One of the (many) supercycle arguments made around the economic ecology of AI data center is that were are in a Cement Supercycle. After all, so goes the argument, we are building many data centers, all of which requires immense amounts of cement, just in time to ;pick up the slack from the decline in China demand.

BUt ... as a recent JPM report points out, data centers aren't all that wrt cement. They only use about a third the cement of comparablly sized CRE.