Lincoln Pan, CEO of Jardine Matheson Holdings Ltd., warned at the Milken Asia Summit in Singapore on October 9, 2026, that Asia’s data-center sector relies heavily on a small number of US hyperscalers, making the region vulnerable to shifts in Washington’s policies amid escalating US-China tensions. According to McKinsey data cited by Pan, China, the largest data-center market in Asia, sees Western cloud firms account for approximately 70% of hyperscaler demand, with local providers holding about 30%. Nvidia-backed Firmus Grid Ltd. cancelled its planned IPO, illustrating growing investor caution over inflated AI valuations. Jardine Matheson, which holds real estate interests across Asia through its Hongkong Land unit, says it sits at the intersection of strong demand and geopolitical uncertainty, with stable returns far from guaranteed.
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