Digital infrastructure is emerging as one of the largest new asset-backed financing sectors in a generation. If you break down the required AI capital expenditures, roughly 60 cents out of every $1 spent goes to chips and hardware. And this percentage is likely to increase marginally as computing power costs continue to rise relative to other construction costs. About a quarter of the spending goes to electricity and cooling systems, with only about 15% going to land and the buildings themselves.
