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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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      "text": "The current wave of AI-driven demand has pushed data center spending to historic highs.",
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      "text": "Global IT data center CapEx: $455 billion",
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      "text": "That race is moving faster than many expected. The most striking example may be xAI’s Colossus facility in Memphis, Tennessee which went from a gutted factory to a fully operational AI data center in just 122 days. As noted on page 122, at 750,000 square feet – roughly the size of 418 average USA homes – it was built in half the time it typically takes to construct a single American house.",
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      "text": "Hyperscalers and AI-first companies alike are pouring billions into building out compute-ready capacity – not just for storage, but for real-time inference and model training workloads that require dense, high-power hardware. As AI moves from experimental to essential, so too do data centers. Per NVIDIA Co-Founder and CEO Jensen Huang, These AI data centers...are, in fact, AI factories.",
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      "text": "For one lens into the economics of AI infrastructure, it’s useful to look at the pace and scale of data center construction. The current wave of AI-driven demand has pushed data center spending to historic highs. According to Dell’Oro Research, global IT company data center CapEx reached $455 billion in 2024 and is accelerating.",
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