São Paulo hosted Capacity LATAM last week. This year’s event arrived at a particularly charged moment: capital is circling the region in volumes not seen before, the AI build-out is reshaping demand forecasts overnight, and regulators are scrambling to catch up. Below are the ten themes that dominated the conversation.

REDATA is the single biggest variable for data centre investment in Brazil. Roberta Aronne, Head of Legal, Compliance and Risks at Terranova, put it plainly during one panel: investors are holding back on committing to data centre projects in Brazil until there is clarity on how the legislation will land. Given Brazil’s scale (it is already the dominant data centre market in Latin America), the stakes are considerable for the region as a whole, not just for domestic operators.