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.

Fox-Martin describes the Georgia deal where Equinix funds grid infrastructure to protect ratepayers and secure power.

Equinix will fund the new substation and transmission lines our campus requires and cover all costs undertaken by the utility on our behalf. This protects local ratepayers whilst giving us reliable long-term access to the power we need to grow.