that the SI Consortium, comprising Samart Communication Service Company Limited, a subsidiary 99.99% held by SAMTEL, and Information and Communication Networks Public Company Limited, or ICN, received a letter from National Telecom Public Company Limited, or NT, dated 6 October 2026, notifying the signing of a contract to expand the capacity of the Backhaul network between the Data Center and the submarine cable station to support one system of international data communication circuits. The SI Consortium won the project as per its submitted bid, with a total project value of 363.09 million baht, and NT has asked the SI Consortium to submit relevant supporting documents for the preparation and signing of the contract. The revenue split between Samart Communication Service Company Limited and Information and Communication Networks Public Company Limited stands at 54.59% to 45.41% respectively.
ICN.BK · Demand · Positive ICN, as part of the SI Consortium, won the NT backhaul network expansion contract worth 363.09 million baht with a 45.41% revenue share.
SAMTEL.BK · Demand · Positive SAMTEL's 99.99%-held subsidiary is in the winning SI Consortium for the NT contract, with SAMTEL's share at 54.59% of the 363.09 million baht project.
Samart Communication Service Co., Ltd. · Demand · Positive Samart Communication Service, a 99.99% SAMTEL subsidiary, is a consortium member winning the NT contract and receives 54.59% of the project value.
Vietnam Data Center Colocation Market Projected to Grow at 27.71% CAGR Through 2031
Vietnam's data center colocation market is projected to expand at a compound annual growth rate of 27.71% between 2025 and 2031, according to a new supply and demand analysis from ResearchAndMarkets.com. Growth is being driven by cloud migration, artificial intelligence adoption, digital transformation, hyperscale investment, and improved international connectivity. Recent developments include a November 2025 collaboration between Kinh Bac City Development Holding Corporation, Accelerated Infrastructure Capital, and VietinBank on an AI-focused data center campus at Tan Phu Trung Industrial Park with a planned capacity of 200 MW, and a June 2026 partnership between Foxconn and Brookfield to develop up to 1GW of renewable energy and battery storage capacity in Vietnam under a long-term Power Purchase Agreement. In May 2025, Viettel IDC partnered with KT on an AI-focused data center and GPU farm representing an investment of approximately $94.5 million. Retail colocation generated the largest share of total market revenue in 2025, but wholesale colocation is projected to contribute nearly 47% by 2031, driven by hyperscale deployments and larger leasing requirements. The cloud and IT sector led colocation demand in 2025 at approximately 20% of the market, with Vietnam targeting full cloud computing adoption across government agencies by 2031 and 70% adoption of domestic cloud services among businesses.
Accelerated Infrastructure Capital · Demand · Positive Collaboration with Kinh Bac City and VietinBank on a 200 MW AI-focused data center campus at Tan Phu Trung Industrial Park.
Kinh Bac City Development Holding Corporation · Demand · Positive Partnering with Accelerated Infrastructure Capital and VietinBank on a 200 MW AI-focused data center campus at Tan Phu Trung Industrial Park.
Viettel IDC · Demand · Positive Viettel IDC partnered with KT on an AI-focused data center and GPU farm worth about $94.5 million.
030200.KO · Demand · Positive KT partnered with Viettel IDC on an AI-focused data center and GPU farm worth about $94.5 million, a concrete deal.
601138.CG · Capital · Positive Foxconn Industrial Internet's parent-side Foxconn partnership with Brookfield covers up to 1GW of renewable energy and battery storage capacity in Vietnam.
BAM · Capital · Positive Brookfield partnered with Foxconn to develop up to 1GW of renewable energy and battery storage in Vietnam under a long-term PPA, a concrete investment.
ITEL wins PEA contract to tidy communication cables in two regions, total value 266 million baht
Interlink Telecom Public Company Limited, or ITEL, has been selected by the Provincial Electricity Authority, or PEA, to carry out the project to tidy communication cables on power poles for the year 2026. The project is divided into two parts: work in the central region worth 148,774,493.70 baht, and work in the southern region worth 117,830,798.25 baht, for a total value of 266,605,291.95 baht. Dr. Nattanai Anantarumporn, Chief Executive Officer of ITEL, said the company is pleased to have earned PEA's trust and is committed to completing the work efficiently and on target. The two projects, with a combined value of more than 266 million baht, will help strengthen the company's telecommunications infrastructure revenue base, with revenue recognition proceeding in line with the operating plan and contract conditions after signing.
ITEL.BK · Demand · Positive ITEL won a PEA contract worth 266 million baht to tidy communication cables in the central and southern regions, adding to its telecom infrastructure revenue base.
