Data centers have moved beyond the margins of real estate and infrastructure investing. Driven by AI, cloud computing and high-performance workloads, they are reshaping capital allocation, industrial supply chains and energy planning, financing and access. Once a specialist asset class, they now sit at the center of cross-sector collaboration spanning digital infrastructure, energy, manufacturing, technology and real assets. In this edition, we explore the practical challenges and strategic opportunities created by that shift. We look at how power has become a defining issue for AI-driven data center growth, shaping site selection, project viability, financing and sustainability. We examine how tighter EU regulation is raising expectations around cybersecurity, operational resilience and governance, while Germany shows how rising demand is colliding with planning, grid and energy efficiency pressures. We also consider how these dynamics are reshaping M&A, with greater emphasis on access to power, cooling and specialist engineering supply chains. We also explore project delivery risks. As investment accelerates, construction contracts are being tested by highly engineered assets, complex commissioning and constrained global equipment supply. At the same time, insurance models are being challenged by the scale and concentration of risk in hyperscale and AI-led facilities, driving closer attention to alternative capital solutions and new approaches to risk transfer. For general counsel, investors, developers and operators, these themes are closely connected. Risk no longer sits within individual workstreams; it cuts across contracts, regulation, energy, insurance, supply chains and assets, often across multiple jurisdictions. Understanding how these issues interact is increasingly important to protecting value, maintaining deal certainty and delivering projects at pace and scale. We hope this edition gives you a valuable lens on a market that continues to grow in speed, complexity and strategic importance.