Following earnings, BTIG lowered the firm’s price target on Strategy to $250 from $630 and kept a Buy rating on the shares. The company’s Q4 earnings call was overshadowed by bitcoin prices that traded off 8% in the hours leading up to the call, the analyst said. BTIG reminds investors that Strategy’s convertible debt is “extremely over-collateralized” and is covered even if bitcoin prices drew down 80%. Further, the company has 30 months of USD reserves to cover preferred equity dividend payments, added th ...

This is my first cover on MARA Holdings ( MARA ). In the recent articles, I explored other crypto miners like IREN ( IREN ) and TeraWulf ( WULF ), and AI Cloud providersI first entered investing in 2016 as an individual value investor. In 2022, I established the investment firm Libra Capital. I mostly write articles as part of my deep research into a company before I make an investment, whether long or short. For me, a ''hold'' article means neutral; don't touch the stock and exit a position if you have one ...

OLD Amid one of the worst single-day selloffs for bitcoin BTC in recent memory, the carnage continued in after-hours trading for two prominent bitcoin miners. IREN shares closed the session down 11.5% and fell another 13% following the close, while CleanSpark was down about 10% after falling nearly 20% in the regular session. IREN (NASDAQ: IREN), the largest publicly traded miner by market cap, said total revenue decreased to $184.7 million while net income came in at a loss of $155.4 million compared ...

$3.6bn GPU Financing Secured for Microsoft Contract1 Targeted 140k GPU Expansion on Track to Deliver $3.4bn ARR by End of CY262 New 1.6GW Data Center Campus in Oklahoma NEW YORK, Feb. 05, 2026 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today reported its financial results for the three months ended December 31, 2025. Highlights $3.6bn GPU financing secured for Microsoft contract1 Interest rate of <6% p.a.Together with Microsoft prepayment ($1.9bn) covers 95% of GPU-related cap ...

（文/陈济深 编辑/张广凯） 2025年以来，走进北京、上海、深圳、杭州等地的机场，与AI云相关的广告牌数量大幅增加，阿里云、火山引擎、百度智能云、华为云、京东云纷纷霸占 着并不便宜的机场广告位，甚至出现了同一区域内多家云厂商广告并列的奇观。 在深圳的宝安机场，两块广告牌尤为惹眼，针锋相对——阿里云打出的标语是"中国AI云市场份额领先，超过第2-4名总和"，火山引擎打出的标语是"你的AI 云，占中国公有云大模型市场份额46.4%"。 首都机场航站楼遍布云厂商广告观察者网摄 火山、阿里占据深圳宝安机场广告牌 两家各自"遥遥领先"并不矛盾，火山引擎引用IDC的报告统计了MaaS层外部客户的Token调用量，而阿里云引用Omdia的报告包含了全链条的市场份额。简 而言之，阿里争的是综合营收第一，火山争的是调用量第一。 然而无论是深圳还是其他机场，那个曾经无处不在的腾讯云，在喧嚣中"隐身"了。 这种缺席在当下显得尤为反常。毕竟，AI被视为云计算的第二次生命，谁都不想掉队。 但就在广告战火烧得最旺时，腾讯云在内部交出了一份截然不同的答卷——2025年，云业务实现整体规模化盈利。 要规模，还是要利润？ 盈利，在云计算行业 ...