ALT eyes closing Global Hyperscalers deal in Q4 2026, pushing backlog up to 6.9 billion baht
ALT Telecom Public Company Limited, or ALT, disclosed that it is in negotiations for additional deals with global-tier customers, the Global Hyperscalers, in the fourth quarter of 2026, after signing network and digital infrastructure lease contracts worth a total of approximately 2 billion baht in the third quarter of 2026, with a contract term of 20 years. Preeyaporn Tangpaosak, Managing Director, told the Stock Vision news team that the company targets double-digit growth in revenue in the second half of 2026, driven by recurring revenue recognition from its existing network. The expansion of its large-customer base has raised the value of work awaiting revenue recognition, or backlog, for the group from 5.115 billion baht as of the second quarter of 2026 to approximately 6.9 billion baht in September 2026. The company is also proceeding with bids for smart grid power network systems and AMI smart meter installation work for the Provincial Electricity Authority and the Metropolitan Electricity Authority, as well as government work in security and digital fields, with a combined value of several billion baht. It is also pushing to connect networks in the Eastern Economic Corridor, or EEC, with data centers in Bangkok and overseas, setting a target internal rate of return, or IRR, for new projects of no less than 10 to 15 percent. The company sees three key drivers supporting revenue and profit growth over the next 12 to 18 months: the data center and AI trend, growth in smart meter and smart grid work, and margin expansion from operating leverage.
ALT.BK · Demand · Positive ALT signed ~2bn baht of 20-year network/digital infrastructure lease contracts with Global Hyperscalers and is negotiating more, lifting backlog to ~6.9bn baht.
Metropolitan Electricity Authority · Demand · Neutral ALT is bidding for AMI smart meter installation work for the Metropolitan Electricity Authority, but no contract has been awarded.
Provincial Electricity Authority · Demand · Neutral ALT is bidding for smart grid and AMI smart meter work for the Provincial Electricity Authority, but no contract has been awarded.
Blackfuel Picks Digital Realty's BCN1 for AI Inference Platform
Blackfuel announced in late September 2026 that it has chosen Digital Realty's BCN1 data center in Barcelona to host and scale its liquid-cooled, AMD GPU-powered AI inference platform, tightly integrated with the ServiceFabric interconnection network for low-latency, private connectivity. The move comes shortly after Digital Realty's plan to add a new cable landing station at its LAX12 facility, which is slated to support subsea cables from 2028, tying subsea routes into the company's interconnection fabric. Together, the two projects support Digital Realty's near-term interconnection and AI demand catalyst, including the conversion of a US$1.9b lease backlog and US$410m of recent hyperscale signings into revenue. The company's narrative projects $9.7 billion in revenue and $1.4 billion in earnings by 2029, requiring 12.7% yearly revenue growth and an earnings increase of about $0.6 billion from $758.3 million today. The central debate remains Digital Realty's enlarged 1.4 GW, US$4.25b to US$4.75b 2026 CapEx plan and whether demand will match that build out, with three fair value estimates from the Simply Wall St Community spanning roughly US$223 to US$303 per share.
Meta Unveils Petal Subsea Cable Linking US and France
Meta announced Petal on Sept. 21, a roughly 4,300-mile subsea cable connecting the U.S. and France that is expected to enter service in 2029 and will be the first to deliver petabit-scale capacity across an ocean. The cable will carry 1 petabit per second, or about 125,000 gigabytes per second, double what today's most advanced transoceanic cables can handle, using two-core fiber that fits two light paths inside each strand. Petal is one piece of a much larger seafloor empire: Meta says it has invested in more than 20 subsea cable projects touching every continent except Antarctica, led by Project Waterworth, announced in February 2025, which will stretch more than 31,000 miles and connect the U.S., Brazil, South Africa, India, and other regions across five continents. Petal is being developed with Japan's NEC and Sumitomo Electric Industries, with French telecom Orange handling the landing on France's Atlantic coast, while Waterworth will be wholly owned by Meta, only its third solely owned cable according to telecom research firm TeleGeography. Meta has not disclosed what Petal or Waterworth will cost, but TechCrunch reported before Waterworth's announcement that the project could top $10 billion, a small slice of the company's expected capital expenditures of $130 billion to $145 billion this year, nearly double the $72.2 billion it spent in 2025.
AT&T CEO Stankey Says SpaceX's Starlink Cellular Plan Won't Work, Touts Fiber
AT&T CEO John Stankey said Elon Musk-led Space Exploration Technologies Corp.'s plan to roll out a cellular network will not work, arguing fiber-based connectivity beats satellites. In an interview with Axios on Tuesday, Stankey said fiber is three times faster than satellite networks and that satellite, even at its best over the next 10 years, still will not beat fiber. Asked about SpaceX's plan to install cellular base stations alongside Starlink dishes, Stankey said it would cost as much as building a macro network to handle those capabilities, and that companies cannot radiate cellular signals from someone's house without permission. He cited a whole bunch of reasons why SpaceX's plan would not work. Earlier this month, SpaceX won Federal Communications Commission approval to provide international telecommunications services, boosting its plans for direct-to-cell 5G connectivity via the Starlink constellation, and the FCC is set to vote on September 30 on unlocking an additional 1,000 MHz of spectrum for satellite broadband.
T · Competition · Positive AT&T CEO touts fiber as superior to satellite and dismisses SpaceX's Starlink cellular plan, positioning AT&T's fiber connectivity as the winning approach.
SPCX · Competition · Negative AT&T CEO Stankey publicly argues SpaceX's Starlink direct-to-cell plan won't work and fiber beats satellites, casting doubt on the viability of SpaceX's cellular ambitions.
