Is the AI boom creating the next big bubble?

In this pilot episode of In Conversation, Rhys Morgan (Infranovus) and James Murphy (DC Byte – Data Centre News Asia) sit down with Jonathan Atkin of RBC Capital Markets, one of the most respected data centre and digital infrastructure analysts of the past 25 years.

In this wide-ranging 45-minute discussion, Jonathan breaks down what’s really happening behind the AI hype — from inference vs training, to how data centre locations are actually chosen, and where the real risks and opportunities lie for investors, operators, and policymakers.

🎙️ Topics covered:

Is there a real AI bubble forming — and how would it burst?

How AI inferencing works and why it changes data centre design

What drives data centre site selection in 2025 and beyond

Power, latency, geopolitics, and capital allocation

How Jonathan sees the data centre industry evolving over the next decade

This episode marks the first instalment of our new In Conversation series, featuring leading voices shaping the future of data centres, AI, and digital infrastructure.

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🔍 About our guest

Jonathan Atkin is Managing Director at RBC Capital Markets and has been covering the data centre and telecom infrastructure sector for over 25 years, advising investors on hyperscale, colocation, fiber, and emerging AI workloads.