Inside Alts: DigitalBridge's Marc Ganzi says data centers are in a 'toppy-esque' moment

Watch on YouTube ↗  |  September 01, 2026 at 12:59  |  30:04  |  CNBC
Speakers
Marc Ganzi — CEO, DigitalBridge

Summary

CNBC's Leslie Picker interviews DigitalBridge CEO Marc Ganzi about the AI infrastructure boom. Ganzi says data center and digital infrastructure demand remains historic, but the sector is in a toppy-esque moment with stretched leverage and rising risk in non-investment-grade private credit. He highlights safer opportunities in investment-grade data center debt and stabilized data center REITs, discusses power and political constraints, and explains the SoftBank acquisition of DigitalBridge.

  • Ganzi sees historic demand across AI-supporting digital infrastructure and data centers.
  • He describes the current data center market as toppy-esque due to rising leverage and private credit stress.
  • He separates safe investment-grade data center credit from risky non-rated single-B/double-B debt.
  • He emphasizes behind-the-meter power and the Arlite acquisition as critical to removing the power bottleneck.
  • He expects stabilized data center REITs and AI infrastructure IPOs to provide capital recycling exits.
  • He defends the SoftBank acquisition of DigitalBridge as a good outcome for shareholders.
  • He views space data centers as a multi-decade opportunity that is not investable today.
Ideas
Marc Ganzi CEO, DigitalBridge 0:59
AI digital infrastructure demand remains historic.
Ganzi argues this is a historic, long-run buildout of all digital infrastructure supporting AI, cloud, mobile, and industrial use cases. Demand is amplified by a compute bottleneck, and he remains sanguine because it is another multi-decade infrastructure cycle rather than a short-term fad.
Digital infrastructure DTCR HIGH
Marc Ganzi CEO, DigitalBridge 3:52
DigitalBridge has early power land advantage.
DigitalBridge's 10-year head start let it aggregate 37 gigawatts of power and secure pre-approved land and power for another 24 gigawatts. That early-mover advantage, plus community and zoning experience from towers and fiber, positions its data center businesses to keep building while newer entrants struggle.
DBRG HIGH
Marc Ganzi CEO, DigitalBridge 7:46
Bringing own power solves data center bottleneck.
He says power is one of the biggest constraints on data center development and that waiting for the U.S. grid is not viable. DigitalBridge has turned up about 2 gigawatts of alternative power behind the meter and recently acquired Arlite, one of the largest power developers, to bring power directly to compute.
Behind-the-meter power generation On-site power for data centers HIGH
Marc Ganzi CEO, DigitalBridge 15:20
AI infrastructure IPO window has opened.
The IPO market has opened for digital and AI infrastructure after being unavailable five or six years ago. Ganzi says the SpaceX IPO showed the depth of investor appetite for next-generation infrastructure, and he expects AI infrastructure IPOs to follow a similar path because the assets are mission-critical to the broad economy.
AI Infrastructure IPOs MED
Marc Ganzi CEO, DigitalBridge 16:01
Stabilized data center REITs have yield home.
Stabilized data center cash flows with long-duration, investment-grade contracts are being migrated into private REITs and yield vehicles. Insurance and pension capital wants 5-7% cash yields, so he expects continued creation of stabilized data center REITs and private yield vehicles as development capital becomes stabilized capital.
Stabilized data center REITs Private data center yield vehicles MED
Marc Ganzi CEO, DigitalBridge 18:38
Levered data center credit looks dangerous.
Ganzi sees a toppy-esque moment in data centers similar to the late 1990s. He warns that leverage is reaching 70-80% loan-to-value in some deals and that non-investment grade, non-rated single-B/double-B private 144A data center debt is where risk-taking is happening, with yields from 9-16% and emerging hairline fractures in AI infrastructure credit.
High-leverage data center assets Non-investment grade private data center credit HIGH
Marc Ganzi CEO, DigitalBridge 19:34
Investment grade data center debt is safe.
In data center and digital infrastructure credit, Ganzi separates investment-grade from riskier debt. He says investment-grade credit backed by 15-year commitments from strong tenants is efficient, safe, and offers 5-6% yield, describing it as an island of safety within the AI infrastructure credit market.
Investment grade data center debt Investment grade digital infrastructure credit HIGH
Marc Ganzi CEO, DigitalBridge 22:01
Nvidia financing conduit supports chip sales.
Nvidia's financing conduit is priced around an 8% return and is designed to backstop non-investment-grade customers below the Magnificent 7, especially neocloud operators and new entrants. Ganzi says this allows Nvidia to keep selling chips and support its broader customer base, even though the operators being financed carry risk-adjusted economics near 14-16%.
NVDA LOW
Marc Ganzi CEO, DigitalBridge 23:29
SoftBank is building full-stack AI infrastructure.
He argues SoftBank is transforming into a full-stack AI infrastructure powerhouse. Its strategy spans five layers: power, physical infrastructure, hardware and robotics, large language models, and applications. Ganzi says no other company can deliver this full stack, and DigitalBridge will help SoftBank deliver on that vision globally.
SFTBY MED
Up Next
6:09
Morning Call Sheet: AI, rising yields and oil test the September rally
CNBC · Sep 01
43:30
Bond Selloff Sends Yields to 2008 High; Hormuz Attacks Escalate | Bloomberg Brief 09/01/2026
Bloomberg Markets · Sep 01
1:10:53
She Knows the 250 People Building AI. Here's What They Actually Believe.
ILTB Podcast · Sep 01
57:31
Let's Be Wary of an "Entire Sector Rise"! Why You Get Stuck When You Chase Surging Stocks Late | Myeong Min-jun, Kim Gi-eun, Hwang Yu-hyeon [Stock Beginner Rescue Squad]
3PRO TV (삼프로TV) · Sep 01
31:30
Property Play: Coldwell Banker’s CEO on how AI and SpaceX money will hit home prices
CNBC · Sep 01

This CNBC video, published September 01, 2026, features Marc Ganzi discussing Digital infrastructure, DTCR, DBRG, Behind-the-meter power generation, On-site power for data centers, AI Infrastructure IPOs, Stabilized data center REITs, Private data center yield vehicles, High-leverage data center assets, Non-investment grade private data center credit, Investment grade data center debt, Investment grade digital infrastructure credit, NVDA, SFTBY. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Marc Ganzi  · Tickers: Digital infrastructure, DTCR, DBRG, Behind-the-meter power generation, On-site power for data centers, AI Infrastructure IPOs, Stabilized data center REITs, Private data center yield vehicles, High-leverage data center assets, Non-investment grade private data center credit, Investment grade data center debt, Investment grade digital infrastructure credit, NVDA, SFTBY