FP Foresight Global Real Infrastructure Fund on Equinix, Inc.
Thesis
Equinix acquired an approximately 34% interest in Nordic data-center operator atNorth, adding exposure to eight existing facilities and a significant development pipeline. Access to renewable power and specialized cooling makes the region attractive for demanding AI workloads. Managers believe pairing atNorth’s capacity with Equinix’s global customer relationships positions the investment to capture growth in computing demand. They expect the investment to be accretive to Equinix’s earnings per share.
“atNorth brings eight operating facilities and a substantial development pipeline, supported by access to renewable power and cooling technology suited to demanding AI workloads.”
Key risks
- Earnings depend on the realization of expanding AI compute demand.
- The atNorth development pipeline carries delivery and capital-funding requirements.
- Digital-infrastructure valuations face pressure from rising bond yields.