Cool Vector

Despite its relatively small size, Ireland is a heavyweight among global data center hubs. But that advantaged position has been thrown into doubt amid political gridlock. 
In this episode of Cool Vector, four Irish data center veterans explain why Ireland's continued leadership in data infrastructure will require close cooperation between government and industry, as well as awareness among the general public that, despite energy challenges, data management is among the nation's most important growth industries. 
The fascinating conversation includes  Christopher Brown, Partner, Global Strategy Group KPMG in Ireland, Garry Connolly, Founder, Digital Infrastructure Ireland, Eugene Finn, Managing Director at CAPCON, and Gary Watson, Country Manager and Director, Keppel DC REIT in Ireland.
Among the topics discussed in this fascinating, and sometimes funny, conversation:
Ireland’s impressive legacy in data infrastructure is now under pressure. Ireland has spent 50 years building itself into a digital infrastructure powerhouse—but its success is now straining its outdated utilities and policymaking frameworks. “We arrived at 2025 with all the leading hyperscaler companies of today,” says Connolly. “We were built on data. The reason we fight is for the data. The centers are just the 'what.' The data is the 'why' for Ireland.”
Irish government gridlock risks undermining economic opportunity. While the global demand for Irish-based compute remains strong, a lack of long-term infrastructure planning is pushing projects—and capital—elsewhere, and the country's policymakers are too often focused on short-term electoral victories. “Sometimes you feel that things have fallen on deaf ears,” says Watson. “A lot of investment is being driven out of Ireland right now to where it's easier to do business.”
Irish digital infrastructure talent is everywhere in the world where there are data centers. Even if projects leave Ireland, Irish engineering, construction, and design expertise is now powering data center growth across Europe and beyond. “The Irish who have built Intel, built Digital Equipment Corporation, are not sitting around waiting for Ireland Inc. to get itself together," says Connolly. "And they're following these projects because they have the trust, they have the skills.”
Ireland's real constraint Is grid process, not clean energy supply. Ireland has ample renewable energy potential, but limited grid storage and planning capabilities are blocking growth; the challenge is no longer generation, but regulation. “More renewable power without storage capabilities doesn't necessarily solve the problem,” says Brown. “Ireland has arguably gone into the realm of scaling renewable generation ahead of the grid's ability to meaningfully store it longer than a few seconds.”
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The future of the data center industry is being shaped by a use-case pivot among crypto miners, as well as by energy innovations within the crypto industry that make compute more efficient, say two Macquarie Group analysts. 
In an interview with Cool Vector, Macquarie senior equities analyst Paul Golding and Charles Yonts, Head of Sustainability Research for Asia at Macquarie, describe the recent evolution of major crypto mining players like CoreWeave, Galaxy Digital, Applied Digital and Core Scientific, and speak on the history of how these companies evolved into data center industry players. 
The conversation is particularly relevant in light of the recently announced acquisition of Core Scientific by CoreWeave.
Based in Asia, Yonts also describes the importance of the region’s supply chain and how the data center industry there is positioned to grow quickly, thanks in part to practices developed by crypto miners. 
Other important trends discussed by Yonts and Golding: 
Crypto’s shift to AI data infrastructure is driving a new phase of growth. Crypto mining firms are leveraging their existing power-intensive sites to serve high-performance computing (HPC) demand—especially AI workloads—which has revitalized gross margins and unlocked new business models.
The crypto industry was a forerunner in renewable energy and grid flexibility. Bitcoin miners pioneered partnerships with remote and stranded renewable power sources and embraced demand response—offering a blueprint for energy-conscious data center expansion in the AI era. “Bitcoin mining data centers can partner with stranded power renewables that have not had an interconnect set up yet... and be an off-take partner to these relatively remote facilities generating power," says Golding.
Latency-agnostic crypto operations enabled early adoption of remote clean energy. Because crypto workloads are less sensitive to latency than traditional cloud services, crypto companies have long located in rural, power-abundant regions—setting an early example for sustainable AI infrastructure,  if this latency can be overcome with advances in fiber and networking technology. “The lack of sensitivity to latency has enabled them to have access to very cheap renewables, which is absolutely crucial," says Yonts.
