Data center buildout delays may create winners and losers

Slok said owners of operating data centers could raise rents and maintain near-full utilization as competitors struggle to bring facilities online. Cloud providers that secured power, land and chips early, along with landowners and developers with grid access and permits, could also benefit. Equipment makers and power producers may gain from constrained supply and the need for on-site electricity solutions.

Slower deployment could limit hyperscalers’ revenue growth as computing capacity becomes the constraint, while AI labs, startups and enterprise customers could face higher costs and reduced access to computing resources. Developers and investors financing projects under construction may face postponed cash flows alongside continuing interest and carrying costs.

Slok said AI-focused equity investors could see earnings expectations revised lower and valuations compressed if infrastructure is delayed. He said delays push cash flows out, but the assets remain and may become more valuable; a rapid supply catch-up or softer demand could erode the premium on existing capacity.