American Tower Corporation — AI supply-chain exposure

American Tower is a communications-infrastructure landlord, a REIT that owns physical towers and, through its CoreSite arm, interconnection-dense data centres across the US. Its AI exposure runs through those data-centre assets, where the same colocation floors that host networking and enterprise gear are increasingly leased for AI inference, serving trained models to users close to where they sit. It is a producer of the built space that AI compute physically occupies.

The structural hook is real-estate scarcity. Interconnection-rich facilities, where many networks meet in one building, are hard to replicate and command durable pricing, and inference workloads value being near users and dense connectivity. That gives American Tower a claim on AI growth without owning a single chip. But data centres are a modest slice of a business still anchored in mobile towers, so the model places it at the chain's edge: a beneficiary of the build-out through land and interconnection, not a core compute link.