DLR

A100 and H100 GPU rental prices are up 20-38% YTD, meaning AI inference demand is so hot it's backfilling onto 4-6 year old hardware. The real estate landlords hosting these chips — colocation and data center REITs — are the under-appreciated beneficiary. Market prices them as rate-sensitive REITs; they're actually AI infrastructure with inelastic demand.

Moody's warns AI capex threatens Big Tech credit quality, sparking a tech bond selloff. Capital rotating out of tech IG credit seeks stable yield alternatives. US utilities and data center REITs — the physical infrastructure layer of AI — absorb that rotation while also benefiting from guaranteed demand from the same hyperscalers under long-term power purchase agreements.