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Macquarie says $40 billion Aligned sale not a signal of AI or data centre peak

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Macquarie Asset Management (MAM) chief Ben Way said the firm’s $40 billion sale of Aligned Data Centers does not signal an end to the global data centre boom or investor confidence in artificial intelligence infrastructure.

Aligned, one of the world’s largest data centre operators, was owned by Macquarie for seven years before being sold to a group including BlackRock, Microsoft, and Nvidia. The sale represents Macquarie’s largest private equity exit and values Aligned at 5 gigawatts of current and planned capacity.

“We don’t own businesses in perpetuity,” Way told Reuters. “It’s at a great spot to exit — and there’s clearly massive demand to enter. We’re at the beginning, not the end, of the AI and data centre journey.”

Despite industry chatter about a potential bubble, Way said AI-driven digitalization remains a powerful long-term growth driver. Global tech giants including Alphabet, Amazon, Meta, Microsoft, and CoreWeave are expected to spend $400 billion this year on AI infrastructure, according to Morgan Stanley.

Macquarie said it continues to expand its data centre portfolio, including investments in Bohao Internet Data Service, Hanam Data Centre, Netrality Data Centers, and VIRTUS, spanning the U.S., UK, China, and South Korea.

Earlier this month, MAM also announced plans to invest up to $5 billion in Applied Digital to fund two new high-performance computing centres.

“This isn’t a retreat,” Way emphasized. “The world still has a long way to digitalize — and we’re only at the precipice of AI endeavour.”

Macquarie Group shares jumped 5.13% to A$229 on Thursday, their highest since July, outpacing the 0.9% rise in Australia’s benchmark S&P/ASX200 index.

BlackRock, Nvidia, and Microsoft lead $40 billion deal for AI data center giant Aligned

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A powerful investor group including BlackRock, Microsoft, and Nvidia has agreed to buy Aligned Data Centers, one of the world’s largest data center operators, in a $40 billion deal aimed at securing critical infrastructure for artificial intelligence development.

The acquisition from Macquarie Asset Management marks the first major investment by the AI Infrastructure Partnership, a consortium that also includes Abu Dhabi’s MGX fund and Elon Musk’s startup xAI. The group plans to deploy up to $100 billion in capital, combining equity and debt, to expand global AI infrastructure.

“With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI,” said Larry Fink, CEO of BlackRock and chairman of the partnership.

The move underscores the massive surge in spending by tech giants on computing capacity. Amazon, Alphabet, Meta, Microsoft, and CoreWeave are collectively expected to spend around $400 billion on AI infrastructure this year, according to Morgan Stanley. Meanwhile, OpenAI has inked multibillion-dollar deals with Nvidia, AMD, and Broadcom to secure chip and data capacity worth over $1 trillion.

Founded in 2013, Aligned operates more than 80 data centers across 50 campuses in the U.S. and Latin America, with over 5 gigawatts of operational and planned capacity. The company has been a key beneficiary of the AI infrastructure boom, raising $12 billion in capital earlier this year.

Aligned will remain headquartered in Dallas, Texas, under CEO Andrew Schaap. The deal is expected to close in the first half of 2026.

Investors weigh risks that could derail Wall Street’s AI-driven rally

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Artificial intelligence has fueled a powerful stock market rally since 2022, but investors are increasingly alert to the potential risks that could threaten the “AI trade” underpinning record market highs. Citigroup estimates nearly half of the S&P 500’s $57 trillion market capitalization now has “high” or “medium” exposure to AI, making the technology a defining force on Wall Street.

The S&P 500 is up 13% this year, while the Nasdaq Composite has gained 17%, driven largely by tech and AI-linked companies. Yet analysts warn that the sector’s strength also makes it vulnerable to shocks. Concerns have surfaced before — from China’s launch of the low-cost AI model Deepseek to fears about runaway spending on data centers — though markets have repeatedly rebounded.

“There’s a lot of growth priced in,” said Steve Lowe of Thrivent Financial. “That’s the concern — whether the expectations can really hold up.”

Massive capital spending remains a central focus. Barclays projects that annual AI-related infrastructure investment by major “hyperscalers” — including Microsoft, Amazon, Alphabet, Meta, and Oracle — will double to $500 billion by 2027. While these companies generate vast cash reserves, analysts caution that overspending could pressure margins or lead to greater leverage.

Others highlight systemic risks from the close financial ties within the AI ecosystem, such as Nvidia’s recent $100 billion commitment to OpenAI. Energy infrastructure is another growing concern, with power supply seen as a potential bottleneck for new data centers.

Some investors remain bullish over the next 12 to 18 months, but warn that any slowdown in AI spending or signs that investments aren’t yielding expected returns could shake market confidence. “If it starts to look like the payoff isn’t coming,” said Patrick Ryan of Madison Investments, “that could be what finally trips the trade.”