Cable One in Advanced Talks on Financing With GTCR and Lenders
Cable One, Inc. announced it is in advanced discussions with GTCR LLC, certain of its existing lenders and a consortium of leading private lending institutions regarding financing transactions to address certain of the Company's forthcoming capital needs. Cable One said it is working towards enhancing its capital structure to position the company to drive growth in shareholder value. Chief Executive Officer Jim Holanda said the contemplated financings are intended to strengthen Cable One's overall financial position, while GTCR Managing Director Stephen J. Jeschke said GTCR has been working closely with Cable One to facilitate a potential transaction that would bring new capital into the business. No definitive agreements have been entered into, and there can be no guarantee that any transaction will materialize. Separately, Cable One and GTCR agreed to extend the deadline for completion of Cable One's purchase of the 55% remaining stake it does not already own in Mega Broadband Investments Holdings LLC to October 9, 2026.
Cloud & Digital Infrastructure › Telecom Towers, Fiber & Colocation Capital
CABO · Capital · Neutral Cable One is in advanced talks with GTCR and lenders on financing to address forthcoming capital needs and strengthen its capital structure, but no definitive agreements exist.
GTCR · Capital · Positive GTCR is working closely with Cable One to facilitate a potential transaction bringing new capital into the business.
Mega Broadband Investments Holdings LLC · Capital · Neutral The deadline for Cable One's purchase of the remaining 55% stake in Mega Broadband was extended to October 9, 2026.
SBA Communications Lifts 2026 Site Leasing Guidance as Tower Portfolio Grows
SBA Communications raised its full-year 2026 site leasing revenue guidance to $2.651-$2.676 billion while maintaining its services revenue outlook of $190-$210 million. The tower operator reported a company-wide tower cash flow margin of 79.5% in the second quarter of 2026, down from 81% a year earlier, and said its 2026 bridge includes $52-$58 million from new leases and amendments and $71-$74 million from escalators, offset by Sprint, EchoStar and regular churn. In the second quarter of 2026, SBA acquired six communication sites for $10.5 million and built 109 towers, up from 80 builds in the first quarter, bringing its owned or operated portfolio to 46,390 sites as of June 30, 2026, including 29,028 internationally. After quarter-end, it purchased or was under contract to purchase 58 sites for $28.8 million, expected to close by year-end 2026. The board declared a quarterly dividend of $1.25 per share, paid Sept. 17, 2026, roughly 13% above the prior-year level, and management plans to resume share repurchases in the second half of 2026 with $1.1 billion of authorization remaining. Domestic site leasing revenues fell 3.7% year over year to $452.5 million, with T-Mobile, AT&T Wireless and Verizon Wireless representing 36.2%, 32.4% and 22.2% of that total, respectively, while total debt stood at $12.78 billion and net debt at $12.39 billion as of June 30, 2026.
SBAC · Capital · Positive SBA raised its 2026 site leasing revenue guidance and declared a dividend ~13% above prior year while planning to resume buybacks.
Ericsson Selected by Cellnex Poland for 5G RAN Modernization
Ericsson has been selected by Cellnex Poland as one of the suppliers for the modernization and expansion of its Radio Access Network, covering radios, RAN compute modules, microwave links, antennas and enclosures. The deployment is designed to improve network coverage, speeds and reliability across urban and rural areas while reducing site footprint, energy consumption and tower load. Post-deployment, Cellnex will become Ericsson's lead customer for the MINI-LINK 6356 E-band radio, and the project will also feature Ericsson's Transport Automation Controller for microwave backhaul, enabling AI-driven automation and network management. The agreement is particularly relevant to Ericsson's Networks segment, which accounted for 63.8% of the company's 2025 net sales, and comes as Ericsson reported second-quarter 2026 revenues that fell 6% year over year to SEK 52.7 billion, missing the Zacks Consensus Estimate, while adjusted gross margin increased to 48.4%.
0O86.LSE · Demand · Positive Selected by Cellnex Poland as a supplier for 5G RAN modernization and expansion, a concrete product order for its Networks segment.
ERIC · Demand · Positive Selected by Cellnex Poland as a supplier for 5G RAN modernization and expansion, a concrete product order for its Networks segment.
NETSTREIT Secures $550M in New Financing, Extends Debt Maturities
NETSTREIT has secured $550 million in additional term loan commitments and amended its existing credit facilities, extending its debt maturity profile and repaying a $200 million term loan due in February 2028. The financing comprises a $100 million increase to its existing 5.5-year senior unsecured term loan, a $50 million increase to its existing 7-year term loan, and a new $400 million senior unsecured 7-year delayed draw term loan. The $100 million and $50 million incremental term loans were funded at closing, while the $400 million facility was undrawn and can be drawn through September 28, 2027. The company said the transactions leave it with no material debt maturities until early 2029 and largely address its debt capital needs through 2027.
Aging Population › Senior Housing & Healthcare REITs Capital
NTST · Capital · Positive NETSTREIT secured $550M in new term loan commitments and amended credit facilities, extending maturities and repaying a $200M term loan due 2028.
