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Infratil Shares Jump 5.49% as AI Data Centre Stocks Rebound and CDC’s Growth Story Keeps Steadily Building

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Infratil Shares Jump 5.49% as AI Data Centre Stocks Rebound

WELLINGTON, New Zealand — Shares in Infratil Ltd. rose 5.49% to $11.53 on the ASX Wednesday, adding 60 cents, as the New Zealand-based infrastructure investor rode a broader rebound in AI-linked data centre stocks following a rough stretch for the sector earlier in the week.

The gain adds to what has already been a strong run for Infratil shares over the past year, with the stock up roughly 23% over the trailing twelve months as of recent trading, comfortably outperforming the broader S&P/ASX 200 Index, which has posted far more modest gains over the same period. Much of that outperformance has been driven by the surging value of Infratil’s stake in CDC Data Centres, the hyperscale data centre operator in which Infratil holds an approximately 49.8% ownership interest.

CDC has emerged as the dominant driver of Infratil’s investment case in recent months. The data centre business now represents roughly 41% of Infratil’s total portfolio value, according to recent company disclosures, reflecting the scale of demand CDC has captured amid the broader boom in artificial intelligence infrastructure spending across Australia. In May, CDC signed what was described as Australia’s largest-ever data centre contract, a 555-megawatt, 30-year deal with an investment-grade United States hyperscaler customer, a deal that pushed CDC’s total contracted capacity above one gigawatt for the first time. Infratil shares jumped more than 12% on the day that contract was announced, and the stock has continued to trade with elevated sensitivity to CDC-related news ever since.

Following that contract, CDC guided for earnings before interest, tax, depreciation, amortization and financing costs to exceed $1 billion by fiscal 2028, up from roughly $400 million in the current financial year, with the company projecting annualized EBITDAF closer to $2 billion once its full contracted capacity is fully deployed. Importantly, the company said the newly contracted capacity would not require additional capital beyond its existing funding plans, meaning existing Infratil shareholders would not face dilution to support the expanded build-out. CDC has maintained its fiscal 2027 EBITDAF guidance of $680 million to $720 million, with the newly contracted capacity from the record deal expected to become operational progressively through fiscal 2028 and 2029.

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CDC’s momentum has continued to build in the months since. An independent valuation of Infratil’s stake in CDC climbed 23.6% quarter-on-quarter in a review completed in July, reaching a midpoint valuation of roughly $18.5 billion for the business. Infratil has said it expects CDC’s growth trajectory to continue, with ongoing investment in additional data centre capacity aimed at supporting both existing contracts and future demand out to fiscal 2040. CDC’s broader development pipeline now spans approximately 1.6 gigawatts of capacity through 2034, and the business has strengthened its access to global debt markets after Moody’s Investors Service assigned CDC’s Australian operations a Baa2 stable credit rating, alongside a balance sheet that included roughly $3.9 billion in cash and undrawn facilities as of the end of March.

Trading in Infratil shares has also shown signs of unusual activity in recent weeks beyond the fundamental news flow tied to CDC. Earlier this month, the stock recorded trading volume more than 17 times its 90-day average in a single session, a spike market analysts described as consistent with either large institutional positioning trades, index rebalancing flows, or a discrete portfolio-level announcement occurring between the company’s scheduled reporting dates, without a single confirmed catalyst identified for that particular volume surge.

Wednesday’s gain also coincided with a broader rebound across AI-linked infrastructure and technology stocks globally, following a sharp selloff earlier in the week triggered by a widely discussed essay from a prominent artificial intelligence company executive calling for a slower pace of AI model development. That debate had weighed heavily on chip stocks, data centre operators and other companies tied to the AI infrastructure buildout in prior sessions, before several of those same names began recovering as the week progressed, a pattern that appeared to extend to Infratil’s own trading Wednesday.

Beyond its CDC holding, Infratil’s broader portfolio spans a diverse mix of infrastructure assets, including renewable energy generation platforms such as Trustpower, Longroad Energy and Galileo Green Energy, Wellington International Airport, diagnostic imaging businesses Qscan Group and RHC Holdco, telecommunications provider One NZ, and digital infrastructure investment Kao Data, giving the company exposure across energy transition, healthcare, transport and digital infrastructure sectors in addition to its data centre holdings.

