Apollo buys majority stake in Stream Data Centers
Investors are lining up to put money into data centers, as demand for computing power soars. The physical centers for computing machines and other hardware could require spending of up to $6.7 trillion worldwide by 2030, consultancy McKinsey estimates.
SDC builds, leases, manages and operates huge campuses and has delivered more than 20 to date, Apollo said in a statement.
"With Apollo's backing, SDC is positioned to execute on a multi-gigawatt pipeline, while enabling Apollo Funds and affiliates to potentially deploy billions of dollars into next-generation digital infrastructure," it added.
Other asset managers, including Blackstone, KKR and BlackRock, have committed billions of dollars to the sector. Blackstone spent $10 billion to take data center operator QTS private in 2021.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
10 hours ago
- CNA
White House crypto adviser Bo Hines announces departure
WASHINGTON :Bo Hines, who headed Republican President Donald Trump's Council of Advisers on Digital Assets, said on Saturday he was leaving his current role and returning to the private sector. Late last month, a cryptocurrency working group led by Hines and including several administration officials outlined the Trump administration's stance on market-defining crypto legislation and called on the U.S. securities regulator to create new rules specific to digital assets. Shortly after taking office in January, Trump had ordered the creation of the crypto working group and tasked it with proposing new regulations, making good on his campaign promise to overhaul U.S. crypto policy. "Serving in President Trump's administration and working alongside our brilliant AI & Crypto Czar @DavidSacks as Executive Director of the White House Crypto Council has been the honor of a lifetime," Hines said in a post on X on Saturday. Sacks, the White House AI czar, praised Hines in response to the post announcing his departure. Hines has twice unsuccessfully run for Congress in North Carolina. Trump last month signed a law to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. Hines was a backer of that legislation, dubbed the GENIUS Act.
CNA
18 hours ago
- CNA
Trump-backed World Liberty proposes $1.5 billion crypto holder, Bloomberg News reports
World Liberty Financial, a crypto venture backed by U.S. President Donald Trump's family, is sounding out investors for a $1.5 billion fundraising meant to set up a public company that will hold its WLFI tokens, Bloomberg News reported on Friday. The structure of the deal is yet to be finalised, the report said, citing people familiar with the matter, adding that large investors in the crypto and tech space had been approached for the venture. Reuters could not immediately verify the report. World Liberty declined to comment. World Liberty, a "decentralised platform" which counts Donald Trump and his sons as co-founders according to its website, has earned the family $500 million since its launch, according to Reuters' calculations. World Liberty tokens, known as $WLFI, are not classified as securities by the Securities and Exchange Commission and are hence not subject to the same level of scrutiny as investments like stocks.
CNA
2 days ago
- CNA
Average US tariffs top 20%, back to 1910s levels: WTO and IMF
PARIS: The average US tariff rate has risen to 20.1 per cent, its highest level since the early 1910s – except for a brief spike earlier this year, after new duties took effect on Thursday (Aug 7), data from the World Trade Organization (WTO) and International Monetary Fund (IMF) showed on Friday. The figure is far above the 2.4 per cent average in place when President Donald Trump took office on Jan 20, 2017. Trump's April 2 announcement of 'reciprocal' tariffs on the United States' main trading partners, followed by further increases on Chinese goods, briefly drove the average rate to 24.8 per cent in May, a figure last seen in 1904, according to the United States International Trade Commission. A trade truce later eased the record tariff levels between Washington and Beijing, but that arrangement is set to expire next week. TRADE DEALS AND NEW DUTIES The WTO and IMF calculations factor in recent US trade agreements with the European Union, Japan, South Korea and other nations, which have now taken effect. The figures also include the latest US tariffs applied to Brazil, Canada and imports of semi-finished copper. These agreements generally imposed lower tariffs than those threatened by Trump in April, but were still higher than the baseline 10 per cent rate introduced earlier in his administration. RATES AT HISTORIC HIGHS The updated average exceeds the nearly 20 per cent rate the United States imposed in the 1930s – an era of protectionism that economists widely believe deepened and prolonged the Great Depression. However, the WTO and IMF stressed that the rate is based on 2024 trade volumes. Actual impacts may differ, as companies have already altered behaviour by stockpiling goods, delaying purchases or shifting suppliers to avoid higher duties. According to the Budget Lab at Yale University, once changes in consumption patterns and knock-on effects are considered, the effective rate could drop to about 17.7 per cent – unless Trump imposes further duties.
