Bain Capital Steers Clear of Backing US Data Centers Amid Boom

Bain Capital is eschewing investments in the US data center build-out, as its private equity rivals rush to back the physical infrastructure powering the artificial intelligence boom.

The US has emerged as the epicenter of one of the largest-ever expansions of technology infrastructure, according to Bain Co-Managing Partner David Gross, whose firm closed its 14th private equity fund at $14 billion last month.

“There’s significant capital that is fueling a massive arms race,” Gross said in an interview. “The only thing we know is not all of the players are going to win.”

The growth of AI is creating ...