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Analyst sentiment toward Infratil has remained broadly positive even amid the stock’s recent volatility. The consensus analyst rating on the stock currently stands at Buy, with consensus price targets in recent months ranging between roughly NZ$17.04 and NZ$17.47, implying continued potential upside from current trading levels. Infratil, which was founded by the late Wellington-based merchant banker Lloyd Morrison and incorporated in 1994, remains dual-listed on both the New Zealand and Australian stock exchanges, giving investors in both markets direct exposure to its data centre-driven growth story.

With CDC’s next scheduled capacity milestones and Infratil’s own upcoming financial results still ahead, investors are likely to continue treating the stock as one of the more direct listed proxies for the broader artificial intelligence infrastructure buildout across Australia and New Zealand, a positioning that has driven much of Wednesday’s gain alongside the broader stabilization in AI-related equities globally.

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Bangkok’s Data Center Boom Runs Into a Regulatory Reckoning

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Bangkok's Data Center Boom Runs Into a Regulatory Reckoning

As the capital grapples with an unprecedented AI-driven digital expansion, the government faces a high-stakes reckoning—balancing the promise of a booming tech economy against severe environmental risks, power grid strains, and growing public outcry.

  • Bangkok’s rapid data center expansion, driven by major investments, has exposed critical regulatory loopholes where industrial facilities were mistakenly approved as warehouses without adequate environmental oversight.
  • In response to public safety concerns and environmental risks, the Thai government has suspended dozens of new projects and initiated comprehensive nationwide regulations covering electricity pricing, water use, and safety.
  • Thailand remains committed to the technology sector while implementing strict reforms to balance resource demands, manage grid upgrades, and address public skepticism regarding local economic benefits.

The moment that exposed Thailand’s data center problem did not come from a government inspection. It came from a smell. 

Stallholders working a market along Rama XI, one of Bangkok’s arterial roads, started noticing a nauseating oil odor drifting from a boxy structure covered in gunmetal grey panels that had gone up across from their stalls with almost no warning. 

A nearby hospital sat close enough to raise its own alarms. When authorities finally looked, they found 200,000 liters of oil being stored on site without a permit. The facility, known as BKK01, was tied to a $1 billion investment from the Dubai-based conglomerate DAMAC, part of a plan to turn Thailand into a Southeast Asian hyperscale hub.

That single discovery cracked open something much larger. Bangkok currently hosts somewhere between 30 and 35 operating data centers, depending on which count you use, with dozens more under construction and well over a hundred additional projects awaiting approval nationwide. 

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Bloomberg has reported that Thailand has suspended 49 data center projects, more than the number currently in operation, while 117 more sit in a queue awaiting review. 

The trigger for the freeze was almost identical to the DAMAC case: a facility built next to a hospital that exposed a basic loophole in Thai law. Data centers were being approved as warehouses.

The loophole that let it happen

That loophole is the real story here, more than any single facility. Under existing zoning and industrial rules, a data center does not have to be classified and regulated as a data center at all. 

Digital Economy and Society Minister Chaichanok Chidchob has acknowledged that facilities went up in locations where they were never permitted. Bangkok Governor Chadchart Sittipunt has since ordered a halt to new permits and a review of both urban planning law and the environmental impact assessment process, conceding that the episode exposed a genuine regulatory gap. 

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When a facility can sidestep environmental review simply by calling itself a warehouse or an office, “regulation” becomes a formality rather than a safeguard, and it is exactly the kind of gap that lets a billion-dollar industrial facility land next to a hospital without anyone official noticing until the neighbors complain.

The resource math nobody checked

The numbers explain why nobody caught this sooner, and why it matters now that they have. Research from the energy outlet JustPow found that Bangkok’s data centers carry a projected electricity demand of at least 247 megawatts and an annual water consumption of roughly 4.4 million cubic meters, comparable to the usage of tens of thousands of households. 

Separate reporting has tied one Bang Kapi facility to 429,000 liters of stored diesel, which opposition lawmaker Suphanat Minchaiynunt flagged as just under the threshold that would legally classify it as a fuel depot requiring stricter licensing. 

Researchers have also pointed to a “data center heat island” effect, in which clusters of servers and cooling systems measurably raise surrounding temperatures. None of this is exotic. It is the standard resource profile of large-scale computing infrastructure. What is unusual is that so much of it landed inside one of Southeast Asia’s densest urban cores rather than on its outskirts.