In the new data center race, time to power is the ultimate advantage. As AI demand surges, developers and hyperscalers prioritize how fast energy can be delivered to a site—outpacing concerns over cost or carbon intensity—making speed the defining competitive edge. “Today, it's time to power, time to power, and time to power," Yonts adds.
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Macquarie provided the following company disclosures as of July 17, 2025:
Core Scientific (CORZ US) - Macquarie Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of Core Scientific Inc.
CoreWeave (CRWV US) - Macquarie managed or co-managed a public offering of securities of CoreWeave Inc in the past 12 months, for which it received compensation.

Power constraints in major European data center hubs is driving investment to second-tier markets like Berlin, Madrid and Manchester, says Zahl Limbuwala, Operating Partner at Germany-based investment firm DTCP. 
In a Cool Vector interview, Limbuwala explains the evolved landscape for data center investing across Europe, and stresses that knowledge of individual market regulations is critical for success. 
Among Limbuwala's key takeaways:
• Europe's fragmented markets are driving investors toward tier-two data center locations. With tier-one hubs like Frankfurt, London, Amsterdam, Paris, and Dublin increasingly constrained by power distribution challenges and growing residential encroachment, DTCP sees opportunity in secondary cities such as Berlin, Madrid, and Manchester. "The emergence of Berlin is predominantly a way of getting access to power," says Limbuwala.
• Large-scale campus developments offer long-term alignment with Europe's renewable energy transition. DTCP’s recently launched GreenScale investment platform  targets sites where massive data center campuses can integrate directly with renewable power sources, creating stable baseload demand while supporting national decarbonization goals. Limbuwala notes: "The larger data center campus developments - 200 megawatt plus and beyond - represent an opportunity to work with the grid providers, work with the renewable investors and developers, and really put together a cohesive proposition story."
• DTCP focuses on scaling companies that have secured permits, land, and power, but need capital and expertise to expand. Rather than speculative builds, DTCP invests in businesses with early momentum that can benefit from the firm’s operational, regulatory, and financial capabilities across Europe. "We are looking for businesses that are established but have not yet scaled. we're looking for businesses led by a management team, at least a core management team that has a strong track record."
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CapitaLand is building four major data centers in India, taking advantage of what Managing Director Surajit Chatterjee describes as a huge population underserved by digital infrastructure, a supportive government and keen hyperscaler interest in the country. 
In an interview with Cool Vector, Chatterjee details the thesis behind CapitaLand's data center strategy in India as well as the macro conditions he argues make the country a prime destination for digital infrastructure investment. 
Among the key takeaways from the interview:
• CapitaLand is pursuing a large-campus, hyperscaler-first strategy in India, leveraging its real estate and energy expertise, while opening doors for private equity partners in its next growth phase.CapitaLand is planning to introduce LP capital into future phases, offering global investors access to India’s rapidly scaling data center market. "It helps us to have the right mix from a capital pool perspective."
• India’s data center market is at an inflection point, driven by hyperscalers seeking strategic capacity as the country’s digital economy accelerates. Global hyperscalers now account for the majority of India's data center demand, positioning the country as a critical growth market amid rising cloud, AI, and digital services penetration. "The hyperscalers have understood that for them to grow faster in the APAC, India becomes a very strategic location."
• Government reforms—including state-level incentives—have streamlined project approvals, reducing timelines and risk for data center developers. India’s regulatory modernization has created a more predictable environment for investors, enabling faster land acquisition, licensing, and project execution. "The central government took an early strategic step, and they declared this asset class [to be] an infrastructure status, which enabled it to de-align itself from the IT policy of the country."
• Institutional investors see India’s data center sector as a long-term infrastructure play, supported by government initiatives, improving power access, and predictable demand from hyperscalers.Chatterjee emphasized that India’s evolving regulatory and power frameworks, combined with long-term contracts, are giving global investors "comfort that if they look at India, the story is definitely very, very clear and visible for the next eight to 10 years."
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There is a greenfield development boom in the data center market, and the capital markets for digital infrastructure have rapidly evolved to keep up, drawing attention to risk factors of the many data centers already up and running, says the head of RBC Capital Market's influential data center advisory business.
In a wide-ranging interview with Cool Vector, Shivek Ratnasamy paints the picture of a "booming" but "nuanced" market offering different opportunities to investors across the risk-appetite spectrum. The most pronounced trend, says Ratnasamy, is the practice of securitizing pools of stabilized data center assets to free up capital for new developments - essentially "recycling" capital where fresh equity may prove too expensive. 
