Morgan Stanley: Hyperscaler Data Center Capacity Additions to Jump 48% in 2027

The concentration of new capacity among four players is the real signal here, not the headline growth rate. It suggests the demand pipeline for power, cooling and land is being shaped by a handful of balance sheets, which matters for anyone exposed to the upstream supply chain. The deceleration from 2027 to 2028 is worth noting as a possible digestion phase, though whether that reflects genuine moderation or simply the lumpiness of large projects is the open question.