Neocloud capex cycle: $60B+ Microsoft GPU commitment, Lambda 320MW - what the secondary market is absorbing

Data center infrastructure has been the best-performing real estate sub-sector for the past decade. JLL tracked $73B in global transactions in 2025, up from a prior record of $48B. Hyperscaler capex Microsoft, Google, Amazon, Meta combined is running $280-290B this year. The AI compute buildout is the largest infrastructure investment cycle since the interstate highway system. And there is basically no way for an individual investor or small family office to get direct exposure to it. The public