1
Design → Tapeout
IP licensing, architecture definition, logic synthesis, place & route, verification, and handoff to foundry
IP Licensing & Design IP
CPU / Architecture IP
Processor Core IP
Licensed CPU architectures embedded in AI SoCs. ARM dominates datacenter cores; RISC-V growing rapidly with 25% of total processor market by volume.
1ARM Holdings~65-70%
2RISC-V (SiFive / open)~25%
Critical bottleneck
Interface IP
PHY & Interface IP HBM4 PHY
Silicon-proven IP blocks for PCIe Gen5/6, HBM PHY, DDR5, CXL, 224G SerDes. Synopsys dominates with 55% of interface IP market.
1Synopsys DesignWare~55%
2Cadence (incl. Rambus)~15%
3Alphawave Semi~15%
High concentration
Merchant Silicon
Chip Owner / Architecture
Merchant GPU/accelerator vendors. NVIDIA holds ~86-90% of AI accelerator revenue. Broadcom dominates custom ASIC design (~75% share).
1NVIDIA~86%
2AMD~8%
3Broadcom (custom ASIC)~5%
Critical bottleneck
Custom Silicon
Hyperscaler Custom Chips
Cloud providers designing proprietary AI accelerators. Broadcom enables most (75% of ASIC design). Projected 15-25% of total AI compute by 2030.
1Google (TPU v7 Ironwood)
2Amazon (Trainium 2/3)
3Microsoft (Maia 200)
4Meta (MTIA v3)
Growing segment
EDA
EDA Toolchain
Synthesis, place & route, timing closure. Synopsys + Cadence duopoly controls ~70% — "the duopoly that never loses a client."
1Synopsys~35%
2Cadence~33%
3Siemens EDA~13%
High concentration
Verification
Signoff / Verification
DRC, LVS, timing signoff, power/thermal simulation. Synopsys acquired Ansys ($35B, 2025) creating first device-to-system signoff stack.
1Synopsys (incl. Ansys)~38%
2Cadence~33%
3Siemens EDA (Calibre)~13%
High concentration
Foundry
Leading-Edge Foundry + PDK N3P
TSMC holds 64% of total foundry revenue and near-monopoly at leading edge (<5 nm). Rubin uses TSMC N3P; Rubin Ultra targets N2/A16.
1TSMC~64%
2Samsung Foundry~11%
3Intel Foundry~5%
Critical bottleneck
2
Photomasks / Reticles
Translating tapeout data into physical masks, including pellicle protection and actinic inspection
Materials
EUV Mask Blanks
Ultra-low-defect glass with Mo/Si reflective coatings. Extreme duopoly — AGC + HOYA control ~93% of finished EUV blanks.
1AGC~50%
2HOYA~43%
Critical bottleneck
Equipment
Mask Writers (Multi-beam E-beam)
Multi-beam e-beam tools for writing EUV mask patterns. IMS Nanofabrication (acquired by ZEISS) holds ~82% of multi-beam market.
1IMS Nanofabrication (ZEISS)~82%
2NuFlare Technology~16%
Near-monopoly
Protection
EUV Pellicles
Ultra-thin CNT/polysilicon membranes protecting masks during EUV exposure. Must transmit >90% of 13.5 nm light. Three firms hold ~80%.
1Mitsui Chemicals~35%
2Shin-Etsu Chemical~23%
3S&S Tech~18%
Critical bottleneck
Fabrication
Mask Shops (Merchant)
Facilities manufacturing finished photomasks with multi-beam writers. Top 3 hold ~35% of the $6B merchant mask market.
1Toppan / Tekscend~14%
2Dai Nippon Printing (DNP)~13%
3Photronics~11%
Moderate concentration
Quality
EUV Mask Inspection
Lasertec has 100% monopoly in actinic (13.5 nm) EUV mask inspection — the only tool that sees defects at the actual exposure wavelength.
1Lasertec100% (actinic)
2KLA~34% (non-actinic)
Monopoly (zero alternatives)
3
Wafer Fabrication
FEOL transistor formation and BEOL interconnect metallization — hundreds of process steps at 3 nm / 2 nm nodes
Fab Operator
Leading-Edge Logic Fab N3P
TSMC investing $56B capex to double CoWoS capacity for Rubin. 3 nm = 23% of TSMC wafer revenue. N2 HVM starting late 2025.
