Equinix (EQIX)

The market will focus on the headline double‑digit revenue growth and the unprecedented guidance raise, but **the real story is power - the single binding constraint that could choke the $5‑6 B capex expansion and erode margins**. Management’s confidence in “early‑days AI” is now couched in product‑vision talk, while they quietly stopped reporting key collection metrics. **If power contracts cannot keep pace with the 9,700 new interconnections and cabinet roll‑out, the projected 53% EBITDA margin and mid‑20% cash‑on‑cash returns will be at risk**. My view flips if the power pipeline falls short of the 3 GW target or if the non‑recurring lease fee in Q2 proves a one‑off that isn’t repeatable.