With all the above said, for me personally I am a bit disappointed in what appears to be no real 'AI impact' in our results. Yes, we have increased contracted utilisation, but much of that is from FY27 or even later.
When you look at Nvidia's results, where there is monstrous revenue coming from their data centre stream (AI), and some big companies are throwing huge cash at this now. This says to me that a lot of that future utilisaiton is merely options being exercised or cloud related. Sure, maybe there's some AI in there, but it doesn't seem to be getting put into our DCs right now.
I'd become accustomed to 'business as usual' results from NXT where they hit guidance every year and there are no surprises. IMO, the AI 'revolution' is what could or should have brought about a short-term sugar hit, but it's difficult to glean if that's happening from the results. This shows that customers are happy to put AI-related infrastructure in cheaper data centres. And that makes sense. It's unlikely to be as mission-critical as cloud infrastructure. If I am right then that's a shame. I thought M3 might have been a good opportunity on this front.
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