Production Growth - Bitdeer mined 526 bitcoin in November 2025, a 251% increase compared to the same period last year [1] - The production growth is attributed to the deployment of proprietary SEALMINER rigs, with a self-mining hashrate of 45.7 EH/s [1] Future Projections - The company expects to surpass 50 EH/s by the end of the year, joining other public miners with similar capacity [2] - Currently, Bitdeer has 34.3 EH/s of SEALMINER A2 model deployed and 3.3 EH/s in transit, along with 0.6 EH/s of the new A3 model deployed and 2.9 EH/s in transit [2] ASIC Chip Development - Bitdeer's SEAL04-1 chip demonstrated power efficiency of approximately 6-7 J/TH, with mass production targeted for Q1 2026 [3] - The SEAL04 chip's production was delayed, leading to a split in design and rollout into two batches: SEAL04-1 and SEAL-02 [3] High-Performance Computing Division - The high-performance computing division is on track to earn approximately $10 million in annual recurring revenue as of November, up from $8 million in October [4] - Expansion of AI infrastructure includes a new 2 megawatt data center in Malaysia, expected to launch by the end of 2025 [4] Data Center Expansion - The company is evaluating leasing opportunities for data centers in the U.S., including a 13 megawatt site in Wenatchee, Washington, and a 35 megawatt project in Knoxville, Tennessee [5] Setbacks - A localized setback occurred at Bitdeer's site in Massillon, Ohio, due to a fire, postponing the energization of approximately 26 megawatts [6] - The remaining 174 megawatts at the location are scheduled to come online in Q2 2026 [6]

Group 1 - The focus is on identifying high-quality companies with a strong track record of capital reinvestment and impressive returns [1] - The ideal companies should demonstrate long-term capital compounding capabilities with a high compound annual growth rate, potentially delivering tenfold returns or more [1] - A long-term investment perspective is emphasized as a strategy to achieve higher returns compared to market indices in a rapidly changing investment environment [1] Group 2 - A conservative investment strategy is primarily adopted, with occasional pursuit of opportunities that present a favorable risk-reward ratio [1] - Investments are carefully considered and allocated proportionally within the portfolio to maintain overall stability [1]

Core Insights - The investment in AI infrastructure is projected to reach $3 trillion to $4 trillion by 2030, according to Nvidia CEO Jensen Huang [1] - There is a growing demand for data center capacity as companies prefer cloud environments for AI training due to high costs associated with purchasing and powering chips [2] Company Summaries Nebius Group - Nebius Group, formerly known as Yandex N.V., has transitioned from a Russian internet company to an AI infrastructure provider, rebranding and resuming trading on Nasdaq after selling its Russian assets [5][6] - The company reported a revenue of $146.1 million in Q3, marking a 355% increase year-over-year, and secured a $3 billion deal with Meta Platforms for AI infrastructure [7] - Despite significant revenue growth, Nebius reported a net loss of $100.4 million for the quarter and $273.7 million for the year, indicating high operational costs in building and running data centers [9][10] Iren Limited - Iren Limited, an Australian company, generates most of its revenue from Bitcoin, allowing it to remain profitable while expanding its AI infrastructure [11] - The company has three data centers in Canada and one in Texas, with plans for further expansion, including a $9.7 billion deal with Microsoft for cloud computing services [12][14] - In the first quarter of fiscal 2026, Iren reported revenue of $240.3 million, a 335% increase from the previous year, and a net income of $384.6 million, contrasting with a loss of $51.7 million a year ago [14][15] Investment Considerations - Iren Limited is viewed as a more favorable investment compared to Nebius Group due to its lack of debt and profitability from Bitcoin mining, which provides a financial cushion for its AI infrastructure expansion [16][17]

