EQIX凭借其REIT模式和产能扩张，是希望获得稳定AI基础设施敞口的投资者的可靠投资选择。

So, I will talk about the company “ Equinix”, and its symbol is (EQIX). You might be wondering how this relates to the field of artificial intelligence? Well, Equinix is the world's largest real estate investment trust for data centers. It owns and operates more than 270 data centers across 75 major metropolitan markets worldwide. This real estate fund serves cloud service providers, businesses, and increasingly, AI workloads. So, they are essentially taking advantage of the physical real estate and connectivity infrastructure that every AI player needs . As a Real Estate Investment Trust (REIT), Equinix generates recurring contractual revenue from leasing data center capacity. As you can see, they have a wide range of tenants. They primarily operate as real estate owners in the field of artificial intelligence infrastructure . And they are doing so at an astonishing rate of growth in terms of their financial performance. First-quarter revenues grew by 10% year-on-year to reach $2.4 billion. Second quarter revenues reached $2.6 billion , a 16 % year-over-year increase. I want to talk about the " xScale" program. It is Equinix's joint venture program specifically designed for hyperscale and artificial intelligence tenants. In one of their previous joint ventures, they partnered with Singapore's sovereign wealth fund to attract external capital, rather than funding everything from their own balance sheet. In the second quarter of this year, the X-scale joint venture signed new lease contracts with a capacity of 134 megawatts in the Americas. There was one lease in Hampton, Virginia alone that contributed over $100 million in one-time fees. Looking at the broader energy picture , Equinix controls approximately 3 gigawatts of the total land area planned for development at the company level. They currently have about 700 megawatts under construction. They still expect to have 2 gigawatts of total capacity remaining by the end of their planning window of 2029. More than 80% of this planned capital expansion is targeted at the 25 largest global metropolitan areas. This is where the company already has relationships with customers and enjoys prior access to facilities and services. Equinix also owns a product called "Fabric" . Essentially, this product allows customers to connect privately and directly with other companies, clouds, and networks within their facilities. This is a source of double-digit percentage revenue growth for Equinix. Equinix has surpassed 500,000 interconnections worldwide. This is the largest number in this industry . They have partnerships with companies such as Cisco, Nvidia, and Salesforce. As a real estate investment trust, they are required to distribute at least 90% of their income as dividends. They continue to increase their quarterly profits due to their growth rate. They increased those profits by double percentage points in 2026 alone. It's an interesting business if you're a fan of investing in the real estate sector and also want to be exposed to the data center boom ; Equinix is definitely worth considering. No one knows for sure which AI lab or cloud giant will win the AI race , and I have stated several times that I believe there is room for multiple winners. But each of them needs a place to put their servers and connect directly to each other's networks without building a completely new infrastructure from scratch, and that, in my opinion, is what makes Equinix an attractive company to consider.

Yes, Rachel, I mean, I'm not very familiar with this company, but some of the points you mentioned really caught my attention. The first one was about solving the "X-scale" problem, wasn't it? That joint project they are undertaking with giant cloud companies and AI tenants . The figures we have seen indicate that they expect to have around 700 megawatts currently under construction . They have approximately 3 gigawatts of total developable land in terms of carrying capacity. We have discussed this in other episodes. Land, energy, and utilities represent major constraints. Given that Equinix is doing so well in this regard and providing excellent returns to shareholders in terms of dividends, I see it as a great option for entering the data center market without having to look at emerging cloud companies or other companies that are currently experiencing very exciting price interactions. The other thing is the network aspect, isn't it? The network side is a good solution for products that can help them generate additional revenue in a market they already have a presence in.

Yes, essentially, I mean that Equinix is a multi- tenant digital infrastructure business model, and it is structured as a real estate investment trust. Unlike public cloud providers , such as AWS or Microsoft Azure, who lease virtual computing and storage power, Equinix is neutral towards telecom companies. Therefore, they provide the essential physical real estate, power scalability , cooling, and data security that organizations need to host their physical devices. As you know, shared hosting services are actually the real estate foundation of the business , as I was saying earlier. They actually rent out server racks, safes, and dedicated security cages. They have an industry-leading uptime of over 99%. As data processing shifts to AI workloads , they are building these high-density, AI-ready solutions that provide 10 to 15 times more power per rack. They have incorporated liquid cooling to handle the power needs of these graphics processors ( GPUs). A great and interesting way to get involved in this field. Perhaps if you are a more conservative investor , and your risk tolerance doesn't align with some of the more volatile AI bets, this company might be an option worth considering.

Equinix, perhaps less well known, is a neutral infrastructure owner that is also a very major player in this field.