Rumble (NasdaqGM:RUM) FY Conference March 23, 2026 04:00 PM ET Company ParticipantsChris Pavlovski - Founder and CEOConference Call ParticipantsRohit Kulkarni - Managing Director and Senior Research AnalystRohit KulkarniOkay. Thank you for joining us. My name is Rohit Kulkarni. I'm the Internet Analyst here at Roth Capital Partners. But more importantly, thanks, Chris Pavlovski, Founder and CEO of Rumble. Rumble has grown into one of the largest independent video platforms globally, built on the foundation ...

March 19, 2026 07:10 AM GMT Investor Presentation | Asia Pacific China's AI Path: Monetizing Surging Token Use via AI Cloud Amid a five-year CAGR of 72% for AI cloud in China, Alibaba is the key winner via full stack leadership. It is our Top Pick with F27E cloud growth of 45% (Street high). Potential cloud price hikes could lead our bull case value of US$260 to be realized. | Downloaded by Neil.Wang@troweprice.com Not for redistribution without written consent of Morgan Stanley M | Morgan Stanley Asia Limi ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **AI Cloud** industry in China, which is projected to experience a **CAGR of 72%** from 2024 to 2029, reaching a total addressable market (TAM) of **Rmb 218 billion** by 2029 [doc id='47'][doc id='80']. - The AI Cloud market includes **GenAI-related IaaS** (Infrastructure as a Service) and **MaaS** (Model as a Service), with GenAI expected to grow from **6%** of the mix in 2024 to **39%** by 2029 [doc id='48']. Company Highlights - **Alibaba (BABA)** is identified as the **Top Pick** in the AI Cloud sector, with a price target of **US$180** and expected cloud growth of **45%** for F27, which is the highest forecast on the street [doc id='3'][doc id='54']. - The **bull case** for Alibaba's cloud revenue growth is projected at **50%** with an EBITA margin of **12%** in F27E and **14%** in F28E, compared to a base case of **9%** and **10%** [doc id='4']. - **ByteDance** is recognized as a significant competitor, emerging as a **disrupter** in the AI cloud market, particularly in the IaaS segment [doc id='45']. Market Dynamics - The AI cloud market is entering its **first pricing hike cycle** in 20 years, with global hyperscalers like GCP and AWS already increasing prices. This trend is expected to follow in China, potentially leading to margin expansion opportunities [doc id='44']. - **Demand for tokens** is surging, driven by both training and inference workloads, with inference expected to become the primary growth driver [doc id='102']. - **Supply constraints** in chipsets are a significant concern, but improvements in domestic chipset capacity are anticipated to alleviate these issues starting in **2H26** [doc id='128']. Competitive Landscape - The competitive landscape is shifting towards a **two-horse race** between Alibaba and ByteDance, with both companies investing heavily in infrastructure and service capabilities [doc id='45']. - **Tencent** is also highlighted as a strong player in AI applications, leveraging its extensive social network [doc id='55']. - **Baidu** is rated as **Equal Weight (EW)** due to its lagging position in cloud presence and application layers compared to leading players [doc id='56']. Risks and Catalysts - Key catalysts for growth include Alibaba's cloud and capex guidance, potential news on major cloud price hikes, and innovations in AI applications [doc id='6']. - Upside risks involve stronger-than-expected AI agent development and chipset export control relief, while downside risks include intense competition and slower public cloud adoption due to security concerns [doc id='58']. Financial Metrics - Alibaba's cloud revenue growth was reported at **34% YoY** in the September quarter of 2025, driven by increased adoption of AI-related products [doc id='82']. - The public cloud market in China is expected to grow from **US$45 billion** in 2024 to **US$105 billion** by 2029, with IaaS being the largest segment [doc id='59']. Conclusion - The AI Cloud market in China is poised for significant growth, with Alibaba and ByteDance leading the charge. The anticipated pricing hikes and increasing demand for AI services present substantial opportunities, while supply constraints and competition remain critical factors to monitor.

Oracle Corp. (NYSE:ORCL) reported upbeat financial results for the third quarter of fiscal 2026 on Tuesday after the market closed.Oracle posted third-quarter revenue of $17.19 billion, beating analyst estimates of $16.91 billion, according to Benzinga Pro. Adjusted earnings grew 21% year-over-year to $1.79 per share, beating analyst estimates of $1.71 per share.Oracle expects fourth-quarter revenue to grow 18% to 20% on a year-over-year basis, roughly in line with estimates. Total cloud revenue is expected ...

Neocloud CoreWeave (NASDAQ: CRWV) has introduced new capacity tiers designed to give its clients more control over computing resources when demand and use fluctuate. With these so-called Flexible Capacity Plans, CoreWeave seeks to move the industry beyond the traditional binary choice of reserved or on-demand capacity. This should be particularly useful for clients running inference (e.g., on-demand AI model use), where volatility in demand traditionally forces engineering teams to purchase excess capacit ...