Core Insights - Nebius Group N.V. (NBIS) and Amazon.com, Inc. (AMZN) present distinct investment profiles in the AI cloud sector, with NBIS focusing on high growth and direct exposure to AI infrastructure demand, while AMZN offers stability and diversification through its established AWS platform [1][2] Group 1: Nebius Group N.V. (NBIS) - Nebius operates in a supply-constrained AI infrastructure market, targeting a contracted power capacity increase to 2.5 gigawatts by 2026 from 1 gigawatt, with 800 megawatts to 1 gigawatt expected to be operational by the end of 2026 [3] - The company has secured significant long-term contracts with Microsoft, valued between $17.4 billion and $19.4 billion, and with Meta, up to $3 billion, with revenue contributions anticipated to begin in Q4 2025 [4][9] - Nebius is expanding its global data center footprint, planning to enhance existing facilities in the U.K., Israel, and New Jersey, while targeting $7–$9 billion in annual recurring revenue (ARR) by 2026 [6][9] - The company has raised its capital expenditure outlook from approximately $2 billion to about $5 billion for 2025, which increases execution risk if revenue growth does not align with capital-intensive strategies [7] Group 2: Amazon.com, Inc. (AMZN) - Amazon continues to lead in e-commerce and cloud computing, with innovations like AI-powered shopping assistants enhancing customer engagement and driving sales [10] - AWS remains a key growth driver, offering extensive infrastructure and AI-focused services that simplify the deployment of AI models, reinforcing Amazon's leadership in cloud-based AI [11][12] - Amazon's substantial investments in AI infrastructure, including custom chips and AI clusters, position the company to meet rising demand for AI workloads, although these investments also strain financial resources [13] Group 3: Comparative Analysis - Over the past month, NBIS shares have increased by 6.3%, while AMZN stock has risen by 2.8% [14] - Valuation analysis indicates that Nebius is currently overvalued, while Amazon is considered undervalued, with respective Value Scores of F and B [15] - Analysts have significantly revised earnings estimates upward for NBIS, while there has been a marginal downward revision for AMZN [20][21] - In terms of Zacks Rank, NBIS holds a Rank 3 (Hold), whereas AMZN has a Rank 2 (Buy), suggesting that AMZN may be a more favorable investment at this time [21]

百度智能云内部正在释放近几年来最具进攻性的信号。 21世纪经济报道独家获悉，在近期的内部战略会上，百度智能云高管定调，2026年AI相关收入目标增 速从100%上调至200%，全员力拼高增长，在AI云市场全力抢第一。 这并非空穴来风的口号。根据IDC最新报告，到2030年，全球AI云市场规模预计将突破4000亿美元。 蛋糕巨大，刀叉已然林立，玩家策略各异。 相比之下，百度智能云构建了一条从最底层的AI芯片，到中间的云基础设施与平台，再到上层模型与 最终智能体应用的完整产业链。 往后的路不再是传统云市场，而是AI云市场，具备"软硬一体"全栈能力的云厂商，才有可能在AI云竞争 的下半场占据主导地位。而百度在AI云领域增速市场首位，抓住了增量市场的关键。 实际上，这条"云智一体"的路，百度已经走了十年。2026年的高增长目标，不过是对这条长期主义路径 的一次压力测试，把过去十年的隐秘深耕彻底摆上台面。 十年，从"不合时宜"到"唯一答案" 时针拨回2015年。 彼时，国内云计算市场从"要不要上云"开始正式进入"如何上云"阶段，互联网巨头们忙着跑马圈地。 与其他厂商不同，从第一天起，百度就确立了"云计算+大数据+人工智 ...

Core Viewpoint - The article discusses the significance of the Spring Festival Gala (Spring Festival) as a pivotal moment for companies, particularly in the context of AI and cloud services, highlighting the competitive landscape and strategic positioning of ByteDance's Volcano Engine in the AI cloud market [1][2][3]. Group 1: AI Cloud Market Dynamics - The Spring Festival Gala has become a platform for AI companies, with Volcano Engine set to showcase its capabilities, marking a competitive shift in the cloud market [2][3]. - Alibaba aims to capture 80% of the incremental growth in China's AI cloud market this year, intensifying competition for cloud service providers [2][10]. - The AI cloud market is projected to exceed 120 billion yuan by mid-2025, with significant contributions from sectors like finance, government, and manufacturing [10]. Group 2: Strategic Positioning of ByteDance - ByteDance is shifting its focus from consumer (C-end) products to business (B-end) capabilities, using the Spring Festival as a platform to correct public perception and emphasize its B-end offerings [4][9]. - The decision to feature Volcano Engine at the Spring Festival reflects ByteDance's strategy to enhance its B-end presence and showcase its technological capabilities [4][9]. - The company aims to break the stereotype of being "C-end heavy" by demonstrating its commitment to B-end growth through high-profile events [9]. Group 3: Technical Capabilities and Challenges - The Spring Festival presents extreme technical challenges for cloud service providers, requiring high concurrency and zero-error performance, which will test Volcano Engine's capabilities [12][16]. - Historical data indicates that the Spring Festival Gala could reach 168 billion interactions, necessitating robust technical infrastructure to handle peak loads [12][16]. - Volcano Engine has demonstrated its technical prowess through past collaborations, including supporting Douyin's Spring Festival Gala with significant interaction volumes [12][16]. Group 4: Competitive Landscape - The competition between Volcano Engine and Alibaba Cloud is intensifying, with both companies vying for market share in the rapidly evolving AI cloud sector [16][19]. - Alibaba Cloud has established a strong market presence, with a reported market share of 35.8% in the AI cloud sector, compared to Volcano Engine's position in the following tier [21][19]. - The future of the cloud services market is expected to be characterized by differentiated competition among various players, each leveraging unique technological strengths [22].

