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Research Note · Sector Analysis

Big Tech Data Center Cost Structure & Beneficiary Sector Analysis

Research CAPEX Structure Analysis · 9 Beneficiary Sectors · Investment Timing Guide Full-phase analysis: Land Preparation → Construction → Operations

March 22, 2026 Issue
Sector Analysis Report

Big Tech Data Center
Cost Structure & Beneficiary Sectors

From land preparation to construction and operations — spanning the entire data center investment cycle Analyzes cost ratios by phase and benefit intensity by major stock market sector.

CAPEX Structure Analysis 9 Beneficiary Sectors Investment Timing Guide
01 — Total Investment Cost Composition
CAPEX At-a-Glance Ratios
5% Land & Permitting
15% Power & Cooling
20% Construction/Work
40% Server · GPU·Equipment
20% Annual Opex
Land Preparation (Capex ~5%) Power & Cooling Infrastructure (~15%) Construction/Work (~20%) Server · GPU·Networking (~40%) Annual Opex/yr (~20%)
02 — Phase-by-Phase Cost Details
3-Phase Investment Cycle
PHASE 01

Land Preparation · Permitting

Period: 6~18months  |  Capex approx. 5%
Land Acquisition
2.5%
Grid Connection
1.5%
Permitting & Environmental
1.0%
PHASE 02

Construction · Equipment Setup

Period: 18~36months  |  Capex approx. 75%
Server · GPU Equipment
40%
Building Construction
20%
Power & Cooling Equipment
15%
PHASE 03

Operations (Opex / year)

Duration: 10~20 years  |  연 Capex's ~20%
Power Costs
40%
Labor · Security
25%
Maintenance
20%
Network Lines
15%
03 — Operating Cost Structure
Annual Opex Detailed Ratios
Opex Annual Opex
Power Costs 40%
Labor · Security 25%
Maintenance & Consumables 20%
Network Lines 15%

AI Servers have 5~10× higher power density than traditional servers,
Power cost share is rising continuously.

04 — Stock Market Sector Mapping
Beneficiary Sectors & Key Names
★★★ Maximum Benefit

Semiconductors

GPU·AIChips · HBM Memory demand explosion. Capexdirectly absorbs 30~40%. AI Server migration drives unit cost surge.

NVDATSMCAMD000660
★★★ Maximum Benefit

IT Hardware

Server · Storage · Networking Equipment. Core beneficiary in equipment setup phase. AI Server design, assembly & delivery.

DELLHPESMCIANET
★★☆ Strong Benefit

Electrical Equipment

UPS·Transformers/Generators/PDU. AI Power surge creates transformer supply bottleneck. Order backlog at all-time high.

VRTETNABBSU
★★☆ Strong Benefit

Utilities

Long-term power supply contracts surging. Driving nuclear and renewable energy demand. Power grid upgrade supercycle.

NEECEGVSTPCG
★★☆ Strong Benefit

Industrials · Construction

Data Center Specialized EPC·Electrical work. Concentrated benefit after groundbreaking. Cost increases due to specialized labor bottlenecks.

PWRAECOMJ
★★☆ Operations Benefit

Cooling · Materials

Liquid immersion cooling, chillers & thermal management systems. AI Surging heat generation drives adoption. Accompanied by demand to replace existing HVAC systems.

VRTMDNRALFA
★☆☆ Long-term Benefit

Data Center REITs

임Large-cap DC Operations provide stable cash flows. Dividend-focused over growth. Big Tech lease contracts extended.

EQIXDLRIRM
★☆☆ Indirect Benefit

Fiber Optics · Telecom Infrastructure

DC Internal high-speed networking and long-haul fiber optic cable. 400G·800G conversion demand drives both unit price and volume increase.

GLWCIENCOMM
★☆☆ Indirect Benefit

Software · Cloud

Operations management · Security·Monitoring S/W. Opex consistent demand from its share. DC Full benefit kicks in after completion.

DDOGCRWDNOW
05 — Investment Timing
Sector Benefit Timing Roadmap
0 — 18months
Land Preparation Phase
DC REITs Utilities
6 — 36months
Construction · Work
Industrials & Construction Electrical Equipment
18 — 36months
Equipment Orders ★
Semiconductors IT Hardware
36 months later
Operations Start
Utilities SaaS · Security

※ Semiconductors·IT Hardware는 DC Pre-orders begin immediately after announcement → sector with the earliest stock price reaction

06 — Investment Implications
Benefit Intensity Summary
01

Semiconductors / IT Hardware

Capex's 40%Direct absorption makes this the top beneficiary sector. GPU Supply bottleneck persists, benefit intensity and duration both at maximum. Big Tech DC Announcement = Immediate leading stock price reaction.

02

Electrical Equipment / Utilities

AI Surging power consumption causes transformer UPS Lead time 12~18-month lead time. Power grid upgrade supercycle underway. Nuclear restart demand further extends benefit duration.

03

Cooling/Materials / Industrials

Liquid immersion cooling adoption raises cooling sector share. Construction is a short-term concentrated benefit, while EPC Specialized companies recording all-time high order backlogs.

04

DC REITs / Software

Long-term stable benefit after operations start. Dividend and cash flow focused play over growth. DC After completion OpexOnce operations ramp up, software & Security sector benefit increases.

$10~20B
Single Large-cap DC
Total Investment Scale
$500B+
Big Tech Combined
Annual Capex (2025)
5~10×
AI Servers vs General Purpose Servers
Power Density Difference