Morgan Stanley Estimates $2.9 Trillion Global Data Center Capex Through 2028

Morgan Stanley estimates about $2.9 trillion capital expenditure of global data-center construction through 2028.

With funding sources including $1.4T from hyperscaler cash flows, $200B corporate debt, $150B securitized credit, $800B private credit / asset-based finance / JV debt, and $350B other capital.

i.e. AI capex is increasingly credit-funded, so losses could spill beyond shareholders.