Investment in data centers is surging. After more than $61 billion in deals in 2025, the sector is expected to require nearly $7 trillion by 2030 to meet rising AI demand. In Europe, data centers are moving away from saturated hubs toward accessible and renewable-powered grids, located on the edges of the continent. That shift is creating winners across infrastructure and utilities, while raising risks around prices, local strain, climate, security and sovereignty.