Among the interview's key takeaways:
Investors are 'ring-fencing' stabilized assets to unlock capital for growth: With equity markets expensive and platform sales less feasible, data center operators are monetizing stabilized assets through minority sales while retaining operational control. "Capital recycling" strategies allow them to plow proceeds into high-yield development projects without giving up the entire company.
Development financing is evolving with creative structures like TopCo/DevCo: RBC and peers are seeing success financing projects where stabilized assets provide a borrowing base for new developments, blending cash flow stability with growth capital. Terms remain attractive for proven operators, with leverage up to 85% and spreads in the low-to-mid 200s over base rates.
Elevated interest rates are reshaping return expectations and deal dynamics: Core infra investors now demand low double-digit returns, forcing sellers to bridge the gap with future lease repricing assumptions. While financing markets have adapted, investors are scrutinizing long-term rates and asset obsolescence more closely than ever.
The securitization market for digital infrastructure is maturing fast: Once considered “esoteric,” ABS financing has become a mainstream tool for data center operators, providing leverage above 10x at compelling rates. Operators are increasingly securitizing not just hyperscale real estate, but also fiber assets and more complex colocation portfolios.
GPU-as-a-Service is disrupting data center leasing economics: Companies like CoreWeave are driving explosive demand by leasing third-party capacity at unprecedented rates, forcing operators to choose between higher rents with greater credit risk or lower rates with investment-grade hyperscalers. This trade-off is reshaping tenant mixes and financing strategies.
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How will the tariff imbroglio impact data center development in the US, which relies heavily on imported components? Cool Vector convened a panel of experts, including the CFO of a major data center company, to compare notes on supply chain disruptions, critical equipment and what happens to compute demand in economic downturns.
This episode of Cool Vector Hot Takes features a lively conversation between John Wilson, CFO of ⁠Sabey Data Centers⁠, Philbert Shih, Founder of ⁠Structure Research⁠, Nabeel Mahmood of ⁠Nomad Futurist Foundation⁠, and Phillip Koblence of Critical Ventures and ⁠Nomad Futurist.⁠ 
Among the key takeaways of the data center supply chain conversation:
• Uninterruptible Power Supply (UPS) systems and edge data centers (EDCs) are among the most critical components manufactured outside the US that are worrying data center operators. In addition, says says John Wilson of Sabey Data Centers, “If I think up and down the supply chain, it’s the transformers, it’s the GPUs and the CPUs that I would put right at the top of that criticality list."
• The power grid could become the most worrisome bottleneck in the data center supply chain. “Electricity production, and the impact that has on our ability to service the demand, is incredibly complex,” says Wilson.
• The global nature of the data center supply chain can create “cascading” delays from even small disruptions. “If the customer doesn’t have chips, doesn’t have servers, doesn’t have cables, they’re not going to be able to set up their infrastructure,” warned Philbert Shih of Structure Research.
• Multi-tenant data centers may have greater pricing flexibility to pass along cost increases—compared to single-tenant hyperscale facilities — because they operate with shorter contract durations and serve a diversified customer base with varying margin sensitivities and renewal cycles, notes Phillip Koblence.
• New data center development may accelerate outside of the US as operators hedge against geopolitical and supply chain volatility. “We’re seeing a massive boom in the Middle East, in Africa, in Australasia. We’ve got to understand that the days of just focusing on North America or Europe are gone,” says Nabeel Mahmood.
• Even enormous budgets can’t override the need for planning, patience, and trusted vendors.Says Wilson:  ”This isn't stuff where, even if you're throwing multiple billions of dollars at it, you can solve in an instant,” says Wilson. “It takes time to recreate the supply chains. It takes time to reshore manufacturing, if that's really gonna be the long term solution. These aren't problems that are easily solved in a moment. It takes careful planning. It takes work to find alternatives, and it takes patience.”
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The private equity firm that created ⁠Digital Realty ⁠sees a "wealth of opportunities" in digital infrastructure, but avoids hyperscaler mega-projects, says Mark Prybutok, a Managing Director at ⁠GI Partners⁠ and Head of the Data Infrastructure strategy.
