Matt Slepin sits down with Bill Stein, former CEO of Digital Realty Trust and current partner at Primary Digital Infrastructure, for a wide-ranging conversation about the rapid evolution of the data center industry and its increasingly important role in the AI economy.

Drawing on decades of experience in digital infrastructure, Bill provides historical context on the sector’s transformation from a relatively niche real estate business into one of the most closely watched areas of investment and development. Matt and Bill explore how the AI arms race is driving unprecedented demand for new data centers—and with it, enormous requirements for energy, infrastructure, capital, and talent.

The conversation also examines the growing tension surrounding data center development, from local opposition and energy consumption to broader questions about AI’s impact on society. As communities grapple with the physical infrastructure required to support AI, data centers have increasingly become a tangible focal point for much larger debates about technology, climate, economic growth, and the future.

Recorded during Leading Voices in Real Estate’s Climate Month, the episode offers perspective on one of the built environment’s biggest emerging challenges: how to support the extraordinary growth of AI while navigating its equally extraordinary demands on energy, communities, and human capital.