So we've now crossed ~$1T in global data center capex, heading toward $1.7T by 2030. Up from $455B in 2024.

That's nearly 4x in six years. The four US hyperscalers roughly double over that stretch. Everyone else, neoclouds, AI labs, sovereign projects, is what actually bends the curve, growing around 39% a year on avg. By 2030 Amazon, Google, Meta and Microsoft are only about half of it.
Two years ago the buildout was basically four companies. Now it's a whole field of them, and the new money's moving to the layer that rents compute out rather than hoards it.
The $1T mark also landed earlier than Dell'Oro expected, so I wouldn't be shocked if the $1.7T estimate gets beaten too. Same thing every forecast here keeps running into: demand shows up faster than the models predict, and the number gets revised UP, not down