NTT Global Data Centers has outpaced Amazon and Microsoft to become the world's third-largest data center operator, with a staggering order backlog of $20 billion, equivalent to 7.7 years of revenue. According to a Morgan Stanley investor presentation, NTT's success is attributed to its vertical integration strategy, which has positioned it as a leader in AI-native infrastructure. The demand for AI workloads has driven NTT's gross margin projections from 39% in FY26 to 55% in FY31, as clients are willing to pay a premium for its high-quality capacity. NTT's global assets include 250 MW of liquid cooling technology and a comprehensive fiber optic network, offering advantages that competitors cannot match. As a result, hyperscalers prefer NTT's infrastructure, reinforcing its dominance in the lucrative AI-native data center sector.