87 Q UA RT E R _ 0 2 _ 2 0 2 6 EXHIBIT 3 FDI in data centers was driven by US expansion into emerging economies and the United Arab Emirates into large projects. Communications and software: top 25 corridors by announced greenfield FDI, 1 2022–25, $ billion Top 25 corridors account for Advanced Size of bubble = FDI inflows, $ 56% of total FDI in sector Economies Emerging Width = corridor size, $ Mainland China Direction = Investor Investee Sweden The US is the largest The Middle East was source of announced active as both a source investment, representing of and destination for nearly half of total outflows announced investment India South Korea Mexico Japan Australia Brazil US Canada Saudi Arabia UAE Malaysia Thailand Spain France Ireland Germany UK Mainland China Singapore Switzerland France received the most announced investment of any economy, including gigawatt-scale data centers announced from the UAE Europe remained a major destination, absorbing about 40% of announced investments Emerging Asia received more than 20% of announced investment, mostly from US firms Note: Adjusted for inflation based on World Bank US CPI, indexed at 2024. 1. Foreign direct investment. Source: Using data provided by fDi Markets; McKinsey Global Institute analysis