OEXN:算力与能源闭环 AI基建交易热度不减

Core Insights - The current restructuring of AI valuation logic in global financial markets highlights the ongoing focus on the underlying logic of power and data centers, despite some volatility in tech stocks [1][3] - The demand for large-scale power supply has reached a "fever pitch," driven by both digital asset miners and AI developers, indicating a robust investment environment in physical assets supporting AI [1][4] Group 1: M&A Activity and Valuation - M&A activities are fundamentally driven by the increasing demand for large-scale power supply, with companies transitioning to high-performance computing (HPC) facilities seeing significant valuation increases [1][4] - The valuation of assets with excellent geographical locations and complete power facilities has risen to the range of $400,000 to $500,000 per megawatt [4] - Long-term leasing agreements, such as Hut 8's recent 15-year contract valued at $7 billion, reflect the long-term nature of computing power demand rather than short-term speculation [2][4] Group 2: Market Outlook and Trends - The shift from "digital assets" to "energy assets" is identified as a core trend in the AI transaction chain for 2025 and beyond [2][4] - If the macro interest rate environment enters a downward cycle as expected, the attractiveness of risk assets will further increase, supporting the growth of AI infrastructure [5] - The combination of computing power and energy is seen as one of the most stable trading logics today, ensuring the longevity of AI transactions as long as supply-demand mismatches persist [5]