Switch — AI supply-chain exposure

Switch is a US data-center operator, owned by DigitalBridge and IFM, that builds very large "Prime" campuses in Las Vegas and Reno designed for high density. It is a supplier of the AI factory itself — the physical building, power and cooling shell inside which racks of accelerators actually run — and its designs lean toward the high power-density-per-rack that AI training demands.

Its structural hook is that density is now the scarce commodity. Fitting more power and heat into each rack is what separates a site that can host modern accelerator clusters from one that cannot, and campuses already engineered for that draw the largest tenants. Because power, land and interconnect take years to assemble, an operator with delivered high-density capacity holds leverage over when compute comes online. That is why the model treats the campus operator as a load-bearing node rather than passive real estate.