1TSMC~64%
2Samsung~11%
3Intel Foundry~5%
Critical bottleneck
Key Inputs Into the Fab
Wafers
300 mm Silicon Wafers
Ultra-pure monocrystalline silicon. Top 5 control >85% of global 300 mm supply.
1Shin-Etsu~28%
2SUMCO~23%
3GlobalWafers~19%
4SK Siltron~7%
5Siltronic~7%
Moderate concentration
Chemicals
Photoresists / Litho Chemicals
Japan controls 91% of high-end photoresists. EUV metal-oxide resists are the bleeding edge for N2/A16 nodes.
1JSR~28%
2TOK~27%
3Shin-Etsu Chemical~18%
4Fujifilm~12%
5DuPont~6%
Japan: 91% of high-end
Gases
Ultra-High-Purity Gases
Specialty gases (NF₃, SiH₄, Ar, He) for deposition, etch, and clean. Top 3 hold >35% combined.
1Linde~18%
2Air Liquide~15%
3Air Products~12%
Contamination Ctrl
Filters / Fluid Handling
Point-of-use filtration and chemical delivery. Pall + Entegris control >60% of semiconductor filtration.
1Pall (Danaher)~35%
2Entegris~28%
CMP Consumables
Slurry & Polishing Pads
CMP repeated 20-30x per wafer. $3.5B slurry + $1B pad market. Critical recurring consumable.
1Entegris (CMC Materials)~23%
2Fujimi~17%
3DuPont (pads)~15%
4Fujifilm (FFEM)~11%
High concentration
Deposition Materials
Sputter Targets & Precursors
High-purity metal targets (Ta, Ti, Cu, W, Co) and CVD/ALD precursors. Asia-Pacific holds 46% of market.
1JX Nippon Mining~14%
2Materion~11%
3Tosoh~9%
4Linde (Praxair)~8%
5Honeywell~6%
Key Fab Equipment
Lithography
EUV Lithography Stack
ASML: 100% monopoly. Each $380M machine contains 100K+ parts. ZEISS sole optics supplier; TRUMPF sole high-power laser supplier.
1ASML100%
2ZEISS SMT (optics)sole source
3TRUMPF (laser)sole source
Monopoly (zero alternatives)
Deposition
CVD / PVD / ALD
Thin-film deposition. ASM dominates single-wafer ALD (~55%); Kokusai dominates batch ALD/CVD (~70%).
1Applied Materials~21%
2Lam Research~18%
3Tokyo Electron~16%
4ASM International~12%
Moderate concentration
Etch
Plasma Etch
Reactive-ion plasma etching. Top 3 control ~90% of global etch equipment. Lam dominates high-aspect-ratio etch.
1Lam Research~43%
2Tokyo Electron~32%
3Applied Materials~17%
High concentration
Implant
Ion Implantation
Dopant ion implantation for transistor formation. Top 3 command >70% of market.
1Applied Materials~33%
2Axcelis Technologies~28%
3Sumitomo Heavy Ind.~13%
Moderate concentration
CMP
Chemical-Mechanical Planarization
Applied Materials has ~70% market share in CMP tools — one of the most concentrated equipment segments.
1Applied Materials~70%
2Ebara~27%
Near-monopoly
Wet Clean
Wet Cleaning / Surface Prep
The most repeated step in fab processing — performed 100+ times per wafer to remove particles, residues, and contaminants between process steps. SCREEN dominates with ~45% share.
1SCREEN~45%
2Tokyo Electron~20%
3ACM Research~10%
4Lam Research~8%
High concentration
Track
Coat-Develop Track
Tokyo Electron holds ~90% share — near-100% for High-NA EUV tracks. Tightly coupled to litho scanners.
1Tokyo Electron~90%
2SCREEN~7%
Near-monopoly
Inspection
Inspection / Metrology
KLA dominates process control with ~57% share (up from 50% in 2010). Critical for yield at advanced nodes.
1KLA~57%
2Applied Materials~17%
3ASML (HMI)~10%
4Hitachi High-Tech~7%
5ONTO Innovation~4%
High concentration
4
Wafer Sort (Probe Test)
Electrically testing every die on the wafer to identify known-good die. Advantest + Teradyne hold >50% of ATE market.
Test Equipment
Testers (ATE)
Automatic test equipment applying test vectors at speed. $9.2B market. Advantest + Teradyne duopoly.