In 2001, GI Partners made its very first investment as a firm in a portfolio of distressed data centers reeling from the dotcom crash. In 2004, that portfolio was listed publicy as Digital Realty, now the world's largest data-center REIT. 
Today, GI Partners has $45 billion in assets under management, and oversees three strategies: private equity, real estate and digital infrastructure. In a wide-ranging interview with Cool Vector, Prybutok shares his excitement about investing in a rapidly expanding market, but offers guidance to investors about nuanced differences between business models, locations and commercial strategies. 
Prybutok also describes GI Partners' strategy in digital infrastructure as being more akin to private equity, with a focus on operating businesses, management teams and value-add strategies. 
Among the key takeaways from the interview: 
Digital infrastructure deserves a substantial allocation in the portfolio. As digital giants drive global economic growth, Prybutok argues digital infrastructure should potentially command a larger allocation in institutional portfolios than the modest levels seen today: “If you think about infrastructure as the physical underpinnings of the economy… why shouldn’t it be significantly higher than 20%, 25%?” 
Success in digital infrastructure requires sector nuance. With growing competition from generalist investors, GI Partners differentiates itself through deep sectoral focus and an ability to identify winners in niche sub-markets: “We’re identifying businesses that we in particular think are going to be the winners within a sub-sector of a sub-sector.”
Edge infrastructure is a bigger opportunity than centralized mega-infrastructure. While hyperscaler campuses get headlines, GI sees greater long-term opportunity in edge infrastructure tailored to mid-sized businesses and real-world IT needs: “There’s a massive opportunity, multiples larger in aggregate, than these massive concentrated AI training data centers, but located closer to those end use points.”
Digital infrastructure should be tech-enhancing, not tech-exposed. GI Partners focuses on durable physical infrastructure, steering clear of reliance on rapidly evolving technologies that risk obsolescence: “You want to make sure you’re not getting stuck investing in a generation of technology that is then made obsolete by improvements that happen in the next generation.”
AI and IoT are fueling an urgent need for more infrastructure. From video surveillance to industrial automation, AI’s real-world applications are just beginning, creating vast demand for data centers and networks: “We see real-world examples… where the number of people reviewing and responding to alerts is going down exponentially as the AI improves.”
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The launch of a new data center 'pod' business is being met with surging customer demand, highlighting the need for edge digital infrastructure in remote areas, according to the leadership of Duos Edge AI. 
In an extensive interview with Cool Vector,  Doug Recker, President of Duos Edge AI, and Adrian Goldfarb, CFO of parent company Duos Technologies Group, describe how edge data centers offer an affordable, scalable solution to bring low-latency connectivity to remote regions underserved by traditional infrastructure. “When we drop one of our pods, you’re right around a million dollars," says Recker. "So you can justify the expense and the revenue by deploying these, and the savings to the customer out there justifies the [co-location]."
Other key takeaways from the Duos Edge AI interview on Cool Vector:
Edge pods serve diverse and growing demand—from remote school districts to ranchers using drones and AI—accelerating a trend of localized cloud computing. “They’re now going to drones and AI to manage their cattle," says Recker, of cattle ranchers in remote parts of Texas. "Well, they can’t do all this data and AI without having compute on site.”
Compared to traditional data centers that can take years to build, Duos Edge AI delivers a fully operational edge pod in less than four months.
With revenue potential of up to $400,000 per year, and rapid deployment costs of around $1 million, edge pods deliver attractive ROI within four years. “The expected revenue from that is somewhere between $300,000 and $400,000 per year, which means the return on it is anywhere between two and a half and four years," says Goldfarb.
The explosion of data demand—especially in remote healthcare and education—has transformed edge data centers from speculative infrastructure to essential utility. "The need is there," says Recker. "We’re not trying to invent a product. Now we’re trying to fix a need, which is always better to be on that side.”
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Interest in ETA careers is rising "exponentially" among MBA candidates at what is widely regarded as the intellectual birthplace of Entrepreneurship-Through-Acquisition, according to three leaders of the Stanford Graduate School of Business' ETA club.
In a joint interview with Search Party, president Michelle Nguyen and vice presidents Ruby Au and Laura Kiehl share details of the club's mission to prepare students for the rigors of ETA search, in which post-MBA entrepreneurs, backed by investors, have two years to find and acquire a high-quality, lower-middle-market business, and, if successful, take the reins as CEO. 
