Barclays_Powering_AI_Bring_Your_Own_Power_BYOP_as_AI_Party_Continues_Data_Center_Insights_v3_0

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.Please see analyst certifications and important disclosures beginning on page 32.Thematic InvestingPowering AI: Bring Your OwnPower ('BYOP') as AI PartyContinues - Data Center Insightsv3.0AI infrastructure remained a key theme across Tech,Industrial and Energy earnings. With speed-to-power key inthe AI arms race, emphasis turns to bring-your-own-power(BYOP) solutions as the energy happy hour faces last call. Weagain compile recent Powering AI insights with 50+ companymentions.The AI infrastructure party continues...Hyperscalers again raised AI infrastructure capex asdata center demand continues to outpace supply. We highlight 1) hyperscaler capex trends, 2)strong public cloud demand, 3) elevated data center pre-leasing, 4) proliferation of AI trainingclusters, 5) surging AI inference demand, 6) US data center construction spend, and 7)hyperscaler electricity use....but speed-to-power fuels bring-your-own-power ('BYOP') solutions. Data center energydemand continues to outpace the ability to add grid power and infrastructure. This is leading toon-site power policies, including in Texas and Ireland, as speed-to-power fuels demand fordistribution power across turbines, engines, fuel cells and energy storage, which we summarizein Figure 16. We compile companies exposed to the distributed power theme in Figure 17.Company mentions include: Tech (AAPL, AMZN, CRWV, GOOG, META, MSFT, ORCL); Datacenters (CORZ, DLR, EQIX, IRM); Industrials (ABB, AAON, CARR, CAT, CLF, CMI, ENR, ETN, FIX,GEV, LR, MOD, NVT, OC, RR, SIE, SU, TSLA, TT, URI, WRT1V); and Energy (AEP, BE, BKR, CPK,GNRC, SEI, WMB).Equity ResearchThematic Investing13 August 2025SIGNATUREThematic InvestingWilliam Thompson+1 212 526 8641william.s.thompson@barclays.comBCI, USHannah Greenberg+1 212 526 2457hannah.greenberg@barclays.comBCI, USHiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UKLaia Marin i Sola, CFA+ 44 (0)20 3134 2531laia.marin@barclays.comBarclays, UKKatherine Ogundiya+44 (0)20 3134 1391katherine.a.ogundiya@barclays.comBarclays, UKAmy Lian+44 (0)20 3134 0179amy.lian@barclays.comBarclays, UKSiddharth Gupta+91 22 6175 2540siddharth.gupta1@barclays.comBarclays, UKCompleted: 13-Aug-25, 02:59 GMT Released: 13-Aug-25, 04:10 GMTRestricted - ExternalFIGURE 1. Survey of data center leaders shows expectations for increasing on-site power needs27%38%84%Average share of sites expected to rely entirely onon-site primary power by 2030Average share of sites expected t