1Advantest~30%
2Teradyne~26%
High concentration
Interface
Probe Cards
Precision micro-needle arrays contacting die pads. $2.7B market. Technoprobe gained 30% of TSMC 2 nm qualifications.
1FormFactor~28%
2Technoprobe~22%
3Micronics Japan~12%
High concentration
Automation
Handlers / Automation
Robotic wafer-handling systems. $1.5B market growing at 8.6% CAGR.
1Advantest~33%
2Teradyne~22%
3Cohu~10%
Moderate concentration
5
Die Preparation
Thinning wafers to <50 μm for 2.5D/3D stacking, then dicing into individual known-good die. DISCO dominates both segments.
Thinning
Wafer Backgrinding
Grinds wafers from ~775 μm to <50 μm for TSV reveal and die stacking. $1.6B market.
1DISCO~50%
2Tokyo Seimitsu~30%
3Okamoto Machine Tool~8%
High concentration
Dicing
Wafer Dicing / Singulation
Blade, laser, or plasma dicing. Zero-chipping on ultra-thin substrates. $770M market.
1DISCO~35%
2Tokyo Seimitsu~18%
3SPTS Technologies (KLA)~10%
High concentration
6
Advanced Packaging CoWoS-L
CoWoS-class 2.5D integration — bonding GPU die + HBM4 stacks onto a silicon interposer. Rubin uses CoWoS-L at 3.5x reticle size.
Memory
HBM Stacks HBM4
Rubin: 288 GB HBM4 per GPU (22 TB/s). Rubin Ultra: 1 TB HBM4E. SK hynix projected to hold ~70% of HBM4. $54.6B market in 2026.
1SK hynix~57%
2Samsung~22%
3Micron~21%
Critical bottleneck
Integration
2.5D Interposer Platform CoWoS-L
TSMC CoWoS dominates with ~60% share and $56B capex expansion. 75K wafers/month capacity. $11.5B market growing at 17% CAGR.
1TSMC (CoWoS)~60%
2Samsung (I-Cube)~23%
3Intel (EMIB/Foveros)~12%
Critical bottleneck
Packaging Equipment & Materials
Packaging Litho
Advanced Packaging Lithography
Patterning redistribution layers (RDL), bumping, and fan-out structures on interposers and packages. Uses i-line, KrF, and direct-write — distinct from front-end EUV lithography.
1Canon~55%
2ONTO Innovation~15%
3EV Group~12%
4SÜSS MicroTec~10%
5Ushio~5%
High concentration
Bonding Equipment
Hybrid & TC Bonders HBM4
Die placement with <10 nm precision. Critical for HBM4 stacking. TCB market: $542M; hybrid bonding growing at 21% CAGR.
1Besi~37%
2ASMPT~22%
3Hanmi Semiconductor~17%
4Kulicke & Soffa~12%
Critical bottleneck
Materials
Underfill, Solder & TIMs
Capillary underfill, solder balls, flux, thermal interface materials. Top 3 hold ~45% of underfill market.
1Henkel~23%
2MacDermid Alpha~13%
3Senju Metal~12%
4Indium Corporation~11%
5Namics~9%
Moderate concentration
Encapsulation
Molding Compounds & Encapsulants
Epoxy molding compounds (EMC) protect packaged dies from moisture, contamination, and mechanical stress. Critical for reliability of every AI chip. Top 3 hold ~65% of the EMC market.
1Resonac Holdings~28%
2Sumitomo Bakelite~22%
3Shin-Etsu Chemical~15%
4Samsung SDI~10%
5Nagase ChemteX~7%
High concentration
Substrates
ABF Substrates (HPC Grade)
Ajinomoto Build-up Film substrates. $5.3B market growing at 10% CAGR. Top 5 hold ~74%. Unimicron has 30-40% of U.S. GPU market.
1Unimicron~27%
2Ibiden~15%
3Nan Ya PCB~14%
4Shinko Electric~13%
5AT&S~8%
High concentration
Assembly
Advanced Packaging at Scale
Die attach, TC bonding, underfill, molding, lid attach. $47B OSAT market. TSMC expanding CoWoS outsourcing to OSATs in 2H26.
1ASE Technology~19%
2Amkor~15%
3JCET~12%
4TSMC (in-house CoWoS)growing
5Tongfu Micro~8%
6Powertech~6%
High concentration
Final Test
Final Package Test / Burn-in
Full functional and speed-grade testing at elevated temperatures to screen early-life failures.