Core Insights - Nebius Group (NBIS) stock has increased by 1.5% since the last report, slightly outperforming the S&P 500's 1.2% gain, indicating a modest positive trend in the stock performance [1] Group 1: Company Performance - The stock performance of Nebius Group (NBIS) reflects a growth trend, albeit limited by supply chain constraints and capital expenditures in AI [1] Group 2: Analyst Background - The analysis is conducted by an aerospace, defense, and airline analyst with a background in aerospace engineering, providing insights into a complex industry with significant growth prospects [1] - The analyst runs The Aerospace Forum, aimed at identifying investment opportunities within the aerospace, defense, and airline sectors, utilizing data-informed analysis [1]

Core Insights - IREN Limited will be added to the MSCI USA Index, effective after the close of trading on February 27, 2026, which is expected to enhance its visibility among institutional investors and index-tracking funds [1] - The MSCI USA Index measures the performance of large and mid-cap segments of the U.S. equity market, representing approximately 85% of the free float-adjusted market capitalization in the U.S. [1] Company Overview - IREN is a leading AI Cloud Service Provider, specializing in delivering large-scale GPU clusters for AI training and inference [2] - The company has built a vertically integrated platform supported by an extensive portfolio of grid-connected land and data centers located in renewable-rich regions across the U.S. and Canada [2] Management Commentary - Daniel Roberts, Co-Founder and Co-CEO of IREN, stated that the inclusion in the MSCI USA Index reflects the scale and liquidity achieved by the company, which is expected to broaden institutional access as IREN continues to execute its AI Cloud strategy [2]

分组1 - BTIG lowered the price target on Strategy to $250 from $630 while maintaining a Buy rating, citing bitcoin price volatility as a reason for the adjustment [1] - Strategy acquired 855 bitcoin for approximately $75.3 billion at an average price of $87,974, bringing total holdings to 713,502 bitcoin for about $54.26 billion [2] - Strategy reported a Q4 loss per share of ($42.93) on revenue of $123 million, compared to a loss of ($3.03) in the same period last year, with cash and cash equivalents of $2.3 billion as of December 31 [3] 分组2 - Galaxy Digital reported a Q4 loss per share of ($1.08) on revenue of $10.37 billion, missing analyst estimates [5] - Following Galaxy's report, Goldman Sachs and H.C. Wainwright adjusted their price targets to $24 and $40 respectively, with H.C. Wainwright seeing a buying opportunity [6] - IREN reported a Q2 loss per share of (52 cents) on revenue of $184.7 million, with cash and cash equivalents of $2.8 billion as of January 31 [7] 分组3 - CleanSpark reported a Q1 loss per share of ($1.35) on revenue of $181.2 million, with cash holdings of $485.1 million and $1 billion in bitcoin as of December 31 [9] - Following CleanSpark's report, several firms lowered their price targets, with a shift in investment focus towards AI [10] - Bullish reported a Q4 loss per share of ($3.73) on adjusted revenue of $92.5 million, with analysts adjusting price targets downwards due to market conditions [10][11] 分组4 - Mawson Infrastructure Group reported preliminary Q4 revenue of $3.2 million, down from $15.1 million year-over-year, and reached settlements to reduce potential financial liabilities [12][13] - Bed Bath & Beyond announced an agreement to acquire Tokens.com to create a unified investment platform, integrating traditional and tokenized finance [14][15] - Bitfarms plans to redomicile from Canada to the U.S. to enhance shareholder value and simplify operations, with a new parent company expected to trade under the name Keel Infrastructure [17][18] 分组5 - The cryptocurrency market is experiencing significant volatility, with bitcoin dropping approximately 18% to $68,182 [20]

Group 1 - The article focuses on MARA Holdings (MARA) and compares it with other crypto miners like IREN (IREN) and TeraWulf (WULF) as well as AI Cloud providers [1] - The author has been investing since 2016 and established Libra Capital in 2022, indicating a long-term commitment to investment research [1] - The article serves as a deep research piece before making investment decisions, categorizing stocks into "hold," "sell," or "long" positions [1] Group 2 - The author has a beneficial long position in MARA and IREN, indicating confidence in these stocks [2] - The article expresses the author's personal opinions and is not influenced by compensation from any company mentioned [2] - There is no business relationship with any of the companies discussed, ensuring an unbiased perspective [2]

Core Insights - The recent selloff in bitcoin has significantly impacted prominent bitcoin miners, with IREN and CleanSpark experiencing substantial declines in their stock prices [2] Company Performance - IREN reported a total revenue of $184.7 million, a decrease from the previous quarter's $384.6 million profit, resulting in a net loss of $155.4 million, which was below the estimated revenue of $224 million [3] - CleanSpark's quarterly revenues reached $181.2 million, reflecting an 11.6% increase year-over-year, but fell short of consensus estimates by approximately $13 million. The company reported a net loss of $378.7 million compared to a net income of $246.8 million in the same period last year [6] Strategic Transition - IREN is transitioning from Bitcoin mining to AI Cloud, with an increasing allocation of capacity to higher-value AI workloads, leading to accelerated AI Cloud revenues [4] - CleanSpark is diversifying its business model, focusing on building an infrastructure platform with multiple revenue streams, including Bitcoin mining for cash flow and AI infrastructure for long-term asset monetization [8] Financial Challenges - IREN faced unrealized losses exceeding $219 million related to prepaid forwards and capped calls, along with a one-time debt conversion expense and mining hardware impairments of $31.8 million due to the ASIC-to-GPU transition [4]