MoffettNathanson Warns Starlink V3 Satellites Threaten Comcast and Charter Broadband
MoffettNathanson analyst Craig Moffett said Tuesday that SpaceX's Starlink is becoming a more credible competitor to terrestrial broadband providers, particularly in rural and lower-density markets, as the service begins deploying higher-capacity V3 satellites. Moffett told CNBC that Starlink poses a much greater competitive challenge to Comcast Corp. and Charter Communications Inc. than to traditional wireless carriers such as AT&T Inc. and Verizon Communications Inc., saying the terrestrial broadband business where they deliver ISP service is a very credible product that already is having a significant impact. SpaceX's first Starship orbital flight deployed 26 V3 Starlink satellites, which Moffett said carry substantially more capacity and should improve the service, though he expects it will be after 2030 before most of the Starlink constellation consists of V3 satellites. Even with V3 satellites, he does not expect Starlink to match the speeds offered by terrestrial fiber or cable broadband, leaving pricing and customer segmentation as major competitive factors, with Starlink potentially competing more effectively for value-oriented customers. Moffett compared the challenge with the pressure Comcast and Charter already face from fixed wireless access, noting the cable operators have responded by bundling broadband with wireless services, a strategy he said has proven relatively successful.
CHTR · Competition · Negative Starlink's higher-capacity V3 satellites make it a more credible broadband competitor, pressuring Charter's ISP business.
CMCSA · Competition · Negative Moffett warns Starlink V3 poses a much greater competitive challenge to Comcast's terrestrial broadband business.
SPCX · Technology · Positive SpaceX's Starship deployed 26 V3 Starlink satellites, boosting capacity and improving the service.
T · Competition · Neutral Mentioned only as facing less competitive threat from Starlink than cable operators.
VZ · Competition · Neutral Mentioned only as facing less competitive threat from Starlink than cable operators.
Corning Secures Over $3 Billion Multi-Year AT&T Fiber Deal
Corning Incorporated has secured a multi-year agreement worth more than $3 billion with AT&T Inc. to expand high-speed broadband infrastructure in the United States. Under the deal, Corning will supply the fiber and cable required for AT&T's network expansion, supporting connectivity for residential customers, businesses and communities. Corning is also expanding its fiber and cable production in the United States, including a North Carolina facility that has created hundreds of jobs. The company has separately partnered with Verizon Communications Inc. to provide fiber and connectivity solutions for broadband expansion and AI-related infrastructure. Corning's 2026 earnings estimates have increased 0.9% to $3.28 per share and its 2027 estimates have risen 0.7% to $4.28 over the past 60 days, while its shares trade at 38.14 forward 12-month earnings.
AT&T, T-Mobile and Verizon Form Joint Venture to Close U.S. Coverage Dead Zones, Name Paul Roth Interim CEO
AT&T, T-Mobile and Verizon have entered into a joint venture agreement aimed at expanding satellite-enabled coverage in underserved areas across the U.S., following a May announcement that the three carriers would pool limited spectrum resources to help eliminate coverage dead zones. Paul Roth, a wireless industry veteran who previously held leadership roles at AT&T, Cingular Wireless and Ameritech, will serve as interim CEO while a search for a permanent chief executive is underway, and the venture will be managed by a board with representatives from each founding member. The JV is designed to complement terrestrial mobile networks rather than replace them, with the goal of nearly eliminating dead zones currently without mobile service, providing redundant connectivity during natural disasters, and improving direct-to-device access as a first step. The partners said the venture will support industry competition and innovation, work with rural mobile network operators, and pursue a standards-based approach to device compatibility, while existing carrier-satellite agreements remain in place and the three companies can continue connectivity efforts independently.
T · Demand · Positive AT&T is a founding partner in the JV to expand satellite-enabled coverage and eliminate dead zones, expanding its service reach.
TMUS · Demand · Positive T-Mobile is a founding partner in the JV pooling spectrum to close U.S. coverage dead zones, extending its connectivity offering.
VZ · Demand · Positive Verizon is a founding partner in the JV to expand satellite-enabled coverage in underserved U.S. areas.
Ares Provides $2 Billion of $6.5 Billion Financing for Phoenix Tower International
Ares Management Corporation announced that certain of its funds provided $2.0 billion of a $6.5 billion multi-jurisdiction financing for Phoenix Tower International, funding approximately $1.8 billion at closing. The new debt facility will consolidate PTI's existing loans and add substantial capacity for growth across existing and new markets globally. PTI operates more than 33,000 wireless sites across 23 countries, and the deal represents one of the largest private credit financings to date in the towers sector. PTI Chief Financial Officer Michael Bremer called the $6.5 billion financing the largest of its kind for a privately held tower company, reflecting lender confidence across 23 jurisdictions. Roopa Murthy, Partner and Co-Head of EMEA Infrastructure Debt at Ares, said the firm looks forward to supporting PTI's next phase of growth alongside Blackstone and the broader sponsor group.
ARES · Capital · Positive Ares funds provided $2.0 billion of a $6.5 billion financing for Phoenix Tower International, a major private credit deal.
Phoenix Tower International · Capital · Positive PTI secured a $6.5 billion multi-jurisdiction debt facility, the largest of its kind for a privately held tower company, consolidating loans and adding growth capacity.
