The sell-off was ignited by a Business Insider report suggesting a major financing friction point for CoreWeave's ambitious infrastructure expansion.NBIS stock is moving. See the chart and price action here. Data Center Financing WoesThe facility was intended to be a flagship site for CoreWeave's GPU-as-a-service model. The anxiety was compounded by Blue Owl’s recent decision to halt quarterly redemptions for one of its retail-focused funds, which investors interpreted as a “canary in the coal mine” for liq ...

Key Takeaways Cipher Mining reports Q4 2025 earnings on Feb. 24, with revenues seen up 84% year over year.CIFR faces margin pressure from higher electricity costs and full-quarter Black Pearl exposure.CIFR expands into AI data centers with major deals, raising leverage and execution risk.Cipher Mining (CIFR) is scheduled to report fourth-quarter 2025 earnings on Feb. 24.The Zacks Consensus Estimate for revenues is currently pegged at $77.86 million, suggesting growth of 84.41% from the year-ago quarter’s le ...

Texas Pacific Land (NYSE:TPL) Q4 2025 Earnings call February 19, 2026 10:30 AM ET Company ParticipantsChris Steddum - CFODerrick Whitfield - Managing Director and Head of Energy Equity ResearchOliver Huang - Director of Research DepartmentRobert Crain - EVP of Texas Pacific Water ResourcesShawn Amini - VP of Finance and Investor RelationsTyler Glover - CEOConference Call ParticipantsTim Rezvan - Managing Director and Equity Research AnalystOperatorGreetings, and welcome to the Texas Pacific Land Corporation ...

Financial Data and Key Metrics Changes - Consolidated revenues for Q4 2025 were approximately $212 million, with adjusted EBITDA of $178 million and an adjusted EBITDA margin of 84% [15] - Free cash flow for Q4 was $119 million, and for the full year 2025, record free cash flow reached approximately $498 million, an 8% year-over-year increase [15][16] - Full year 2025 oil and gas royalty production increased by 29% year-over-year, while water sales volumes increased by 4% and produced water royalty volumes increased by 25% [15][16] Business Line Data and Key Metrics Changes - Oil and gas royalty production grew 23% year-over-year in Q4, while water sales volumes exceeded 1 million barrels per day for the first time, growing 36% year-over-year [4] - Produced water royalty volumes grew 22% year-over-year [4] - The company achieved a 3-year compounded annual growth rate of 17% for oil and gas royalty production, 18% for water sales volumes, and 30% for produced water royalty volumes [5] Market Data and Key Metrics Changes - The Permian Basin experienced a decline in rig activity, with the horizontal rig count down approximately 26% [17] - Despite lower rig counts, production growth was sustained through a drawdown of drilled but uncompleted wells (DUCs), with an estimated 600 DUCs drawn down in 2025 [17][18] - The average lateral lengths of completed wells increased by 8% compared to the previous year, with new permitted wells averaging 35% longer than in 2024 [19] Company Strategy and Development Direction - The company is focused on leveraging its strengths in water and land access to build large-scale energy campuses, aiming for multiple multi-gig energy campuses [27][28] - TPL is investing in next-generation opportunities, including data centers and produced water desalination, with a strategic investment in Bolt Data & Energy [6][7] - The company plans to invest approximately $20 million in waste heat capture and data center cooling at its desalination facility [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth pipeline for 2026, focusing on maximizing long-term intrinsic value per share despite a weak oil price environment [12][11] - The company maintains a debt-free balance sheet and a $500 million undrawn credit facility, providing flexibility to invest opportunistically [12][21] - Management highlighted the importance of adapting to evolving market conditions and maintaining a resilient business model [22] Other Important Information - The company announced a regular dividend of $0.60 per share, representing a 12.5% increase from the previous quarter [16] - A shareholder event is scheduled for May 18th in Midland, Texas, to provide updates on company operations [13] Q&A Session Summary Question: Thoughts on power and data center development opportunities - Management noted that the opportunity set for power and data center development has evolved significantly, with ongoing commercial negotiations and promising projects [26][27] Question: Potential value from the Bolt Energy partnership - Management indicated that the water usage numbers for power generation and data centers could be substantial, depending on facility design [30][31] Question: Strength in traditional water business amid market contraction - Management attributed the strength in produced water volumes to legacy contracts and strategic implementation over the past few years [34][35] Question: Updates on desalination process efficiencies - Management confirmed that the goal is to reduce energy consumption in desalination, with waste heat capture being a key focus [45][46] Question: Exposure to rare earth exploration in Hudspeth County - Management acknowledged ongoing exploration projects in Hudspeth County, with promising early findings [48][49]

