GS European Express

This report summarizes European market trends across retail, utilities, and AI infrastructure, highlighting a massive expansion in datacenter power demand and the scaling of TikTok Shop in Europe.

Key Takeaways

• 1.European datacenter demand is at a turning point, with the UK alone potentially boosting the European installed base by 65% through 2031 due to AI demand.
• 2.TikTok Shop is scaling rapidly in the European Online Channel, offering an attractive ecosystem for impulse-based products like cosmetics and supplements, but it is unlikely to take significant share from established apparel aggregators like Next or Zalando.
• 3.Nebius Group has materially raised its capex guidance to $20-$25bn (from $16-$20bn) to support massive forward demand for AI infrastructure.

Table of Contents

• Retail: Channel Matters
• Powering Up Europe: Datacenters in the UK and Europe at a turning point
• London Stock Exchange Group (LSEG.L): Management meeting takeaways
• Nebius Group (NBIS): Capacity expansion plans
• GS SUSTAIN: EU Taxonomy Monitor
• Europe Rating Changes
• Other notable research
• Macro / markets
• Upcoming Webinars
• Corporate Access over the next 3 months

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