We are witnessing a supercycle in data center growth, fueled by demand for (Gen)AI applications. Projections suggest that data center demand will grow by over threefold by 2030, surpassing 180GW, which will require trillions of dollars in capex investments across the data center value chain, including semiconductors, data center infrastructure, cooling, networking, and power supply. Electric power will be a critical bottleneck in global capacity build-up, increasing the need for power-efficient semiconductor designs and full-stack innovation. Heterogeneous integration and system-level performance become instrumental for AI data center architecture. Looking forward, approximately 50% of overall semiconductor market growth will be driven by GenAI until 2030. We will unpack the technology and industry evolution at the semiconductor and system levels.