FreeThe economics of AI data centersThe AI Data-Center Economy: Costs, Obsolescence, Efficiency and the Bubble QuestionMMoatkeep Research·Jun 28, 2026The full report walks through the business model, the durability of the moat, the unit economics, and the valuation case in detail.Charts, peer comparisons, and the analyst's base / bull / bear scenarios follow, with every figure sourced.Read the full reportCreate a free account to read research.RegisterSign inCompanies referencedADBEADOBE INC.GOOGAlphabet Inc.MSFTMICROSOFT CORPNVDANVIDIA CORP