Verizon Adds Charles Phillips to Board as FCC Halts New Jersey Copper Shutdown
Verizon Communications has elected technology executive and private equity investor Charles Phillips to its Board of Directors, while the Federal Communications Commission has placed a hold on Verizon's plan for automatic shutdown of copper-based telephone service in parts of New Jersey. The board addition and the FCC pause on copper service retirement frame broader questions about Verizon's technology focus and legacy network strategy. The company's ongoing cost optimization is now framed by a US$9b 2026 program with structural reductions in operating and capital expenditure, supported by AI driven operations, lower cost of acquisition and retention, and network modernization. The headline risk is the FCC slowing Verizon's copper retirement, which leans against that cost program and keeps old infrastructure on the books for longer, while bringing Charles Phillips onto the board points the other way given his background in enterprise software and technology services. For investors comparing Verizon with AT&T or T-Mobile, the nuance is board composition and oversight, with the appointment appearing aligned with a deepening enterprise and AI infrastructure focus.
VZ · Capital · Positive Verizon elected Charles Phillips to its board, aligning oversight with a deepening enterprise and AI infrastructure focus.
VZ · Regulation · Negative FCC placed a hold on Verizon's automatic copper-service shutdown in New Jersey, keeping legacy infrastructure on the books and leaning against its cost program.
Gabelli Value 25 Fund Flags TDS Bid for Array Digital
Gabelli Value 25 Fund disclosed in its second-quarter 2026 investor letter that Telephone and Data Systems submitted a non-binding proposal in May 2026 to the board of its 82%-owned subsidiary, Array Digital Infrastructure, to acquire all outstanding common shares of Array not currently owned by TDS, at 0.86 TDS shares per Array share. Array is the fifth-largest wireless tower operator in the United States, with over 4,450 sites. TDS is a telecommunications company primarily operating rural wireline and wireless tower operations, and the stock was a 1.3% position in the fund. The fund's Class I shares gained 7.16% in the second quarter of 2026, compared with a 15.20% advance for the S&P 500, while its one-year return reached 26.11% versus 22.32% for the index. Gabelli expects 2026 S&P 500 earnings growth of 25% and continued AI investment to remain important market drivers, while flagging risks from geopolitical tensions, higher energy prices, inflation, interest-rate uncertainty, and elevated market concentration.
AD · Capital · Positive TDS submitted a non-binding proposal to acquire all outstanding Array shares it does not already own at 0.86 TDS shares per Array share, a takeover bid for the company.
TDS · Capital · Neutral TDS proposed to buy out the remaining Array Digital shares via a share-exchange offer, an M&A move whose net effect on TDS is unclear.
Digital Realty and Blackfuel Deploy AI Inference Platform on ServiceFabric in Barcelona
Digital Realty announced that Blackfuel has selected its BCN1 data center in Barcelona as the foundation for deploying and scaling its AI inference platform. The multi-megawatt deployment is built on liquid-cooled Dell Technologies AI Factory infrastructure and AMD GPUs, and integrates Blackfuel's inference platform with ServiceFabric, Digital Realty's software-defined interconnection platform. Delivered through private connectivity, ServiceFabric provides a low-latency, low-jitter network path that can reduce Time-to-First-Token by 50 milliseconds, shortening overall task completion time by 1 to 2.5 seconds for agentic workflows requiring 20 to 50 sequential inference API calls compared with public internet connectivity. ServiceFabric extends across more than 800 Digital Realty and third-party data centers worldwide, giving Blackfuel a global connectivity fabric to scale AI services beyond Barcelona. Chris Sharp, Chief Technology Officer of Digital Realty, said the next phase of AI will be measured in useful tokens per megawatt, and Barcelona is the first proof point.
NTT East and NTT West to Raise Fixed-Line Call Rates Next April, First Hike in About 50 Years
NTT East and NTT West announced on the 30th that they will raise fixed-line telephone call rates, effective next April. The move is due to rising component and labor costs, and marks the first increase in fixed-line call rates in about 50 years, since November 1976, and the first since privatization. Calls to fixed-line phones will rise from 9.35 yen to 10.45 yen per three minutes, while calls to mobile phones will go from 17.6 yen to 19.8 yen per minute. Usage fees will also increase for the fiber-optic "Hikari Denwa" service and the "Flets Hikari" internet connection service.
NTT West (西日本電信電話) · Pricing · Positive NTT West raises fixed-line call and Hikari/Flets service rates, its own product prices, due to rising component and labor costs.
東日本電信電話株式会社 (NTT East) · Pricing · Positive NTT East raises fixed-line call and Hikari/Flets service rates, its own product prices, due to rising component and labor costs.
