---
title: "Amidst the clamor of AI bubble theories, Microsoft refutes with real money: investing $10 billion in a data center on the coast of Portugal"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265353318.md"
description: "Microsoft announced that it will invest up to $10 billion in Portugal to build a large AI data center to meet the growing demand for cloud computing power. This investment is seen as a strong rebuttal to the recent \"AI bubble theory\" and marks one of Microsoft's largest investment projects in Europe. The data center will be located in Sintra, Portugal, and Microsoft is collaborating with local developer Start Campus and startup Nscale to expand its AI computing infrastructure"
datetime: "2025-11-11T13:08:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265353318.md)
  - [en](https://longbridge.com/en/news/265353318.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265353318.md)
---

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# Amidst the clamor of AI bubble theories, Microsoft refutes with real money: investing $10 billion in a data center on the coast of Portugal

According to the Zhitong Finance APP, American tech giant Microsoft (MSFT.US), with a market value close to $4 trillion, announced on Tuesday that it will build a large artificial intelligence data center on the coast of Portugal, with an investment amount of up to $10 billion. This will become one of its largest investment projects in Europe this year. Microsoft's significant announcement of a $10 billion AI data center investment undoubtedly refutes the recent pessimistic "AI bubble theory" that has been widely discussed, using real money to continue the narrative of the "AI super investment cycle."

It is understood that this funding is planned to be fully invested in a large data center park located on the coastline of Sines, Portugal, which is about 150 kilometers (approximately 93 miles) south of the capital Lisbon. Microsoft is collaborating with local Portuguese developer Start Campus and UK startup Nscale to build this large AI data center park. Microsoft President Brad Smith first disclosed this financing plan during an interview with local media Jornal de Negócios at the Web Summit conference held in the capital of Portugal.

A Microsoft spokesperson confirmed the investment amount but declined to comment further. A representative from Start Campus stated that the $10 billion figure is generally consistent with ongoing negotiations for the next phase of project development, as the company had previously opened the first of six buildings planned for construction in March.

Microsoft signed a multi-year AI computing infrastructure capacity/production lease agreement at the Sines park in October. The company is currently expanding its AI computing infrastructure significantly to meet the growing demand for AI computing power from its Azure cloud computing platform and the broader Microsoft ecosystem's large customer base.

It is reported that in response to the ongoing shortage of AI computing power, Microsoft has recently signed a series of long-term cooperation agreements based on AI computing resource supply with several "neocloud" service providers—AI cloud computing service providers that offer cloud-based AI computing capacity leasing, including leading cloud-based AI computing leasing companies CoreWeave Inc. and Nebius Group NV. Microsoft also plans to lease larger-scale AI computing infrastructure capacity from Nscale in Norway and the UK.

Sines is a small coastal town in Portugal with only about 15,000 residents, but it is gradually becoming an important investment hub in Portugal due to its naturally advantageous geographical location. The region is equipped with large-scale submarine cables connecting Europe with Brazil and Africa, and Google is also set to add a new line to South Carolina. Sines is also the core site for the AI "gigafactory" that the Portuguese government plans to build with EU support.

**Is the massive AI investment a bubble? Then let the data center construction process speak for itself: Microsoft has invested $10 billion on the coast of Portugal, delivering the "most expensive rebuttal" to pessimists.** With AI chip leader AMD and SSD storage giant SanDisk reporting exceptionally strong performance driven by the AI boom, as well as Wall Street financial giants like Citigroup, Goldman Sachs, and UBS releasing research reports refuting the "AI bubble," market concerns about the AI bubble have significantly weakened. This has led to a general surge in stock prices of Asian tech giants closely associated with AI, such as Advantest, Tokyo Electron, SoftBank Group, and SK Hynix, on Monday, highlighting that real money is flowing into these AI computing leaders during the dip. As of Monday's market close, leaders in the AI computing supply chain like NVIDIA, TSMC, and Micron continued to maintain the momentum of the AI tech stock rebound that began during the Asian trading hours.

At the same time, global AI tech leaders like Microsoft are continuing to invest heavily in new or expanded AI data centers, indicating that the narrative of "soaring demand for AI computing power" supporting this round of the global stock market's "AI super bull market" remains valid in the eyes of management at tech giants like Microsoft, Google, and Amazon. This, in turn, fully supports the long-term bullish logic of "AI investment super cycle/AI CapEx super boom cycle" for AI believers in the stock market.

Microsoft's plan to invest $10 billion in building an AI data center campus in Portugal sends a very direct "positive signal" about AI: the management believes that the demand for AI computing infrastructure will be sustainably strong in the coming years, with potential demand being at an astronomical level and AI data center investments having strong monetization capabilities. Otherwise, there would be no reason to roll out such high-intensity and long-term data center infrastructure construction and large-scale purchases of AI GPUs/AI ASICs globally.

The analyst team at Wedbush, led by veteran analyst Daniel Ives, believes that as the next wave of AI spending unfolds, the overall capital expenditure of large tech companies could rise significantly from about $380 billion this year to nearly $550 billion or even $600 billion by 2026.

According to Wall Street financial giants Morgan Stanley, Citigroup, Loop Capital, and Wedbush, the global AI infrastructure investment wave centered on AI computing hardware is far from over and is only at the beginning. Driven by an unprecedented "storm of demand for AI inference computing power," this round of AI infrastructure investment is expected to reach between $3 trillion and $4 trillion by 2030.

Citigroup recently stated that short-term market weakness/downward adjustments may be within investors' general expectations, and the "fundamental narrative of artificial intelligence supporting the long-term bull market" remains intact, which could create significant buying opportunities during the pullback. Citigroup also emphasized that the short sellers' argument about an AI bubble is fundamentally unfounded, stressing that the main contradiction in the current AI chip market is supply not meeting demand, rather than insufficient demand—the most direct manifestation being that TSMC's CoWoS advanced packaging capacity shortage will continue until the end of 2026

### 相关股票

- [Microsoft (MSFT.US)](https://longbridge.com/zh-CN/quote/MSFT.US.md)

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