3D Systems (NYSE:DDD) Q3 2025 Earnings Call November 05, 2025 08:30 AM ET Speaker4Greetings and welcome to the 3D Systems Third Quarter 2025 Earnings Conference Call and webcast. At this time all participants are in listen only mode. A question and answer session will follow a formal presentation. You may be placed into question queue at any time by pressing Star 1 on your telephone keypad. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press Star zero ...

Walsh Asset Management President and CIO Kevin Mann has some rare stats that might just change your mind on at least whether at least whether to sell, right, Kevin. >> Absolutely. I mean, people are right to question how much longer this bull market can run.And we did just recently hit the three-year birthday of this current bull market in October. So, I asked my research team to go back, find out if this is a good signal or a bad signal. And what they found was that over the last 50 years, the five time th ...

Market Overview - The stock market is experiencing a downturn, with the Dow dropping 251 points and the S&P losing 1.17% [1] - The NASDAQ also saw a decline, with Palantir's stock tumbling 2.04% [2] Market Segmentation - The market can be divided into three segments: high growth high-tech, the real economy, and speculative markets [2] - The tech/data center economy is a significant part of the high growth high-tech market, encompassing various companies involved in the fourth industrial revolution [3] Valuation Metrics - Companies in the tech/data center sector typically have high price-to-earnings (P/E) multiples, with the average S&P 500 stock trading at 23 times next year's earnings [4] - Notable companies in this sector include Amazon (32 times), Apple and Microsoft (around 33 times), and Nvidia (about 30 times), all trading at a premium compared to the average [4][5]

Record quarterly revenue of $230.6 million, up 20% QoQ and 104% YoY Strong Q3 revenue growth driven by new AI platform ramps featuring multiple product familiesScorpio fabric switch design wins expand to several platforms at multiple hyperscaler customers SAN JOSE, Calif., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Astera Labs, Inc. (Nasdaq: ALAB), a leader in semiconductor-based connectivity solutions for rack-scale AI infrastructure, today announced preliminary financial results for the third quarter of fiscal yea ...

Bitfarms Ltd. ( BITF ) is growing out of traditional Bitcoin USD ( BTC-USD ) mining and into the business of operating energy-powered AI infrastructure. Its self-sustaining business model, liquid balance of $230 million, and line of creditHi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc and MSc degrees from ...

Core Viewpoint - The recent stock rally in Amazon.com Inc is reshaping the ETF landscape for AI exposure, highlighting Amazon's significant role in the AI value chain through its partnership with OpenAI [1][6]. Group 1: Partnership and Infrastructure - Amazon Web Services (AWS) has entered a $38 billion multi-year partnership with OpenAI, becoming the official infrastructure provider for OpenAI's generative AI workloads [2]. - This partnership allows OpenAI to utilize Amazon's EC2 UltraServers, which are built around NVIDIA chips, emphasizing Amazon's growing importance in AI infrastructure [2]. Group 2: Impact on ETFs - The Invesco QQQ Trust, which tracks the Nasdaq-100, has a weighting of approximately 5.5% for Amazon, making it a key contributor to the fund's performance this quarter [3]. - The Global X Cloud Computing ETF includes Amazon's AWS ecosystem, which is well-positioned to benefit from the monetization of AI data storage and processing [4]. - The Roundhill Generative AI & Technology ETF provides exposure to companies enabling large-scale AI adoption, with Amazon's role in AI infrastructure likely to increase its influence in such portfolios [5]. Group 3: Financial Performance - AWS reported a 20% year-over-year revenue increase to $33 billion in the third quarter, marking the fastest growth since 2022, reinforcing its status as a leading player in AI infrastructure [6]. Group 4: Market Trends - There is a potential shift in ETF investor focus from "AI hardware" to "AI infrastructure," with Amazon and Microsoft positioned as major beneficiaries of this trend [7].

Core Insights - Cipher Mining Inc. is transitioning from a Bitcoin miner to an AI-infrastructure landlord, emphasizing its credibility with both wildcat site hunters and hyperscalers [1][2][3] - The company has secured a significant $5.5 billion, 15-year lease with Amazon Web Services, showcasing its ability to operate in two adjacent markets [4][5] - The current market demand for AI infrastructure is surging, and Cipher believes it is well-positioned to capitalize on this trend [6][7] Group 1 - The company's dual competency allows it to effectively communicate with both power site finders and hyperscalers, giving it a competitive edge [2][3] - Cipher's experience in developing overlooked sites has enabled it to quickly secure anchor deals, positioning it favorably in the AI infrastructure market [5][6] - The transformation from a crypto miner to a major player in infrastructure highlights Cipher's strategic pivot and potential for building a competitive moat [7] Group 2 - The CEO's confidence in the company's capabilities reflects a broader industry trend, indicating that demand for AI infrastructure is not just growing but surging [6][7] - Investors are encouraged to monitor whether Cipher's "secret sauce" translates into consistent earnings rather than just large contracts [7]