TRUE Monitors Networks in 11 Provinces to Handle Flooding, Sends Engineers to Reinforce Base Stations
True Corporation Public Company Limited, or TRUE, disclosed that the company has raised its level of monitoring for base stations and communications support networks in 11 at-risk provinces after the Royal Irrigation Department increased water discharge from the Chao Phraya Dam. The areas are Uthai Thani, Chai Nat, Sing Buri, Ang Thong, Phra Nakhon Si Ayutthaya, Suphan Buri, Lop Buri, Pathum Thani, Nonthaburi, Samut Prakan, and Bangkok. TRUE's network engineering teams are tracking water levels and risks to the network around the clock, and are preparing personnel and equipment for a situation that may change. In the Khlong Chan housing flats area, which is still affected by standing floodwater, the company has sent network engineering teams with flat-bottomed boats to transport generators and equipment in to support base stations within the community, where in some spots the water is chest-deep. During periods when the Metropolitan Electricity Authority cuts power at certain points for safety, the company has increased signal coverage from nearby base stations and brought in generators to supply power to base stations in the area. TRUE is also using artificial intelligence in the form of Predictive Analytics to analyze risks to the network in advance, and is using its smart network operations center, the Business Network Intelligence Center, or BNIC, to link data from various base stations around the clock. On equipment readiness, the company has prepared generators, fuel, batteries, backup power systems, backup network equipment, Cell-On-Wheel mobile base station vehicles, flat-bottomed boats, and four-wheel-drive vehicles, with priority given to key base stations serving hospitals, airports, command centers, public assistance centers, and critical infrastructure, while coordinating with the National Broadcasting and Telecommunications Commission, the Department of Disaster Prevention and Mitigation, and related agencies. Beyond its network mission, the company has delivered drinking water and essential supplies to people in the Khlong Chan housing flats, and has sent engineering teams and mobile base station vehicles to look after the network in the Rom Klao housing area in Lat Krabang district.
TRUE.BK · · Neutral TRUE raises network monitoring and deploys engineers, generators and AI to protect base stations in 11 flood-risk provinces; operational response with no clear financial driver.
KDDI to Scale Back Roaming for Rakuten Mobile from October in 18 Designated Cities and Elsewhere
KDDI announced on the 30th the areas where it will provide its mobile phone network to Rakuten Mobile, known as roaming, from October onward, revealing that it will significantly reduce coverage in 18 designated cities including Yokohama, Kobe and Sendai. In the affected areas, Rakuten Mobile's service may become difficult to connect. In addition to the 18 designated cities, excluding Osaka and Nagoya where coverage had already been reduced, core cities such as Asahikawa in Hokkaido will also be subject to the reduction. For regional areas where Rakuten Mobile's base station rollout has lagged, KDDI says it will cooperate in maintaining infrastructure for a certain period, on the major premise that Rakuten Mobile will carry out the buildout itself.
4755.JP · Supply · Negative KDDI will significantly reduce roaming coverage in 18 designated cities and other areas from October, making Rakuten Mobile's service harder to connect.
9433.JP · Supply · Neutral KDDI scales back the network capacity it supplies to Rakuten Mobile, but also agrees to help maintain regional infrastructure for a period.
Corning and AT&T sign $3 billion multi-year fiber supply deal
Corning Incorporated has signed a multi-year agreement with AT&T valued at more than $3 billion to supply fiber and cable for AT&T's network expansion, sending Corning shares up 3% Tuesday morning. Under the deal, Corning will provide the fiber and cable AT&T needs to bring internet connectivity to more Americans, supporting AT&T's commitment to deliver fast internet to 60 million Americans by the end of 2030. The agreement builds on both companies' U.S. investments: AT&T has committed more than $250 billion over five years to strengthen U.S. connectivity infrastructure, while Corning continues to expand its U.S. fiber and cable manufacturing, including at North Carolina facilities that have created hundreds of jobs. AT&T said the average AT&T Fiber household now uses more than 1 terabyte per month, five times the 2016 level, with monthly use expected to reach 2 to 2.5 terabytes by 2030. AT&T reiterated the financial outlook and capital allocation plan from its second-quarter 2026 earnings release, which reflects the financial impact of this agreement.
Oracle Invokes Force Majeure as $18 Billion Project Jupiter Faces One-Year Delay
Oracle has invoked force majeure over probable delays at Project Jupiter, a large New Mexico data center project, according to Reuters. Project Jupiter is a STACK Infrastructure project being created by Blue Owl Capital to enable OpenAI, and it may be delayed by around one year due to challenges in procuring power. The 1,400-acre project has raised nearly $18 billion in loans, while Blue Owl has contributed about $3 billion of equity. Blue Owl said the force majeure notice does not impact its financial commitments to Project Jupiter and that STACK and Oracle remain committed to the project. Oracle shares dropped 3.5% to $139.54 Thursday and Blue Owl slid 3.7% to $9.25.
Artificial Intelligence › AI Compute Cloud & Neoclouds ▼Supply
ORCL · Capital · Negative Oracle invoked force majeure on the $18B Project Jupiter data center, which faces a one-year delay over power procurement, sending its shares down 3.5%.
Stack Infrastructure · Supply · Negative STACK Infrastructure's 1,400-acre Project Jupiter data center faces a one-year delay from power-procurement challenges, though STACK remains committed to the project.
OBDC · Capital · Negative Blue Owl Capital Corporation shares slid 3.7% amid the Project Jupiter force majeure delay, though Blue Owl said its financial commitments are unaffected.
OWL · Capital · Negative Blue Owl Capital Inc slid 3.7% as the Project Jupiter force majeure delay clouds the $3B equity it contributed, despite the firm saying commitments are unaffected.