1ASE Technology~19%
2Amkor~15%
3JCET~12%
Moderate concentration
Test Sockets
IC Test Sockets & Contactors
Precision sockets that hold packaged AI chips during burn-in and final test. Larger CoWoS packages and HBM stacks demand higher pin counts and tighter tolerances.
1Yamaichi Electronics~22%
2Enplas~18%
3Sensata Technologies~15%
4Ironwood Electronics~10%
5Smiths Interconnect~8%
Moderate concentration
7
GPU Module Assembly
Mounting the packaged GPU onto a module board with power delivery and thermal solution (SXM / OAM form factor)
PCB
Module Board / PCB
70+ layer PCBs for GPU modules. AI server PCB market exceeds $5B. Unimicron holds 30-40% of U.S. GPU PCB share.
1Unimicron~35%
2Zhen Ding~17%
3Nan Ya PCB~13%
4TTM Technologies~10%
Moderate concentration
Power
Power Delivery (VRMs) 800V DC
48V → <1V at 700–1,800W. Rubin era transitioning to 800V HVDC architecture. NVIDIA partnering with Infineon + MPS.
1Monolithic Power (MPS)~30%
2Infineon~22%
3Renesas~13%
4Texas Instruments~10%
5ON Semiconductor~9%
Moderate concentration
Cooling
Thermal / Liquid Cooling
1,800W GPUs mandate liquid cooling. $6.7B market growing 25-40% annually. 38% of data centers now use liquid cooling.
1Vertiv~28%
2Schneider Electric~27%
3CoolIT Systems~10%
4nVent~7%
Moderate concentration
8
System Integration & Networking
Assembling GPU modules into AI servers and connecting them with Tbps networking. Taiwan ODMs build >90% of AI servers. Networking = 20-30% of cluster cost.
ODM / OEM
Server / System Integration
Taiwan ODMs dominate: Foxconn, Wistron, Quanta all exceeded NT$1T revenue in 2025. All three have 2026 capacity booked by NVIDIA for Rubin.
1Foxconn~40%
2Quanta~27%
3Wistron~22%
4Dell~7%
5Supermicro~6.5%
Taiwan: >90% of AI servers
AI Cluster Networking (20–30% of cluster cost)
Scale-Up
Intra-Node Interconnect NVLink 6
GPU-to-GPU links. Rubin NVLink 6: 3.6 TB/s per GPU (2x Blackwell). NVL72: 260 TB/s total across 72 GPUs. $1.7B market at 18% CAGR.
1NVIDIA (NVLink / NVSwitch)~75%
2AMD (Infinity Fabric / XGMI)~18%
Critical bottleneck
Scale-Out
Inter-Node Network Fabric
Ethernet now >67% of AI back-end switching (was <20% two years ago). InfiniBand declining from 80% to <33%. ~$20B market.
1Broadcom (Ethernet switching)~37%
2NVIDIA (InfiniBand + Ethernet)~21%
3Arista Networks~20%
4Cisco~16%
High concentration
Optics
Optical Transceivers (800G/1.6T)
800G shipments growing 60% in 2025. Chinese manufacturers (InnoLight + Eoptolink) supply ~60% of NVIDIA volumes. 1.6T ramping for Rubin era.
1InnoLight~37%
2Eoptolink~23%
3Coherent~17%
4Lumentum~12%
China: ~60% of 800G volume
Data Center Infrastructure
Everything required to house, power, cool, and connect AI compute at scale
9
Power Infrastructure
Grid connection through power distribution — the #1 constraint on AI data center buildout. Transformer lead times: 2–4 years.
Grid Power
Utility Providers
Regional monopolies — location determines provider. Northern Virginia is the world's largest DC cluster. Grid connection wait times: 3–5+ years.
1Dominion EnergyNoVA #1
2Southern Company$16B expansion
3AEP20 GW pipeline
4Duke Energy13 GW planned
5NextEra Energy60 GW renewable
#1 constraint: grid wait 3–5 yrs
Transformers
Power Transformers (HV/MV)
$1.5B US market. Lead times stretched to 2–4 years — single most supply-constrained DC component alongside grid connection.
1Hitachi Energy~22%
2Siemens Energy~20%
3GE Vernova~16%
4Eaton~11%
5ABB~9%
Critical: 2–4 year lead times
Power Distribution & Protection
Protection
Switchgear & Circuit Breakers
MV/LV switchgear for data centers. Top 4 hold ~65% of DC market. SF6-free switchgear becoming a sustainability requirement.