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Slowing down without pulling back

Thailand’s response so far has been to slow down without pulling back. Prime Minister Anutin Charnvirakul has ordered new nationwide data center rules within a month, covering electricity pricing, water use, siting and safety, and Deputy Prime Minister Ekniti Nitithanprapas is chairing a new supervisory commission tasked with closing the gaps that let this happen in the first place. 

Electricity tariffs aimed specifically at large data center operators are reportedly on the table, along with tighter scrutiny of projects proposed in dense districts. 

A separate 31 billion baht transmission grid upgrade is already underway, an acknowledgment that the existing grid was never built to support this kind of concentrated industrial load. 

None of these measures amount to a retreat from the industry. They are an attempt to keep the investment flowing while giving regulators a legal basis to say no to the next BKK01 before it is built rather than after.

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Not anti-AI, just anti-chaos

That balancing act reflects a public mood that is easy to misread. This is not a population turning against artificial intelligence. Survey data cited by the Thailand Development Research Institute found that Thai manufacturers themselves are split: nearly half believe data centers could meaningfully support domestic industry and help the country become a genuine regional hub, while a slightly larger share doubt that local businesses will see much direct benefit, pointing to the sector’s heavy reliance on imported equipment and foreign specialists. That is not rejection. It is skepticism about who actually profits, layered on top of legitimate anger that safety and environmental rules were treated as optional while the investment numbers climbed.

The window Thailand can’t afford to waste

Thailand has been explicit that it has no intention of walking away from this industry, and given how much of its recent industrial growth has been tied to data center investment from firms like Google, AWS and TikTok, that is a defensible position. 

What is not defensible is the idea that the last two years of unchecked growth were simply the unavoidable cost of attracting that capital. Other jurisdictions dealing with the same boom, from Spain’s renewable-supply mandates to New York’s temporary construction freeze, have generally tried to write the rules before the concrete gets poured, not after a hospital’s neighbors start complaining about the smell. Thailand skipped that step once. The government now has a narrow window to prove that its promised reforms are a genuine fix rather than a paperwork exercise that legalizes what already got built and calls the problem solved.

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So Delicious non-dairy dessert recalled over possible stones, hard objects

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So Delicious non-dairy dessert recalled over possible stones, hard objects

A recall has been issued for So Delicious Dairy Free Salted Caramel Cluster Non-Dairy Frozen Dessert pints over the potential presence of foreign materials, including small stones and other hard objects, within the cashew inclusions.

Danone USA announced the voluntary recall for So Delicious Dairy Free Salted Caramel Cluster Non-Dairy Frozen Dessert pints, on Tuesday.

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The recalled dessert item is packaged in pint containers with best-by dates on and before April 3, 2028. The recall applies to SKU 136603 (UPC 744473476138).

CREAM CHEESE AND DELI SALADS RECALLED OVER POTENTIAL LISTERIA CONTAMINATION

So Delicious Dairy Free Salted Caramel Cluster Non-Dairy Frozen Dessert pint

Danone USA initiated the voluntary recall for So Delicious Dairy Free Salted Caramel Cluster Non-Dairy Frozen Dessert pints. (FDA)

The recalled product were distributed to retail stores across the U.S.

The company is working with retail partners to remove affected products from shelves.

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POPULAR SQUISHY TOYS RECALLED OVER POTENTIALLY DEADLY WATER BEAD HAZARD

Man eating a frozen dessert from a bowl

A recall has been issued for pints of the popular frozen dessert over the potential presence of foreign materials. (Getty Images / Getty Images)

No other So Delicious Dairy Free flavors or products are affected by the recall. Unaffected items are still available on store shelves, and products shipped moving forward are not affected by the recall.

The issue was identified through consumer complaints, the company said.

Danone USA said it has notified the Food and Drug Administration about the voluntary recall.

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The Food and Drug Administration has been notified about the recall. (iStock / iStock)

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Consumers who purchased the affected product are instructed not to consume it and to contact the So Delicious Dairy Free Consumer Care Line at 1-833-367-8975 for a replacement coupon or refund.

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J.B. Hunt Transport Services, Inc. (JBHT) Presents at Morgan Stanley’s 14th Annual Laguna Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript