China’s total delivered data center capacity has reached 24GW, exceeding the combined capacity of Europe, the Middle East, Africa, and the rest of Asia, according to a SemiAnalysis report. ByteDance accounts for nearly one-fifth of this capacity, making it the country’s largest wholesale customer. Alibaba, Tencent, and Baidu reported combined Q2 capital expenditure of $20 billion, doubling year-over-year. All three tech giants saw their free cash flow turn negative simultaneously for the first time as infrastructure spending accelerates.