1Schneider Electric~20%
2ABB~16%
3Siemens~15%
4Eaton~13%
Backup
UPS Systems
Schneider + Vertiv near-duopoly at top. Li-ion rapidly displacing lead-acid in new installations.
1Schneider Electric (APC)~21%
2Vertiv~20%
3Eaton~15%
Schneider-Vertiv duopoly
Generators
Backup Generators
Caterpillar-Cummins duopoly. A 1 GW AI campus needs 200+ large generators. Diesel holds 82% fuel share.
1Caterpillar~27%
2Cummins~22%
3Rolls-Royce (MTU)~13%
Cat-Cummins duopoly
Distribution
Power Distribution Units (PDUs)
Smart PDUs now 51% of market. AI racks demanding 40–120 kW are driving fundamental PDU redesign.
1Schneider Electric~23%
2Vertiv / Geist~19%
3Eaton~15%
4Legrand / Raritan~13%
Busway
Busbars & Busway Systems
Fastest-growing power segment (40%+ YoY). Busway replacing traditional cable-and-conduit for high-density DC power distribution.
1Schneider Electric~27%
2Eaton~20%
3Siemens~13%
4Legrand~12%
Energy Storage & On-Site Generation
Batteries
Battery Energy Storage (BESS)
Chinese manufacturers hold 75–80% of energy storage cell production. CATL dominates. UPS vendors integrate these cells into their systems.
1CATL~42%
2EVE Energy~13%
3BYD~10%
China: ~80% of cells
Alt. Power
On-Site Generation (Fuel Cells & SMRs)
Bloom Energy leads commercially deployed DC fuel cells. Nuclear SMRs targeting 2029–2032 first power. No SMR yet powers a data center.
1Bloom Energyfuel cell leader
2NuScale PowerNRC-approved SMR
3X-energy (Amazon)SMR — 2026 ground
4Kairos Power (Google)SMR — 2030 target
5Oklo (Meta)micro-reactor
Emerging — SMRs 2029+
10
Cooling Infrastructure
From precision air cooling to mandatory liquid cooling for 1,800W AI GPUs. Liquid cooling now captures 46% of DC cooling market.
Air Cooling
Precision Cooling (CRAC / CRAH)
Schneider + Vertiv tied within 0.1 percentage points for DCPI leadership. Remains essential for general compute, networking, and lower-density racks.
1Schneider Electric~16%
2Vertiv~16%
3Stulz~9%
4Rittal~6%
Schneider-Vertiv duopoly
Liquid Cooling
Liquid Cooling (Direct-to-Chip & Immersion)
Mandatory for GB200/Rubin-class 120 kW+ racks. $5B → $48B by 2034. Schneider acquired Motivair ($850M); Vertiv acquired CoolTera.
1Vertiv~11%
2Schneider / Motivair~11%
3CoolIT Systems~9%
4Asetek~7%
5GRC (immersion)~5%
Critical for AI — 10x growth by 2034
Heat Rejection
Chillers
Industrial Chillers
Big 4 oligopoly controls ~70% of commercial chillers. Hyperscale AI DCs require 10,000+ ton central chiller plants.
1Trane Technologies~22%
2Johnson Controls (York)~20%
3Daikin~16%
4Carrier~13%
Big 4 oligopoly
Heat Rejection
Cooling Towers & Dry Coolers
Tension between evaporative (efficient, water-intensive) and dry coolers (water-free). Water scarcity pushing hybrid adiabatic systems.
1SPX Cooling (Marley)~20%
2Baltimore Aircoil (BAC)~13%
3EVAPCO~11%
11
Data Center Networking
Switches, NICs, silicon, and cabling connecting every GPU. Broadcom holds ~75% monopoly in switch ASICs — the hidden bottleneck.
Switching
Data Center Ethernet Switches
$18B DC switching market grew 54–62% YoY in 2025. NVIDIA surged 760% with Spectrum-X, disrupting the Arista-Cisco duopoly.
1NVIDIA (Spectrum-X)~21%
2Arista Networks~20%
3Cisco~19%
4HPE / Juniper~12%
5White-box (Celestica)~12%
3-way race: NVIDIA, Arista, Cisco
Silicon
Ethernet Switch ASICs
Broadcom: de facto monopoly. Nearly every DC switch runs on Broadcom ASICs. 40+ week lead times. Tomahawk 6: 102.4 Tb/s with co-packaged optics.