Core Insights - Bitdeer Technologies Group reported significant operational updates for December 2025, highlighting a substantial increase in Bitcoin production and self-mining capacity [1][15]. Operational Update - Bitdeer sold approximately 1.4 EH/s of SEALMINER A2s to external parties in December 2025 [3]. - The total proprietary hash rate deployed increased to 58.0 EH/s, up from 47.3 EH/s in November 2025 [4]. - Self-mining production reached 636 Bitcoins, marking a 339% year-over-year increase and a 21% increase from November 2025 [7][11]. SEALMINER R&D - The company is advancing two chip designs, SEAL04-1 and SEAL04-2, with SEAL04-1 achieving 6-7 J/TH power efficiency under low-voltage mode, targeting mass production in Q1 2026 [8]. - Eight units of GB200 systems were deployed and tested in Malaysia, with a cloud service launch expected in January 2026 [6]. Infrastructure Summary - Total electrical capacity across various sites reached 1,658 MW, with several sites online and others in progress [10]. - The company is actively evaluating U.S. data center leasing opportunities to deploy GPUs and enhance AI cloud services [12]. Production and Operations Summary - Total hash rate under management increased to 71.0 EH/s in December 2025, up from 60.3 EH/s in November 2025 [11]. - The number of mining rigs under management rose to 293,000, with self-owned rigs increasing to 211,000 [13]. Management Commentary - The Chief Business Officer emphasized the acceleration of self-mining operations and the planned growth through 2026, driven by the deployment of additional proprietary rigs [15].

Group 1 - The core viewpoint of the articles highlights the acceleration of AI cloud revenue in China, with major internet companies like Alibaba and Tencent increasing their AI capital expenditures starting from Q3 2024, with projected capital expenditures and revenues exceeding 10% in the first three quarters of 2025, approaching the levels of overseas cloud providers in 2023 [1] - Baidu is advancing its AI full-stack construction, with its intelligent cloud business experiencing rapid growth. In Q3 2025, Baidu's AI cloud revenue reached 6.2 billion yuan, with a year-on-year increase of 33% in AI infrastructure revenue and a 128% increase in accelerator subscription revenue [1] - Baidu's intelligent cloud revenue for the first three quarters of 2025 was 19.33 billion yuan, reflecting a year-on-year growth of 31%, with cloud revenue accounting for 37% of Baidu's core revenue [1] Group 2 - Baidu's self-developed AI chip, Kunlun, is expected to enter a phase of significant volume production, with a product matrix established from cloud to data center. The Tianchi 32 and 64 super nodes were launched in 2025, and the Tianchi 512 super node is set to be released in 2026 [2] - In the field of intelligent driving, Baidu's order volume has significantly increased, with over 310,000 orders in Q3 2025, reflecting a year-on-year growth of over 200%. The company is benefiting from enhanced economies of scale and reduced costs, achieving positive profitability per vehicle [2] - The company has a comprehensive technology system for "car, road, cloud, and map," and is expanding its presence in high-value overseas markets such as Europe and the Middle East [2] Group 3 - The company has upgraded its rating to "Buy," projecting overall revenues for Baidu Group to be 128.5 billion yuan, 133.1 billion yuan, and 141 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of -3%, 4%, and 6% [3] - Using the SOTP valuation method, the overall target valuation for the group is set at 430.2 billion yuan, corresponding to a target price of 172.54 HKD per share [3]