The construction value of US data centers is poised to surpass that of general office buildings in the coming months, marking a historic shift in the commercial real estate landscape. Currently, there is approximately $40 billion worth of data center projects underway, representing a 400% increase since 2022. Data center construction spending in 2025 has already exceeded office construction spending recorded in 2014. This surge is driven by growing demand for AI and accelerated computing infrastructure, with companies like Marvell Technology (MRVL) projecting significant revenue growth in custom silicon for data centers, estimated at $427 million in the second fiscal quarter of 2026, accounting for 33% of their total data center revenue. Morgan Stanley forecasts global data center spending to nearly triple from $307 billion in 2024 to $920 billion by 2028, with chip and server expenditures increasing from $178 billion to $484 billion. However, concerns have been raised regarding the pace of data center buildout outstripping energy infrastructure development, highlighting potential sustainability challenges for investors. Major technology firms involved in this expansion include Microsoft, Amazon, Google, Nvidia, AMD, and Broadcom.