BofA's data center map: servers cost $31.4M per MW, dwarfing every other component
TiernanRayTech · x · 2026-10-24
BofA analyst Andrew Obin's annual "Who Makes the Data Center 2026" breakdown maps every vendor by content-per-megawatt: servers dominate at $31.4M/MW (Dell, Super Micro, IEIT Systems) and networking at $4.8M/MW (Cisco, Huawei, Nvidia). Other line items: generators $1.1M (Caterpillar, Rolls-Royce, Cummins), UPS $1.1M (Schneider, Eaton, Vertiv), switchgear $0.8M, chillers $0.4M, liquid cooling $0.6M, air cooling $0.5M, cooling towers $0.1M, plus $1.4M/MW in engineering and construction fees. The author argues you can still pick winners amid the "Great AI Rotation," and flags SpaceX's cellular buildout as ominous for telcos ($SPCX, $DELL, $MRVL).
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