Twelve months ago, the global AI infrastructure investment map was simple. The United States dominated overwhelmingly. Europe was a secondary market navigating regulatory complexity. The Gulf was a promising emerging destination. India was a long-term growth story with significant near-term execution challenges. Southeast Asia was a collection of small markets. That map has not reversed. However, it has changed in ways that matter enormously for where the next phase of AI infrastructure gets built, who finances it, and what the competitive geography of global AI compute looks like in 2027 and beyond.