Core Insights - Wall Street is shifting focus from AI tech giants to infrastructure companies that will benefit from AI capital spending as investor enthusiasm for AI heavyweights wanes [1][2] Group 1: Market Performance - Shares in AI tech giants like Alphabet and Amazon have seen significant declines due to concerns over whether returns from their AI investments will justify their high valuations [2] - Infrastructure-related stocks such as Caterpillar, Lumentum, and Western Digital have experienced double-digit gains this year, contrasting with the S&P 500's return of 0.52% and the Roundhill Magnificent 7 ETF's loss of 7.3% [3] Group 2: New Investment Products - ETF providers like BlackRock, VistaShares, and Impax Asset Management are launching new products focused on AI infrastructure, reflecting a growing interest in niche investment opportunities [4] - VistaShares' Artificial Intelligence Supercycle ETF, launched in December 2024, gained 58.4% in 2025 and is up 16.87% this year, indicating strong performance in the AI infrastructure sector [5] Group 3: Fund Allocations - BlackRock's iShares A.I. Innovation and Tech Active ETF has increased its investment in AI infrastructure plays to 74% of its $8.8 billion in assets, up from 59% a year ago, highlighting a strategic pivot towards revenue-generating sectors [7] - The BlackRock fund has attracted $7.9 billion in new capital over the past year, driven by healthy returns from holdings like Fabrinet and Monolithic Power Systems, which have contributed to a 3.2% return this year [8]

Financial Data and Key Metrics Changes - Consolidated revenues for Q4 2025 were approximately $212 million, with an adjusted EBITDA of $178 million and an adjusted EBITDA margin of 84% [14] - Free cash flow for Q4 was $119 million, contributing to a record free cash flow of approximately $498 million for the full year 2025, representing an 8% year-over-year increase [14][15] - Full year 2025 oil and gas royalty production increased by 29% year-over-year, while water sales daily volumes increased by 4% and produced water royalty daily volumes increased by 25% [15] Business Line Data and Key Metrics Changes - Oil and gas royalty production grew 23% year-over-year in Q4 2025, while water sales volumes exceeded 1 million barrels per day for the first time, growing 36% year-over-year [4] - Produced water royalty volumes grew 22% year-over-year [4] - The company achieved a 3-year compounded annual growth rate of 17% for oil and gas royalty production, 18% for water sales volumes, and 30% for produced water royalty volumes [5] Market Data and Key Metrics Changes - The Permian Basin experienced a decline in rig activity, with the horizontal rig count down approximately 26% [17] - Despite lower rig counts, production growth was sustained through a drawdown of drilled but uncompleted wells (DUCs), with an estimated 600 DUCs drawn down in 2025 [17][18] - The average lateral lengths of wells completed on TPL royalty acreage increased by 8% compared to the previous year, with new permitted wells averaging 35% longer than in 2024 [19] Company Strategy and Development Direction - The company is focused on leveraging its strengths in land, water, and energy to build large-scale data center and power generation solutions, particularly through its partnership with Bolt Data & Energy [6][8] - TPL aims to develop multiple multi-gig energy campuses, emphasizing the importance of scale in its operations [27] - The company is also investing in desalination projects to provide sustainable solutions for produced water management, with a facility in Orla, Texas nearing completion [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth pipeline for 2026, highlighting the ability to drive growth and extract value even in a weak oil price environment [11] - The company maintains a debt-free balance sheet and a $500 million undrawn credit facility, providing flexibility to invest opportunistically [12] - Management anticipates capital expenditures of approximately $65 million to $75 million for 2026, with a focus on water sales business improvements and desalination facility enhancements [20] Other Important Information - The company announced a regular dividend of $0.60 per share, representing a 12.5% increase from the prior quarter [16] - TPL is actively exploring opportunities in rare earths in Hudspeth County, with promising early-stage findings [47] Q&A Session Summary Question: Thoughts on power and data center development opportunities - Management believes the opportunity set for power and data center development has evolved significantly, with ongoing commercial negotiations and several projects in the pipeline [26][28] Question: Updates on the Bolt Energy partnership - Management indicated that Bolt aims to build a 10-gigawatt data center campus, with potential water revenue for TPL being substantial [29][30] Question: Current outlook for water business amidst broader activity contraction - Management attributed the strength in produced water volumes to legacy contracts and strategic implementation over the past few years, allowing for market capture despite activity level fluctuations [34][36] Question: Desalination process efficiencies and power intensity - Management clarified that the goal is to reduce energy consumption in desalination, with waste heat capture being a key focus to lower operational costs [44][45] Question: Exposure to rare earth exploration in Hudspeth County - Management confirmed ongoing exploration projects in Hudspeth County, with promising early-stage findings [47]

