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Nick Lichtenberg

'Capital alone no longer clears a site': Morgan Stanley says data centers' big money era is over

Morgan Stanley United States

a (Credit: Brandon Bell/Getty Images)

Something has changed in the data-center story, Morgan Stanley warned this week: Money doesn’t talk the way it used to.

For years, the formula for building a data center in America was straightforward: Find cheap land, line up enormous amounts of electricity, and arrive with a sizable tax-incentive package. Not in the election year of 2026.

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