Core Insights - Amazon's datacenter expansion is a significant growth driver, with AWS revenues reaching $33 billion in Q3 2025, marking a 20.2% year-over-year increase, the fastest since 2022 [1][8] - The company has committed $125 billion in capital expenditure for 2025, primarily for AWS infrastructure, with $34.2 billion spent in Q3 alone [2][8] - AWS's operating income in Q3 was $11.4 billion, indicating that infrastructure investments are translating into profitability [4] Datacenter Expansion - Amazon's datacenter pipeline remains robust, with a $7 billion agreement in India and a $15 billion commitment for facilities in Northern Indiana, adding significant power capacity [3] - AWS operates 38 regions across 120 availability zones, with a $200 billion infrastructure backlog, suggesting strong future demand [4] Competitive Landscape - Microsoft and Google are also investing heavily in datacenter infrastructure, with Microsoft allocating $80 billion and Google increasing its capex guidance to $91-$93 billion for 2025 [5] - Both companies are experiencing tight supply-demand dynamics, extending their datacenter expansion timelines into 2026 [5] Financial Performance - Amazon's share price has returned 8.6% over the past six months, slightly underperforming compared to industry peers [6] - The Zacks Consensus Estimate for Amazon's 2025 earnings is $7.17 per share, reflecting a 29.66% increase from the previous year [10] - Amazon's stock is currently trading at a forward P/E ratio of 29.51X, higher than the industry average of 24.42X, indicating a potentially overvalued position [11]

Core Insights - Ciena Corporation's stock surged over 6% intra-day following the release of fiscal fourth-quarter results that exceeded Wall Street expectations, driven by increased orders from cloud providers and expanding opportunities in AI infrastructure [1] Financial Performance - The company reported adjusted earnings of $0.91 per share for the quarter ended November 1, surpassing the consensus estimate of $0.77 [2] - Revenue for the quarter increased by 20% year-over-year to $1.35 billion, exceeding the expected $1.29 billion [2] - Optical networking revenue rose to $929.2 million from $779.6 million in the previous year [2] Future Outlook - Ciena provided a strong outlook, forecasting first-quarter fiscal 2026 revenue between $1.35 billion and $1.43 billion, above analyst estimates of $1.25 billion [3] - For the full fiscal year, the company anticipates revenue of $5.7 billion to $6.1 billion, exceeding projections of $5.53 billion [3] - In fiscal 2025, Ciena reported total revenue of $4.77 billion, an increase from $4.01 billion in fiscal 2024, with adjusted earnings of $2.64 per share compared to $1.82 a year earlier [3]

Partnerships & Ecosystem - DDN's partner ecosystem, including GSIs, resellers, OEMs, NCPs, and hyperscalers, is driving advancements in AI infrastructure [1] - A customer-driven approach with partners is enabling the achievement of ambitious goals [1] - DDN's partner ecosystem accelerates go-to-market strategies [1] - DDN's partner ecosystem helps customers scale AI faster [1] Leadership & Strategy - Doug Cook, VP at DDN, emphasizes the importance of partner power in the next leap of AI Infrastructure [1]

Economic Indicators - The Federal Reserve cut rates by 25 basis points, raised growth estimates, and lowered inflation projections, contributing to positive sentiment in the stock market [1] - Initial Jobless Claims rose to 236,000, the highest since the week after Labor Day, but this figure is roughly the median for new claims over the past year [2] - Continuing Claims dropped significantly to 1.838 million, the lowest since mid-April, indicating a potential positive trend in the labor market [3][4] - The U.S. Trade Balance improved, shrinking to a deficit of $52.8 billion, the lowest level since June 2020, and 60% lower than the record deficit in March [5] Company Earnings - Lovesac (LOVE) reported negative earnings of $0.72 per share, missing estimates, and its revenue of $150.17 million was down 2.37% from consensus, leading to a 14% drop in shares [6] - Broadcom (AVGO) is expected to see earnings growth of 31.7% and revenue growth of 24.5%, driven by AI infrastructure supply [7] - Costco (COST) is projected to achieve 11.5% earnings growth and 8.3% revenue growth [7] - Lululemon (LULU) is estimated to report a 22.7% decline in earnings, despite a 3.5% increase in revenues [7]

