Themes / Pair
Fading · newly observed relationshipLatest completed snapshot · Aug 21 · 09:45 ET

MARKET-DISCOVERED GROUP

Data Center REITs

THE TRADER READShared activity without a clean directional read

3 of 3 measured members are rising. Capital-flow confirmation is unavailable.

Price breadth3 of 3 risingRelative median unavailable
Capital-flow alignmentUnavailablePrice breadth is not yet confirmed by flow
Activity nowLow_pressureActivity score 27/100
Evidence depth0 support daysLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

0 timed events
TIMING READA causal timing read is unavailable because no material member price onset could be timestamped.

No session event has enough timestamp precision to place on the clock.

2 earlier filing context receipts

TUE, FEB 10EQIX filing documented shared operating contextcapital investment / capacity affecting expense · date precision only

THU, FEB 12DLR filing documented shared operating contextcapital investment / capacity affecting expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
Price sequence unavailableA timestamped price sequence is unavailable.
RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized

Observed intraday paths are not available for this group yet.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

3/3 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across DLR, EQIX, IRM.

capital investment / capacity affecting expense

“During the year ended December 31, 2025, EMEA adjusted EBITDA increased by $183 million or 13% (12% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity and organic growth and lower utilities costs, partially offset by lower revenues as a result of non-recurring services provided to our joint ventures, as described above.”

EQIX 10-K · 2026-02-11
credit / rates affecting interest expense

“The increase to interest expense driven by debt issuances was partially offset by the repayment of the 2.625% Senior Notes in the fourth quarter of 2024 and the 1.250% Senior Notes and 1.000% Senior Notes in the third quarter of 2025.”

EQIX 10-Q · 2025-10-29
capital investment / capacity

“During the year ended December 31, 2025, Americas adjusted EBITDA increased by $181 million or 11% (11% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity and organic growth, partially offset by lower revenues as a result of non-recurring services provided to our joint ventures, as described above.”

EQIX 10-K · 2026-02-11
CONFIRMATION NETWORK

Outsiders and cross-asset links

0 outsiders confirming
IRM → SLVInverse historical lead/lag · strength -0.32
IRM → UVXYPositive historical lead/lag · strength 0.24

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

No high-confidence filing-linked outsiders are available for this group yet.

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
IRMEQIXDLR

3/2 active3 rising · 0 falling

MemberUnusual activityToday's moveRead now
IRMIron Mountain Incorporated
Elevated · 100/100
+0.6%
Active; unclassifiedHistorical role unavailable
EQIXEquinix, Inc.
Most unusual · 94/100
+0.5%
Active; unclassifiedHistorical role unavailable
DLRDigital Realty Trust, Inc.
Elevated · 87/100
+1.0%
Active; unclassifiedHistorical role unavailable
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
IRMIron Mountain IncorporatedParticipating+0.6%—Price participation is not yet confirmed by per-name flow.
EQIXEquinix, Inc.Most unusual+0.5%—Most unusual activity in this snapshot; performance direction may differ.
DLRDigital Realty Trust, Inc.Participating+1.0%—Price participation is not yet confirmed by per-name flow.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Live outcome ledger collecting

0/0 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

No point-in-time live observations have completed yet.
Low structural sample

Only 0 completed episodes across 0 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support0 daysHow often the cohort identity was observed
Completed episodes0Separate periods of broad group activity
Active sessions0Completed session observations, not trades

Historical cohort observations are not available yet.