OpenAI · Supply · Negative OpenAI's enabling data center Project Jupiter faces a roughly one-year delay due to power-procurement challenges, delaying the capacity intended for OpenAI.
Goodman Group Shelves $840 Million Sydney Data Center as Australia's AI Boom Faces Backlash
Goodman Group has shelved plans for an $840 million data center facility in suburban Sydney after facing significant community resistance, as Australia's data center boom runs into growing local opposition. The state of Victoria has also recently banned data centers in residential areas, and the Federal Senate has begun an inquiry into the sector. The debate is being amplified by AI security concerns after Prime Minister Anthony Albanese called for stronger AI safeguards following revelations that an OpenAI model hacked a government website. Jeannie Paterson, co-director of the Centre for AI and Digital Ethics at the University of Melbourne, told Bloomberg that existing hacking and unauthorized-access laws in the US and Australia are not yet being enforced, and that jurisdiction is a hurdle because Anthropic does not currently train models in Australia, though that would change if the company makes predicted investments in Australian data centers. She added that civil penalties and tort liability, rather than criminal intent requirements, offer a more agile way to hold AI developers accountable, especially as companies approach IPOs where shareholders care about such exposure.
OpenAI · Regulation · Negative Article cites an OpenAI model hacking a government website, amplifying AI security concerns and calls for stronger safeguards amid Australia's data center backlash.
Anthropic · Regulation · Neutral Mentioned as not currently training models in Australia and facing jurisdiction/liability hurdles, but no concrete company-specific development.
STECON expects 2026 revenue to exceed 35 billion baht target
Pakpoom Srichamni, Chief Executive Officer of Stecon Group Public Company Limited, disclosed that STECON expects 2026 revenue to potentially exceed its original target of 35 billion baht, and sees 2027 as the clear starting point of a new growth cycle in both revenue and operating results, driven by its backlog and business opportunities gradually coming in. The company sees simultaneous growth opportunities across several business groups, including data centers, infrastructure, large-scale government projects, and investments that generate recurring income over the long term. Data centers remain a key market thanks to investment by major service providers, or hyperscalers, and the company intends to build on its track record and experience from ongoing projects to win new work and expand its role in the digital infrastructure market. On transport infrastructure, the company is monitoring progress on the UTA project, which has a 50-year concession framework; if it becomes clear as planned, related investment is expected to begin as early as 2027. This includes large-scale project plans by alliance partners such as BTS and Bangkok Airways, which are expected to begin operations in early 2027. As for government megaprojects, Pakpoom assesses that over the next one to two years more projects will be pushed toward bidding, with some possibly starting bidding in 2027, and if the company wins work, revenue would gradually be recognized from 2028 onward.
STECON.BK · Demand · Positive STECON expects 2026 revenue to exceed its 35 billion baht target, driven by its backlog and growth opportunities in data centers, infrastructure, and government megaprojects.
Samsung and affiliates commit $1B to KKR- and Nvidia-backed Helix
Samsung Electronics and its affiliates will jointly invest $1B in Helix Digital Infrastructure, the AI infrastructure company launched by KKR with backing from Nvidia. Samsung Electronics said Tuesday it will put in $500M, with Samsung C&T, Samsung SDS, Samsung SDI, Samsung Life Insurance, and Samsung Fire & Marine Insurance contributing the remainder. The deal lets Samsung draw on capabilities across its affiliates, from semiconductors and cooling systems to data center construction and batteries, as the group looks to expand its role in the global AI infrastructure buildout. Helix, launched in June, is led by Adam Selipsky, the former CEO of Amazon Web Services, and counts KKR, the Kuwait Investment Authority, Nvidia, and U.S. power company Vistra as founding investors. KKR said the new investment comes on top of the more than $10B of funds already committed to the company. Samsung Electronics shares rose 2.13% Tuesday morning, while the benchmark Kospi index fell 0.53%.
Artificial Intelligence › AI Compute & Accelerator Silicon Capital
005930.KO · Capital · Positive Samsung Electronics commits $500M to Helix as part of a $1B group investment to expand its AI infrastructure role.
006400.KO · Capital · Positive Samsung SDI contributes part of the $1B investment in Helix, expanding its role in AI infrastructure via batteries.
018260.KO · Capital · Positive Samsung SDS contributes part of the $1B investment in Helix, drawing on data center capabilities.
028260.KO · Capital · Positive Samsung C&T contributes part of the $1B investment in Helix, leveraging data center construction capabilities.
032830.KO · Capital · Positive Samsung Life Insurance contributes part of the $1B investment in Helix.
KKR · Capital · Positive KKR's Helix Digital Infrastructure receives a new $1B investment from Samsung and affiliates, on top of $10B already committed.
