Fox-Martin says Singapore is one of Equinix's most important global markets and that continued investment, including SG6, reflects its central role in the digital economy.

Equinix has been investing in Singapore for nearly 25 years, and our new facility will further expand our presence as the neutral exchange where enterprises connect to the clouds, networks and partners they need to innovate and grow. Singapore is one of our most important markets globally, and our continued investment here is a testament to the central role it plays in the digital economy.

Fox-Martin says Equinix demand is strong, broad-based and durable, with no customer above 2.5% of revenue.

I'll start with demand. It's strong, it's broad-based and it's durable. We have a unique purview to this. We serve customers across nearly every industry and workload, and no single customer accounts for more than 2.5% of our revenue.

Fox-Martin argues constrained colocation capacity means Equinix is at the very early stage of durable pricing strength.

So we believe that we're at the very early stage of durable pricing strength going forward.

She says industry capex is focused elsewhere, leaving colocation capacity short of demand.

From an environment perspective, though, it is fair to say that we are in an exceptionally strong environment and particularly as it relates to colocation because much of the CapEx in our industry is focused elsewhere, there isn't enough capacity to satisfy the demand that we see in the market.

Fox-Martin says Equinix's smaller, diversified builds reduce regulatory and execution risk.

Our new retail builds are sized for these use cases, generally 60 megawatts or less, and they are substantially smaller than the large scale campuses drawing the most regulatory attention. We also don't depend on any single build to meet our growth objectives. We have 48 projects across 32 markets currently in progress.