Core Insights - Bending Spoons has completed a $710 million equity funding round, resulting in a pre-money valuation of $11 billion [1][4] - The funding was led by T. Rowe Price Investment Management, with participation from several notable investors [1][2] - The capital will be used to enhance technology, scale AI infrastructure, and pursue acquisitions [2][3] Funding Details - The funding round consists of $270 million in primary capital and $440 million in secondary capital [2] - Goldman Sachs International acted as the sole placement agent for the transaction [2] Strategic Plans - Bending Spoons has secured a $2.8 billion debt facility through global banks [3] - The company plans to acquire AOL and Vimeo, pending regulatory approvals [3][4] - Bending Spoons' portfolio includes various digital products serving over one billion users globally [4]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: AI Infrastructure in China - **Projected AI Capex**: China’s AI capital expenditure (capex) is expected to reach RMB800 billion (approximately US$110 billion) by 2030, accounting for one-third of total AI capex in China [1][62] - **Global AI Capex**: Global AI-related capex is projected to exceed US$1.2 trillion by 2030, nearly tripling from 2025 levels [1][54] - **China's AI Capex Growth**: Expected to grow from RMB600-700 billion (US$85-95 billion) in 2025 to RMB2-2.5 trillion (US$280-350 billion) by 2030, with a CAGR of 25-30% [1][61] Power Demand and Data Centers - **Power Consumption**: China's data centers are projected to consume 277 TWh of electricity by 2030, up from 102 TWh in 2024, representing a CAGR of 18% [1][42] - **Global Data Center Power Demand**: Global data center power consumption is expected to grow 2.3 times from 416 TWh in 2024 to 946 TWh in 2030 [1][28] Opportunities in Power Supply - **Nuclear Power**: China's nuclear capacity is expected to grow from 60 GW in 2025 to 100 GW in 2030, accounting for 60% of global capacity under construction [2][29] - **Power Equipment Demand**: Strong demand for transformers and power equipment is anticipated due to grid upgrades and rising renewable energy investments [2][45] - **Energy Storage Systems (ESS)**: The global ESS market is expected to grow at a CAGR of 21% from 2024 to 2030, with significant growth in China [2][47] Cooling and Metals Demand - **Cooling Market Growth**: The liquid cooling market in China is expected to grow at a CAGR of 42% from 2025 to 2030, driven by the increasing power density of AI workloads [3][50] - **Copper and Aluminum Demand**: Direct AI use of copper is projected to reach approximately 1 million tons by 2030, accounting for 5-6% of total copper demand. Data centers are expected to drive 936 kt of copper demand by 2030 [3][49] Investment Recommendations - **Key Stocks**: - **Power Equipment**: Buy recommendations for Sieyuan, Jinpan, and Huaming due to expected growth in power equipment demand [2][45] - **Nuclear**: Buy CGN Mining and Doosan Enerbility for exposure to nuclear power growth [2][44] - **Cooling Solutions**: Buy AVC for liquid cooling solutions [3][50] - **Metals**: Buy Zijin Mining, CMOC, and Chalco for copper and aluminum exposure [3][49] Additional Insights - **Government Support**: Continued government spending and initiatives are expected to drive AI capex growth in China [1][61] - **Energy Security**: The link between AI leadership and energy security is emphasized, highlighting the need for reliable power sources [1][42] - **Technological Advancements**: Emerging technologies in cooling and power supply are expected to create further investment opportunities [2][48] This summary encapsulates the critical insights and projections regarding the AI infrastructure landscape in China, highlighting the expected growth in capital expenditure, power demand, and investment opportunities across various sectors.

Core Insights - SuperX, a NASDAQ-listed company, has launched two flagship 800V DC power products, "SuperX Panama-800VDC" and "SuperX Aurora-800VDC," in partnership with Zhongheng Electric to address power supply bottlenecks for high-power GPU clusters [1][2] Group 1: Product Features - The SuperX Panama-800VDC is designed for new AI supercomputing centers, utilizing a pure DC path from the medium-voltage grid to GPUs, achieving peak efficiency of up to 98.5% and supporting power demands of over 1MW per cabinet [1] - The SuperX Aurora-800V DC modular upgrade solution targets existing traditional data centers, allowing for "live upgrades" without the need to modify existing distribution rooms or main lines, significantly reducing upgrade costs [2] Group 2: Strategic Goals - The launch of these products signifies SuperX's commitment to building a sustainable energy foundation for the next generation of AI infrastructure, integrating computing power, cooling, and power supply into a cohesive solution [2] - SuperX Digital Power Pte. Ltd. was established in September, with SuperX holding a 40% stake and Zhongheng Electric holding 20% through its Singapore subsidiary Enervell [2]