Day One: 10/28Tuesday, October 28, 2025 - PST

• If AI & Power Are #1 & #2 What Else Is On Top Of The List?
• Supply chain bottleneck and infrastructure constraints
• Impact of the ending of remote work and DOGE? Will other demand drivers make up for the negatives?
• AI and compute demand vs. The fallout of deep seek, 9 months later
• The power supply arms race: At what point do data centers get kicked off the grid?
• The big beautiful bill and renewables and how are the politics and NIMBY looking?
• How big is big? How big is big in 10 years?
• How much are costs going up?
• Different sub-markets and data center markets going forward
• Will the strong pre-leasing continue?
• Investment and M&A trends

• Comparing different models, markets, exits, de-risking strategies and market position
• Geographic focus: Tier 1 locations versus emerging markets? What about alternative power-independent sites?
• Investment preference: Chasing hyperscale giants or focusing on mid-sized 10-20MW facilities or the reliable enterprise colocation segment?
• Strategic approaches: Full platform acquisitions vs. joint ventures vs. standalone investments
• Capital allocation, capital stack and structure
• Critical factors for market dominance and competitive advantage
• What was the last disagreement with your financing partners? How was it resolved?
• Land vs. powered land vs. powered shell vs. turnkey: Which strategy are you pursuing?
• Your equity investors as more and 4x the funds focus on this area
• Getting involved in facilities that would like to expand vs tackling growth of new AI-specific construction
• PE players: To what extent does your team engage in operational management details?

• Financing shovel ready vs. construction projects
• How do debt providers underwrite the higher costs?
• Where do good assets go to finance?
• Comparing debt from real estate vs. infrastructure funds
• Credit rating and debt service ratio implications of debt
• Comparing terms of construction to perm vs. stabilized assets vs. refinancing in different markets for hyperscale vs. edge opportunities
• When to hedge
• Is the ABS market maxed out? How are the alternatives looking?
• Looking at the sale leaseback market
• Debt or equity or pref: Where is the value today for the investor vs. owner?

This case study examines the development of large-scale data center infrastructure across key U.S. markets. It will explore the full lifecycle of mission-critical projects—from site selection and entitlement through design, construction, and commissioning. These facilities, often spanning millions of square feet and hundreds of acres, serve a diverse mix of users including enterprise tenants, hyperscale platforms, and research institutions. The discussion will also highlight how data center designs are evolving to accommodate high-performance compute environments, reflecting growing demand from global technology firms, AI-driven applications, and academic research initiatives.

• Risk management and what are the risks of investing in a large AI data center in a tertiary market compared to a primary market? Remember the dot.com bust… How are you protecting yourself against the AI market cratering and market saturation?
• The latest end user requirements for AI-driven data centers
• Will data center clusters be the dominant force shaping campuses?
• Financing, valuing and structuring the AI data center vs. others
• Capital deployment timelines
• Deep seek update, AI inference computing and Chip SAS: How are they changing the data center industry? How is the rest of the AI market evolving and how will that be impacting all facets of the industry?

• Joint venture vs. straight equity vs. pref equity waterfalls, promotes and other terms
• What kind of exits exist for data centers and where do you see this market evolving the most?
• Does location matter and how do you assess the energy needs and requirements before making an investment?
• Single tenant user or multi-tenant co-location: Is there a difference in cap rates or how they are financed?
• Land and construction financing vs. stabilized acquisition
• How is oversea equity looking in this political climate? How about pension and other LP monies? • Considering the tenant and building spec
• Equity requirements for built-to-suit vs. spec vs. stabilized vs. retrofits
• Risk-adjusted return expectations across different data center asset classes

• Cool cooling, Chips as a service and AI infrastructure advances including clusters that are going to change the market… How are these developments impacting how and where you are building?
• US-China dynamics, export controls, and foreign power generation issues that US hyperscalers and investors should be thinking about
• Building your next data center: What are the key factors to decide what will be important 5 years from now?
• The Return of the Jedi vs. and the return of 3 Mile Island: Where are we with nuclear power for data centers?
• Should you be preparing for quantum computing?
• Tier 3 markets and personnel… Are we going to be remoting in?
• Sustainability: A key to getting past the NIMBY crowd?
• How big can we get? How much supply is too much supply?
• BYOP, energy contracting and future efficiencies
• Federal and state regulations that will impact the most
• Regional power dynamics, emerging hubs and which tier two markets are going to perform #1?