Asia is becoming the latest hunting ground for global investors in data centers, as companies from KKR & Co. to Bain Capital bet on the region’s growing computing and data storage needs following an artificial intelligence boom.

Like in the U.S., Asia is seeing a surge in demand for data centers as giants like Amazon and Alphabet’s Google boost cloud services, the recent generative AI wave fuels data and capacity requirements, and the region’s growing population spurs storage needs.

Demand in Southeast Asia and North Asia is expected to expand about 25% a year through 2028, according to Cushman & Wakefield data. That compares with 14% a year in the U.S.