Barclays' latest research report indicates that the year-over-year growth rate of new data center capacity globally (excluding China) will sharply decline from over 100% in 2026 to approximately 35% in 2027, potentially stabilizing in 2028. The report attributes this slowdown primarily to physical bottlenecks and financing pressures. Hyperscale cloud service providers are expected to dominate this construction cycle, with an estimated 25GW of new operational capacity globally in 2027, of which hyperscale providers will account for over 60%. Barclays advises investors to prioritize semiconductors, low-voltage electrical equipment, and cooling equipment within the data center-related capital goods sector, while maintaining a relatively cautious stance on power equipment and medium-voltage electrical equipment.