Four global technology giants—Amazon.COM, Microsoft, Google, and META—collectively known as the Big Four, have announced plans to expand their investments in hyperscale data centers at an average annual growth rate of 19–20% over the next five years (2025–2029).
For 2025, the Big Four’s total data center investment is projected to reach $345 billion (approx. THB 12.59 trillion), up 52% from the previous year. The total capacity of these data centers is set to rise by 23% on average over the next five years.
This significant investment surge reverberated across financial markets on July 17, 2025, sparking a rally in technology and data center stocks. Notably, Delta Electronics (Thailand) PCL (SET: DELTA) shares surged by 15.72% and closed at THB 132.50, with trading value at THB 6.33 billion—boosting the SET Index by 15 points.
Meanwhile, the bullish sentiment extended throughout the tech sector: HANA Microelectronics PCL (SET: HANA) advanced 5.21%, KCE Electronics PCL (SET: KCE) rose 2.83%, and Cal-Comp Electronics (Thailand) PCL (SET: CCET) increased 6.56%.
Related sectors also benefited from the rally with Power producers such as Gulf Development PCL(SET: GULF) gained 5.26%, and Telecom operators including Advanced Info Service PCL (SET: ADVANC) edged up 1.04%. As a result, the SET Index advanced by 40.48 points, closing at 1,198, with a trading value of THB 63.36 billion.
Koraphat Vorachet, Deputy Managing Director and Division Head of Research at Krungsri Securities (KSS), recommends “digital infrastructure” stocks—highlighting the momentum from the Big Four’s global expansion in hyperscale data centers.
He notes that Thailand is well-positioned to capitalize on this trend, citing strengths such as its central location in ASEAN, nationwide 5G network coverage, ample investment-ready facilities, and a declining trend in energy costs.
Thailand’s ongoing trade negotiations with the US could also draw in data center investment, much like Indonesia’s success in attracting similar capital flows. Krungsri Securities predicts Thailand’s data center sector is entering a new phase of accelerated growth, which will be a critical driver for ecosystem-related stocks.
Investment Strategy Insights:
- Upstream (suitable for speculative trading): Recommend DELTA (with resistant level at THB 136)
- Mid/Long-Term Portfolio Accumulation:
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- Power generation: GULF (target price: THB 56.5)
- Telecommunications: ADVANC (target price: THB 350)
- Industrial estates: WHA Corporation PCL (SET: WHA) (target price: THB 4.4), AMATA Corporation PCL (SET: AMATA) (target price: THB 19)
- Data center construction: Infraset PCL (SET: INSET) (target price: THB 2.87)
Krungsri Securities also highlights that the growth of AI and data centers will indirectly boost demand for DELTA’s power management and cooling solutions.
Company Highlights
- Amazon.COM: The largest US e-commerce platform, headquartered in Seattle, Washington.
- Microsoft Corporation: Global software and cloud service giant.
- Google: An American multinational, best known for its internet search engine, with major products such as Gmail, Google Maps, YouTube, and Google Drive.
- META: US multinational parent company of Facebook, Instagram, WhatsApp, and other subsidiaries.
