Behind The $500 Billion Data Center Boom: Here's Who Makes All The Key Components

One year ago, we published a primer on the beating heart of the AI bubble - the data-center - which in September 2024 represented at $215 billion investment opportunity. Not surprisingly, it was one of our most popular premium articles of 2024. Fast forward to today, when the addressable market size of data centers has more than doubled, at a cool half a trillion dollars, but the question remains: who stands to benefit the most from this unprecedented build out, which will one day come to a crushing, thunderous halt as the AI bubble implodes... but until then the music is playing. And so, here is the updated edition of the data center primer, updated for 2025.

Introduction

A global view of the $500+bn data center market