CIO Brief

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CIO Brief

CIO Brief June 21, 2026

KEY THEMATIC RESEARCH

European Data Centers: Growth Lags the US, but Long-Term Outlook Still Strong

We raise our European Data Center DC capacity forecast by 15% to 41GW by 2035, with 21% annual growth through 2030e,

driven by secondary markets, hyperscalers, and sovereign AI demand. While this growth is strong, it is slower than the US

(+30%), albeit in line with China (+20%), as Europe faces particularly acute constraints to building DCs — most notably, the

“Five Ps” of Power, Planning, Price, People, and Priority. read more

Reflections from Morgan Stanley’s Inaugural National Security Innovation Summit

We see Defense at an inflection point as the sector navigates technology diffusion, capital disruption, policy shifts, and a

wave of new entrants. We believe the most compelling opportunities will emerge in autonomy, AI-enabled software, space-

based intelligence, missiles, counter-drone systems, resilient manufacturing capacity, and critical supply chains, where

category leaders with scalable production and differentiated technology can capture outsized value. read more

The Convergence of AI and Energy Financing

With power availability a key roadblock, the financing needs of AI infrastructure and the energy complex are converging,

blurring the traditional boundaries between them. Increasingly, AI players themselves are acquiring, contracting, or

financing these assets rather than treating them as separate, utility-led investments. In effect, the AI build-out is collapsing

what were once distinct capital pools into a more integrated and interdependent funding model. Recent transactions across

both investment-grade and high-yield credit markets reflect this convergence. read more

KEY MACRO RESEARCH