The Race For Digital Infrastructure Is Transforming The Technology, Media and Telecommunications Sector
The Technology, Media and Telecommunications (TMT) sector is undergoing a new phase of transformation driven by AI, the digitalization of the economy, and growing demand for computing power, data storage, cloud and connectivity. This cycle is reshaping investment and financing strategies amid a complex macroeconomic environment, affecting both global supply chains and companies’ access to liquidity. Ksenia Nekrasova and Manuel Franch, Global Heads of TMT at BBVA CIB, analyze the trends driving this new phase and the bank’s role in an increasingly competitive and specialized market.
The sector is experiencing a period of strong structural growth and robust investor appetite. The need to deploy infrastructure capable of supporting the advancement of artificial intelligence, the growth in data traffic and rising demand for computing capacity is driving large-scale investments across telecommunications, technology and connectivity.
“We are entering a new phase of investment in digital infrastructure. It is no longer just about connectivity, but about critical infrastructure for the functioning of the digital economy: data centers, cloud, computing capacity and networks capable of supporting the development of artificial intelligence,” explains Ksenia Nekrasova.
In this context, BBVA Corporate & Investment Banking (CIB) has strengthened its sector specialization to support clients in growth and internationalization transactions, combining financing and strategic advisory capabilities with a cross-border platform across key markets in Europe, Asia and the Americas. The bank also holds a differentiated position in strategic markets for technological development and global supply chains, including Mexico, Argentina, Brazil and Türkiye.
“Clients need partners capable of understanding how the sector is evolving, anticipating trends and structuring solutions tailored to increasingly complex and global transactions. The ability to connect markets and support international investments has become a clear differentiating factor,” says Manuel Franch.
Manuel Franch, co Global Heads of TMT at BBVA CIB
The sector’s growing investment activity is already reflected in several large-scale transactions in which BBVA CIB has recently participated. These include the sale of Nostrum to the Iren Group, the sale of Cellnex’s Edge Data Centers platform to Vauban, and Telecom Argentina’s acquisition of Telefónica Argentina. In parallel, the bank has strengthened its role in capital markets as active bookrunner in issuances for enterprises including Orange, Telefónica, Vodafone, AT&T, SES, Cellnex, Inwit, Visa, Omnicom and American Tower. Together, these transactions reinforce BBVA CIB’s positioning in a sector that is becoming increasingly global, demanding and capital intensive.
Consolidation in telecommunications
Among the trends reshaping the sector, the consolidation of telecommunications operators in Europe stands out. Following the merger between MásMóvil and Orange in Spain, the European market is entering a new phase marked by larger-scale corporate transactions. At the same time, many operators are moving toward more asset-light models, monetizing infrastructure such as fiber networks, towers and data centers to gain financial flexibility and fund new investments. This transition is also encouraging the entry of new investors specialized in digital infrastructure.
“Europe needs operators with greater investment capacity to compete in the new digital economy. Consolidation follows a clear industrial rationale: improving efficiency, accelerating investment and building platforms with sufficient scale to support technological growth over the coming years,” says Franch.
Data centers and digital infrastructure
Alongside this consolidation, data centers have become one of the sector’s main areas of investment. The rise of cloud computing and artificial intelligence is driving large-scale projects worldwide, while increasing pressure on energy efficiency and access to renewable energy sources.
“Data centers are no longer a specialized asset; they have become strategic infrastructure for the global economy. Artificial intelligence is transforming the global investment landscape for digital infrastructure. We finance both the construction of data centers and the acquisition, installation, and operation of graphics processing units (GPUs),” says Nekrasova.
Ksenia Nekrasova, co Global Heads of TMT at BBVA CIB
In this space, BBVA CIB has strengthened its financing and advisory activities for data center projects across the United States, Europe, and Mexico. In 2025, the bank ranked in the top four globally and in the top four in the United States among the market’s most active institutions, deploying more than USD 5.5 billion in financing between December 2022 and December 2025.
The advancement of artificial intelligence and accelerating digitalization continue to drive new demand for technological infrastructure and computing capacity. BBVA CIB has also strengthened its positioning through innovative financing solutions, placing the bank at the forefront of its clients’ strategic needs. Among its most notable transactions, the bank led the data center sector’s first syndicated SBLC for Switch, initially sized at USD 2.6 billion and upsized to USD 4.0 billion during syndication to meet strong demand. This transaction adds to multiple bilateral financings with other international data center platforms.
Investment and reconfiguration of the technology ecosystem
Beyond data centers, the expansion of artificial intelligence is accelerating a new wave of investment in technology infrastructure on a global scale. “AI is not only transforming business models; it is also redefining where investment is taking place and which regions will concentrate technological growth over the next decade,” says Franch.
Beyond data centers, the expansion of artificial intelligence is accelerating a new wave of investment in technology infrastructure on a global scale
BBVA CIB has strengthened its support for the development of the artificial intelligence ecosystem through financing and investments linked to new technology platforms, including DeployCo, the infrastructure associated with the development of OpenAI. The bank has also expanded its activity alongside hyperscalers and their global supply chains in Asia through inventory finance and accounts receivable programs aimed at companies across different verticals, including EMS, ODM and OEM, at a time when the expansion of AI is increasing capital needs across the entire technology value chain.
From digital infrastructure to manufacturers and specialized suppliers, the race to lead the new digital economy will increasingly depend on the ability to finance, scale and execute investments at speed. In this new technological era, access to capital is becoming as decisive a competitive advantage as innovation itself.