Technology

QTS On Data Center Outlook

Jul. 06, 2026

Host: Michael Elias, Managing Director, TMT - Communications Infrastructure Research Analyst, TD Cowen

Guest: Jeff Berson, CFO, QTS

We spoke with QTS's CFO Jeff Berson at the TD Cowen 54th Annual TMT Conference in New York City. We discussed the current state of AI hyperscale demand, the sources of demand growth including emerging enterprise demand and indications of the long-term durability of demand. In addition, we discussed returns related to AI investments, the role of credit support for broadening the customer base and bottlenecks on the supply side, including power, equipment, land and capital.

This podcast was recorded on May 27, 2026

Full Transcription

Full transcript to come.

Disclaimer

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Michael Elias

Managing Director, TMT - Communications Infrastructure Research Analyst, TD Cowen

Michael Elias
Managing Director, TMT - Communications Infrastructure Research Analyst, TD Cowen

Biography

Michael Elias is a Managing Director covering the Communications Infrastructure sector including Data Centers and Content Delivery Networks (CDN’s) and has been a member of the Communications Infrastructure team at TD Cowen since 2017.

Prior to joining TD Cowen, Mr. Elias worked as an equity analyst at Xanthus Capital Management. Mr. Elias received his B.S. in Industrial Engineering and Operations Research: Engineering Management Systems at Columbia University’s School of Engineering and Applied Sciences.