BlackRock-Backed Consortium in Exclusive Talks for Stack Infrastructure APAC Data Centres
A consortium backed by BlackRock and IFM Investors has entered exclusive talks to acquire Stack Infrastructure's Asia-Pacific data centres from Blue Owl Capital in a potential US$20.00–US$25.00 billion deal, with due diligence under way and no agreement yet finalized. The move sits alongside BlackRock's expanded AI Infrastructure Partnership and its major Aligned Data Centres acquisition, underlining how aggressively the firm is building an AI-focused data centre footprint across regions. BlackRock's narrative projects $36.2 billion in revenue and $10.8 billion in earnings by 2029, requiring 9.9% yearly revenue growth and roughly a $4.2 billion earnings increase from $6.6 billion today. Five members of the Simply Wall St Community currently place BlackRock's fair value between US$1,140.65 and US$1,323.31, against a $1323 fair value estimate implying 24% upside to its current price. Investors are also weighing the risk that expanding private markets and AI infrastructure exposure raises integration and cost pressures that could affect BlackRock's ability to sustain its current earnings profile.
BLK · Capital · Positive BlackRock-backed consortium in exclusive talks for a US$20-25bn Stack Infrastructure APAC data centre acquisition, expanding its AI infrastructure footprint.
OBDC · Capital · Positive Blue Owl Capital is the seller of Stack Infrastructure's Asia-Pacific data centres in the potential US$20-25bn deal.
Stack Infrastructure · Capital · Positive Stack Infrastructure's APAC data centres are the subject of exclusive acquisition talks valued at US$20-25bn.
Globe Telecom Plans $1 Billion 2027 Data-Center Push as Mynt Nears Record IPO
Globe Telecom Inc. is betting the artificial intelligence boom can turn its data-center venture into its next billion-dollar business, with President and Chief Executive Officer Carl Raymond Cruz saying the carrier plans to spend at least $1 billion in 2027, mainly to expand its data business. Capital expenditures are expected to equal 23% to 28% of revenue over the next few years. Globe's data-center foothold runs through ST Telemedia Global Data Centres Philippines, a venture with parent Ayala Corp. and Singapore Technologies Telemedia Pte. that operates five facilities, with capacity set to reach 30 to 35 megawatts by the end of 2026 before rising to 124 MW over the following three years through new sites and expansion of existing facilities. A listing of the venture is among the options being considered to fund further expansion, Cruz said, adding that capacity constraints in Thailand, Singapore and Malaysia make the Philippines the next destination for data-center customers. The data-center bet follows Globe's success with Mynt Inc., the company behind GCash, which was valued at $5 billion in its last funding round in 2024 and whose IPO is expected to raise about 60 billion pesos next month in what would be the country's biggest listing.
Mynt · Capital · Positive Mynt's IPO is expected to raise about 60 billion pesos next month in the country's biggest listing.
ST Telemedia Global Data Centres Philippines · Capital · Positive The ST Telemedia/Ayala/Globe data-center venture is set to expand capacity to 124 MW and is considering a listing to fund growth.
GCash · Capital · Positive GCash parent Mynt's record IPO is highlighted as following Globe's success with the fintech.
Singapore Technologies Telemedia (ST Telemedia) · Capital · Positive ST Telemedia is a partner in the Philippine data-center venture that Globe plans to expand with $1B+ capex and possibly list.
Eaton to Acquire Italy's COL Group for €810 Million
Eaton Corporation plc has agreed to acquire Italy-based COL Group from Oaktree's Power Opportunities strategy for an enterprise value of €810 million. COL Group specializes in medium-voltage electrical power distribution solutions, including SF6-free switchgear, grid automation technologies, and modular power systems, and operates four Italian manufacturing facilities with roughly 400 employees. The company forecasts 2027 sales of €250 million, and the deal is expected to close in Q1 2027, subject to regulatory approvals. The transaction expands Eaton's European manufacturing footprint and accelerates its capacity to capture global demand across utility grid modernization and data center end markets.
ETN · Capital · Positive Eaton agrees to acquire COL Group for €810M, expanding its European manufacturing footprint and grid/data-center capacity.
OCSL · Capital · Neutral Oaktree's Power Opportunities strategy is the seller of COL Group, but the article gives no terms on Oaktree Specialty Lending Corp's own impact.
Crusoe Confirms It Is Developing Google Data Center Campus in Armstrong County, Texas
Crusoe announced it is the developer of Google's data center campus under construction in Armstrong County outside of Amarillo, Texas. The campus is engineered to provide capacity to power advanced AI and has a direct connection to Serena's adjacent Goodnight 1 wind farm, which at 265.5 MW is operational, and the Goodnight 2 wind farm, also 265.5 MW, which is under construction and was catalyzed by Crusoe's development at the site. When wind generation exceeds campus demand, surplus power is supplied back to the grid, benefiting local ratepayers and reducing curtailment of West Texas wind energy. Construction broke ground in June 2025 and is underway with more than 5,500 skilled laborers on-site daily, and the project will use a closed-loop, non-evaporative liquid cooling system designed to limit its water footprint primarily to domestic uses such as kitchens. The campus is part of Crusoe's growing West Texas portfolio, which includes two campuses under development in Abilene.
Crusoe · Demand · Positive Crusoe is confirmed as developer of Google's data center campus and its West Texas portfolio, a concrete project win.
Serena Energy · Demand · Positive Serena's Goodnight 1 and 2 wind farms supply power to the campus, with Goodnight 2 catalyzed by Crusoe's development.
GOOG · Capital · Positive Crusoe confirmed it is developing Google's AI data center campus in Armstrong County, Texas, expanding Alphabet's data center capacity.