Economic Indicators - Initial Jobless Claims rose to +236K, the highest since +263K reported after Labor Day, following a previous drop to +192K, which was revised slightly higher [2] - Continuing Claims dropped significantly to 1.838 million from a revised 1.937 million, marking a -99K decrease week over week, the lowest since mid-April [3] - The long-term jobless claims remained above 1.9 million for 32 weeks without exceeding 2 million, indicating stability in the labor market [4] Trade Balance - The U.S. Trade Deficit decreased to -$52.8 billion, the lowest level since June 2020, down from a revised -$59.3 billion the previous month [5] - This figure is -60% lower than the record trade deficit set in March, attributed to preemptive actions by trade merchants ahead of tariff changes [5] Company Earnings - Lovesac (LOVE) reported negative earnings of -$0.72 per share, missing the anticipated -$0.70, and revenue of $150.17 million, down -2.37% from consensus, resulting in a -14% drop in shares [6] - Broadcom (AVGO) is expected to see earnings growth of +31.7% and revenue growth of +24.5%, driven by AI infrastructure supply [7] - Costco (COST) is projected to achieve +11.5% earnings growth with +8.3% revenue growth [7] - Lululemon (LULU) is estimated to report a -22.7% decline in earnings while revenues are expected to grow by +3.5% [8]

Strategic Partnership with Apollo Funds - Capital Power and Apollo Funds are forming a US$3 billion investment partnership to acquire U S natural gas generation assets[1,6,7] - Apollo Funds may commit up to US$225 billion in equity and Capital Power up to US$750 million[8] - Capital Power will operate acquired assets and receive management and performance fees[8] - The partnership aims for a 50% cumulative increase in U S capacity or approximately 35 GW[7] Financial Targets and Guidance - The company targets a 13-15% annual Total Shareholder Return (TSR)[7] - The company targets an 8-10% annual AFFO per-share growth[7] - The company aims to maintain a 2-4% annual dividend growth target[7] - 2026 Adjusted EBITDA is projected to be between $1565 million and $1765 million[18] - 2026 AFFO is projected to be between $890 million and $1010 million[18] - 2026 Sustaining Capital is projected to be between $290 million and $330 million[18] Powering AI in Alberta - Capital Power has a binding MOU with a data center developer for a 250 MW Electricity Supply Agreement (ESA) in Alberta[7,9] - The ESA has a term of 10+ years and is expected to start in 2028[9]

Core Insights - Capital Power Corporation has announced a Memorandum of Understanding (MOU) with Apollo-managed funds for a US$3 billion investment partnership aimed at acquiring merchant U.S. natural gas generation assets [5][7] - The company has also entered into a binding MOU with an investment-grade data center developer in Alberta for a long-term Electricity Supply Agreement (ESA) [6][7] Strategic Agreements - The partnership with Apollo Funds is expected to combine their capital strength with Capital Power's operational expertise, enhancing the company's growth strategy in the U.S. natural gas sector [4][5] - The MOU with the data center developer involves a 250 MW ESA, anticipated to start in 2028, which will support Alberta's growing AI infrastructure [6][7] Growth Targets - Capital Power aims for a 50% cumulative increase in U.S. capacity, approximately 3.5 GW, by 2030 [7] - The company targets an annual Total Shareholder Return (TSR) of 13-15% and an annual growth of 8-10% in Adjusted Funds From Operations (AFFO) per share [7] Financial Guidance for 2026 - The financial guidance for 2026 includes Adjusted EBITDA ranging from $1,565 million to $1,765 million, and AFFO between $890 million and $1,010 million [9][17] - Sustaining capital investment is projected to be between $290 million and $330 million, with a dividend growth target of 2% [17]