Constructive on Data Centers After 2Q26 CIO Survey

研报英文原文证据摘录

Constructive on Data Centers After 2Q26 CIO Survey

Idea

July 17, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMCommunications Infrastructure | North America Cameron McVeigh, CFA

Equity Analyst

Constructive on Data Centers Cameron.McVeigh@morganstanley.comGaro K Amerkanian +1 212 761-4209

Research Associate

Garo.K.Amerkanian@morganstanley.com +1 212 761-1207

After 2Q26 CIO Survey Sean Diffley, CFA

Sean.DIFFLEY@morganstanley.com +1 212 761-5868

CIO survey results support durable colocation demand, as the

Communications Infrastructure

debate shifts to capacity delivery. We remain bullish on EQIX, North America

with above-consensus 2027+ growth and ~25% upside to shares. Industry View In-Line

DLR estimates refreshed for recent transactions, raising capex

and share count, reducing '27 AFFO/share.

Key Takeaways

2Q26 CIO survey constructive on IT budget growth trends and implications

towards colocation data centers, maintaining relative share of growing workload

base.

Refreshed capex yield analysis is bullish on EQIX revenue growth with above

street estimates in '27+; we see 25% upside in our base case for Top Pick EQIX.

EQIX estimates unchanged, expecting 11% y/y rev growth in '26 and 12% in '27.

Shares currently trading at an attractive 21x '27 EBITDA.

We incorporate DLR's recent acquisitions and raise '27 capex by ~$1bn, increase

share count by ~15mn and lower AFFO/share by ~3% in '27.

Industry debate increasingly shifting to capacity supply and expansion cadence.

We expect both EQIX and DLR to bring ~400 MWs online in '27.

2Q26 CIO survey constructive on colocation trends: In our most recent 2Q26 CIO

survey (see here), IT budget growth is expected to accelerate modestly, while

colocation maintains relative share of growing workloads. In addition, the top