Property Play: Data center CEO says, 'You can't build it fast enough'

Summary

CNBC's Diana Olick interviews Andy Power, president and CEO of Digital Realty, about whether AI and data centers are in a bubble. Power argues data center demand is outpacing supply, customers are signing long-term 15-year leases, and efficiency gains from AI chips will expand rather than shrink infrastructure demand. He says Digital Realty is insulated by its diversified shared-infrastructure model and sees power/transmission as a near-term constraint, while downplaying space-based data centers as a scalable replacement.

• Diana Olick interviews Digital Realty CEO Andy Power.
• Power rejects the idea that data centers are in an AI bubble.
• He says demand exceeds supply and leasing outpaces construction.
• He cites Moore's Law and Jevons paradox to argue efficiency expands data center demand.
• Digital Realty's shared-infrastructure model serves 5,000+ customers with long-term leases.
• He downplays hyperscaler credit concerns, citing non-AI businesses.
• Power says power/transmission is a near-term bottleneck; water use is managed.
• He is skeptical space-based data centers can replace Earth infrastructure at scale.