Brookfield Corporation (NYSE: BN) is a wealth-compounding machine. The global investment firm has delivered an annualized return of around 19% over the past three-plus decades, absolutely crushing the S&P 500's 11% annualized return. To put that in perspective, if you invested $250 a month into Brookfield stock, you'd have made over $3.1 million in the past 30 years. The company's target is to deliver 15%+ compounded returns for its shareholders over the long term. It's in a strong position to exceed that ...

Core View - CoreWeave (NASDAQ: CRWV) is positioned as a key player in the artificial intelligence infrastructure sector, benefiting from strong demand for GPU compute and long-term contracts with major AI companies [1] Group 1: Strategic Risks - The primary strategic risk for CoreWeave is that hyperscalers like AWS, Azure, and Google Cloud may become "good enough" in terms of performance, potentially diminishing CoreWeave's competitive edge [3] - CoreWeave currently enjoys a specialization advantage with infrastructure tailored for high-performance AI workloads, allowing it to outpace generalist cloud providers. However, hyperscalers are continuously investing in GPUs and AI-specific technologies, which could erode this advantage over time [4] - As GPU supply normalizes, enterprises may prioritize convenience and consolidation over performance, leading to potential pricing pressure and a shift back to existing cloud platforms, even if CoreWeave maintains a technical edge [5][6] Group 2: Capital Intensity - CoreWeave's significant capital expenditures are necessary for building AI infrastructure at scale, which requires substantial upfront investments in GPUs, power, cooling, and data centers. This capital intensity is currently a cost of entry into the market [7]

Combined with Tower’s multi-site global footprint, Scintil’s unique SHIP™ platform is ready to take on the challenging requirements of the next generation Hyperscale AI Infrastructure MIGDAL HAEMEK, Israel, and GRENOBLE, France, February 17, 2026 - Tower Semiconductor (NASDAQ/TASE: TSEM), the leading foundry for high-value analog semiconductor solutions, and Scintil Photonics, the technology leader in Heterogeneous Integrated Photonics for next-generation AI infrastructure, today announced availability of t ...

Quick Read SPDR S&P 500 Growth ETF (SPYG) returned 411% over the past decade. The S&P 500 gained 265%. NVIDIA (NVDA) represents 13.47% of SPYG as its largest holding. The top five positions drive 36% of returns. SPYG dropped 3.05% year-to-date while the broader S&P 500 held flat. Tech concentration amplified losses. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. If you want broad U.S. equity expos ...