Morgan Stanley sees $2.9 trillion in data center spending, and a $1.5 trillion hole

Big Tech can cover about half the AI buildout from its own cash, leaving private credit to fill much of the rest Morgan Stanley expects global data center capital expenditures to reach approximately $2.9 trillion from 2025 to 2028. The driver is no surprise: artificial intelligence, and the enormous physical footprint it requires. The more interesting number is what comes after the total. By the bank’s math, the biggest tech companies can only pay for about half of it themselves, which leaves a financing gap estimated at $1.5 trillion. Morgan Stanley’s forecast splits the spending into two buckets. Around $1.6 trillion is expected to go toward IT hardware, meaning chips and servers. The hyperscalers carry the heaviest load.

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