Equinix held its Q2 earnings call, reporting an upbeat outlook driven by AI-related demand. Monthly recurring revenue climbed 11% year over year on a normalized and constant currency basis, marking the third straight quarter of double-digit growth, while total revenues increased 16%. Annualized gross bookings jumped 23% to $424 million, the second-highest level on record, with total sales activity growing more than 30% and featuring roughly $110 million of preselling. Adjusted EBITDA margin reached 53%, expanding by 300 basis points from a year ago, and AFFO per share grew 18% on a normalized, constant currency basis. Management raised its 2026 outlook, projecting revenue growth of 11% to 12% and AFFO per share growth of 10% to 12%, and updated its 2027–2029 framework to 10%–13% annual revenue growth and 9%–12% AFFO per share growth. The company sharply lifted its 2026 CapEx guidance to $5.0–$6.0 billion and plans to roughly double cabinet deliveries in the second half, expecting to invest $5–$7 billion annually through 2029, with about 80% of expansion aimed at its top 25 metros. The firm reported a record 9,700 net interconnections and 4,200 net cabinet billings, with Secure Cabinet Express orders up more than 30% year over