1Broadcom~75%
2Marvell~20%
Near-monopoly (hidden bottleneck)
Connectivity
NICs / DPUs
Network Interface Cards & DPUs
NVIDIA dominates AI-class NICs via Mellanox ($6.9B). ConnectX-9 SuperNIC: 800 Gb/s. BlueField-4 DPU: AI factory infrastructure processor.
1NVIDIA (ConnectX / BlueField)~52%
2Broadcom~22%
3Intel~12%
4AMD (Pensando)~6%
NVIDIA dominance via Mellanox
Fiber
Fiber Optic Cabling
$13B market growing 10% annually. Corning signed 10% of global fiber output for one DC operator. Hyperscalers ordered 640M fiber-feet in 2024.
1Corning~18%
2Prysmian Group~15%
3CommScope~9%
4YOFC~8%
5Furukawa Electric~7%
Cabling
Structured Cabling
$14B market. A 10,000-GPU cluster requires millions of feet of fiber + tens of thousands of MPO connectors. Cabling is a rate-limiter.
1CommScope~22%
2Nexans~18%
3Panduit~11%
4Belden~9%
12
Facility Infrastructure
Racks, fire suppression, security, monitoring, construction, and modular deployment — the physical shell of the data center
Racks
Server Racks & Cabinets
Standard 42U racks being replaced by liquid-cooled 40–120 kW+ designs. $6B market. Racks are now active cooling components.
1Rittal~17%
2Vertiv~15%
3Schneider Electric~13%
4Eaton~9%
Fire Safety
Fire Suppression Systems
3M discontinuing Novec 1230 (PFAS exit end 2025) — major supply disruption. Fike + Kidde producing drop-in replacement clean agents.
1Honeywell~16%
2Johnson Controls~13%
3Fike~9%
4Siemens~8%
3M Novec phase-out disruption
Security
Physical Security & Access Control
$2.6B market at 12% CAGR. GPU clusters worth $100M+ per facility demand enhanced security. AI video analytics and biometric access growing.
1Honeywelltier 1
2Axis Communicationstier 1
3GenetecVMS leader
4Verkadacloud-native
DCIM
Infrastructure Management Software
$4.3B at 22.7% CAGR — fastest growth of all DC categories. AI workloads need real-time power/cooling optimization.
1Schneider (EcoStruxure IT)~10%
2Nlyte Softwaretier 1
3Sunbird~8%
Construction
DC Design & Construction (EPC)
Turner doubled DC revenue to $6.4B in 2025. Construction labor shortage is a primary bottleneck. 50+ GW US pipeline through 2030.
1Turner Construction$6.4B DC rev
2Holder Construction$7.7B total rev
3DPR Constructiontop 5
4HITT Contractingtop 5
5Claycotop 5
Labor shortage: primary bottleneck
Modular
Modular / Prefab Data Centers
$30B market at 17% CAGR. Compresses 18–30 month builds to 6–12 months. Becoming default delivery model for AI DCs.
1VertivMegaMod CoolChip
2Schneider Electricpre-engineered
3Compass Datacentershyperscale modular
4EatonFlexnode partner
Speed: 6–12 mo vs 18–30 mo
13
Colocation & Hyperscale Operators
The end-customers housing and operating AI compute. Combined hyperscaler capex: $315B+ in 2025. Power — not capital — is the binding constraint.
Colocation
Colocation / Data Center REITs
$104B market at 14% CAGR. Equinix + Digital Realty hold ~25% combined. AI tenants demand 40–100+ kW/rack. Lease pricing up 20–40%.
1Equinix~12%
2Digital Realty~8%
3NTT Global~3%
4CyrusOne (KKR)~2.5%
5QTS (Blackstone)~2.5%
Equinix-Digital Realty duopoly
Hyperscale
Hyperscale Data Center Operators
AWS + Azure + Google = ~60% of hyperscale capacity. 1,297 operational hyperscale DCs. Meta targeting 10+ GW by 2026. Oracle: Stargate $30B/yr.
1AWS (Amazon)~30%
2Microsoft Azure~21%
3Google Cloud~12%
4Meta$72B capex
5Oracle (Stargate)~4%
Big 3 = 60% of all hyperscale