According to Au, ETA increasingly is viewed as a "risk-adjusted way to do a startup," appealing to ambitious operators who want ownership without starting from scratch. "If you really want to run something and have your own piece of something, then search fund starts to make a lot of sense," she says. 
Nguyen, Au and Kiehl also share details of their own professional backgrounds and what led them to become ETA-curious. 
Important takeaways from the conversation:
ETA searchers are backed more like athletes choosing coaches than founders pitching VCs—fit and mentorship matter as much as capital. 
While ETA offers autonomy and potential reward, its journey is uncertain and emotionally demanding, requiring grit, adaptability, and community support. "Search could be very lonely, could be very stressful. It takes determination as well as a very can-do attitude to go through the search process," says Nguyen.
The Stanford ETA Club has become a hub for investor access and student exploration, offering a blend of networking, mentorship, and tailored coursework. "We are kind of like the orchestrator, trying to select based on experience, knowledge, know-how, and just kind of value to the students, but also to the investors," says Kiehl.
Stanford GSB's faculty have published some of the most influential studies in the search fund space, including the Search Fund Primer and Search Fund Study, which have become essential reading for aspiring searchers and investors who back searchers. These materials helped define the model, demystify the process, and give institutional legitimacy to what was once a niche strategy.
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How is it that Denmark, with a population of 6 million, has become a major nexus for sustainable data centers? Cool Vector convened a lively, in-depth conversation with CEOs from Digital Realty, atNorth and Danish Datacenter Industrien to learn the country's formula for public-private collaboration and digital infrastructure success. 
Joining the conversation are Pernille Hoffmann, CEO of Digital Realty (Denmark & Nordics), Magnus Kristinsson, CEO of atNorth and Henrik Hansen, CEO of industry advocate Danish Datacenter Industrien. 
Some key takeaways from the episode:
Denmark’s proximity to major European markets and multiple subsea cables make it an ideal hub for digital infrastructure. “Denmark is the region that has the closest proximity to central Europe, and is only a few milliseconds from London, Amsterdam, Frankfurt, Paris," says Kristinsson.
Denmark is pushing toward 100% renewable energy, including green biogas and innovative backup solutions, positioning its data centers at the forefront of sustainability. “Adding to wind and solar, we're also very big on green biogas. And this means that in our gas pipeline, close to 50% is actually green biogas. And by 2030, we expect to be close to 100%," says Hansen.
Danish enterprises expect their data center providers to deliver 100% renewable energy, making sustainability a competitive requirement. “The Danish enterprises' awareness around sustainability—it's a significant criteria in their decision-making process. It's not just an ask, it's kind of a demand that we supply 100% renewable energy in our data centers," says Hoffmann.
The presence of major hyperscalers has accelerated Denmark’s data center market, attracting global investment and creating a skilled workforce. As Hansen explains, “Ten years ago, we didn't have any data center capacity. The hyperscalers have accelerated the development because of the size of the investments they have made, and also because all of them basically decided to build in Denmark. It was a good signal to the surrounding world that this is an attractive market."
Denmark fosters digital infrastructure growth not through tax incentives, but by integrating industry into the country’s ambitious sustainability goals. Says Hansen: "The incentive is more really becoming part of this ambitious goal that we have for Denmark in general—about very ambitious emission targets, climate targets by 2030, reducing by 70%, which is above the normal targets in other countries and in the EU. We try to lift the bar of what is achievable."
Denmark is the site of pioneering circular energy use, with data center waste heat being repurposed for homes and novel projects like year-round tomato farming. "We have a contract with a company called WA3RM that is planning to reuse waste heat from the site to grow tomatoes. Not only does the heat not go wasted, but it reduces the carbon footprint of tomatoes grown in Denmark, since most of them are imported from more southern parts of Europe," says Krisinsson.
Denmark’s approach to sustainable digital infrastructure relies on collaboration, innovation, and ambitious climate targets—offering a model for other countries. “You have to bring a lot of different parties into the same room and decide on a strategy. You have to bring in various knowledge from different sectors because these things are going so fast now. We need other types of partnerships, other types of regulations, if we are going to do this AI and digital journey without killing our climate," says Hansen.