One of the people's favorite guests, Randy Baron, returns to the podcast to talk about his thesis for GDS. GDS is a Chinese data center company, and Randy goes in depth into the company, including why their tier 1 footprint gives them a moat, how GDS is trading at a discount to private market values, and why ADR and VIE fears may be overblown.

My notes on GDS: https://twitter.com/YetAnotherValue/status/1516805266565644289?s=20&t=_7FcaMp4YYgZ1S4htJXz6g
Randy's first podcast on AMRS: https://twitter.com/AndrewRangeley/status/1407669290241777666?s=20
Randy's second podcast on RNLX: https://twitter.com/AndrewRangeley/status/1448604500009242632?s=20
Tubes (data center book mentioned in the pod): https://amzn.to/3rKUxRq

Chapters
0:00 Intro
2:20 Data Center Overview
9:10 Chinese Data Center overview
11:20 Randy's history with GDS
17:45 GDS valuation versus private market comps
24:00 What does Randy see in GDS that the market is missing?
28:45 GDS's international expansion plans
34:00 Why does GDS's tier 1 footprint give them a moat?
39:50 GDS's M&A and growth ambitions
47:30 GDS's recent raise from Sequoia China and peer VNET's acquisition offer
52:15 The China ADR and VIE issues
58:55 Wrapping up the GDS thesis