Morgan Stanley: NTT Ranks Third Yet Orders Fully Booked for 7.7 Years, Vertical Integration Crushes Tech Giants

TechFlow news, according to Chaoxiang Research, an investor presentation regarding NTT Global Data Centers released by Morgan Stanley on July 14, 2026, shows that NTT, the world's third-largest data center operator, surpassed the top-two ranked Amazon and Microsoft through vertical integration. The order backlog reached $20 billion (equivalent to 7.7 years of revenue), with orders full to an absurd extent, reflecting that AI workload demand far exceeds supply. Gross margin is expected to rise from 39% in FY26 to 55% in FY31, indicating that AI customers are willing to pay a premium for high-quality capacity.

NTT possesses global 250 MW liquid cooling technology and a complete fiber optic network, which is a vertical integration advantage that pure data center operators cannot replicate. Super customers would rather queue and wait for NTT's AI-native infrastructure than turn to competitors. Among the global $6.7 trillion data center investment, there is only one type that truly makes money: AI-native, and NTT is monopolizing this sector.