Sasha Jovanovic
5 min read
Investors have spent months fixated on megacap tech capex, yet the quiet enablers of that AI buildout sit in global finance. When hyperscalers commit tens of billions to data centers, someone structures the loans, underwrites the bonds, and insures the risks. If the Nasdaq 100 selloff has you questioning where the more predictable cash flows might sit, this piece walks through three large financial intermediaries tied to that story and how the latest AI capex worries may matter for their stocks.
The three stocks covered below are just a small sample, and the full screen surfaced 48 more large financial intermediaries with equally compelling AI capex financing narratives that are not discussed in this article. To see the wider field and identify which global lenders, insurers, and underwriters best match your own thesis, head straight into the Global Financial Intermediaries to AI Megacap Capex screener
Derwent London (LSE:DLN)
Derwent London links the AI capex story back to bricks and mortar, offering central London space that can flex between high end offices and edge infrastructure for data heavy tenants.
Derwent London runs a £5.0b central London office portfolio, drawing about £209 million from offices within £412 million of total segment income and a smaller contribution from trading property sales and service charges, off a roughly £2.1b market cap.
A structurally higher occupier focus on offices as a strategic tool for culture and talent attraction, combined with Derwent London’s design led, amenity rich product and clustering model, is expected to support leasing spreads and net operating margins.
What really moves the dial is how one pressure on future tenant demand plays out against that carefully curated London footprint.
How that demand pressure plays against Derwent London’s curated footprint is exactly what the full narrative for Derwent London unpacks, including where AI linked occupier demand could be accelerating.
MERLIN Properties SOCIMI (BME:MRL)
MERLIN Properties SOCIMI is an Iberian commercial landlord connected to the AI capex buildout, owning offices, malls, logistics and data centre assets. Revenue primarily comes from office buildings at about €295 million, with shopping centers at €132 million, logistics at €83 million and data centers at €71 million, supporting a roughly €7.1b market cap.
MERLIN Properties SOCIMI provides exposure to AI-driven data-center and logistics demand through rent and asset ownership rather than direct tech project risk. As hyperscalers reassess heavy capex, a key issue is how that pressure may influence lease terms and pricing power on its power-intensive sites.
