According to潮向 Research, a July 14, 2026 investor presentation by Morgan Stanley on NTT Global Data Centers revealed that NTT, the world’s third-largest data center operator, has outperformed Amazon and Microsoft through vertical integration. Its order backlog has reached $20 billion—equivalent to 7.7 years of revenue—reflecting an absurdly high demand for AI workloads that far exceeds supply. Gross margins are projected to rise from 39% in FY26 to 55% in FY31, indicating that AI customers are willing to pay a premium for high-quality capacity. NTT possesses 250 MW of liquid-cooling technology and a fully integrated fiber network—vertical advantages that pure-play data center operators cannot replicate. Major clients are willing to wait in line for NTT’s AI-native infrastructure rather than switch to competitors. Of the $6.7 trillion global investment in data centers, only one type is truly profitable: AI-native. NTT is monopolizing this segment.
NTT Ranks Third in Data Centers but Leads with a 7.7-Year Order Backlog
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Summary
NTT ranks third in data centers but leads with a 7.7-year order backlog, according to Morgan Stanley’s July 14 investor update. The company’s $20 billion backlog reflects strong demand for AI workloads amid evolving inflation data. NTT’s gross margin is projected to rise to 55% by FY31 as clients pay premiums for high-quality capacity. Its 250-megawatt liquid cooling technology and fully fiber-optic network provide a vertically integrated advantage. AI and crypto developments show that NTT’s AI-native infrastructure has become the top choice for major clients, outpacing pure-play competitors. In a $6.7 trillion market, only AI-native operators are meeting profit targets—and NTT is leading the way.
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