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.
