GDS Holdings offers a catalyst-driven opportunity, underpinned by a significant stake in DayOne. Record Q1 2026 bookings and anticipated AI-driven demand growth could drive EBITDA from ~$850 million today to $1.5–2.0 billion by 2029. After considering DayOne stake, the market values GDS's core China operations at only ~7.4x EV/EBITDA, well below what we believe is appropriate for an AI country leader.

