Morgan Stanley: NTT Ranks Third Yet Orders Fully Booked for 7.7 Years, Vertical Integration Crushes Tech Giants

According to TechFlow Research, an investor presentation released by Morgan Stanley on July 14, 2026, regarding NTT Global Data Centers shows that the global third-largest data center operator NTT surpassed the top two ranked Amazon and Microsoft through vertical integration. The order backlog reached $20 billion (equivalent to 7.7 years of revenue), with the order book absurdly full, reflecting that AI workload demand far exceeds supply. Gross margin is expected to rise from 39% in FY26 to 55% in FY31, indicating that AI customers are willing to pay a premium for high-quality capacity. NTT possesses 250 MW of liquid cooling technology globally and a complete fiber optic network, which is a vertical integration advantage that pure data center operators cannot replicate. Hyperscale customers would rather wait in line for NTT's AI-native infrastructure than turn to competitors. Among the global $6.7 trillion in data center investments, only one type truly makes money: AI-native, and NTT is monopolizing this sector.