Vercel isn’t a household name like OpenAI or Google, but it’s a crucial vendor for some of the world’s biggest brands, including Under Armour, Stripe and Sonos, who use Vercel to host their digital infrastructure.In September, the company raised $300 million, co-led by blueblood venture firm Accel and GIC, one of Singapore’s sovereign wealth funds. The fundraising round lifted the startup’s valuation to $9.3 billion, up from $3.25 billion the year before.The influx of cash also makes Vercel CEO Guillermo Ra ...

Press releaseParis, 20 March 2026 Orange Board of Directors appoints Frédéric Sanchez as Chairman The Board of Directors of Orange has decided to appoint Frédéric Sanchez, an independent director of Orange since 2020 and Chair of the Strategy and Technology Committee, as Chairman of the Board of Directors of Orange at the close of the Annual Shareholders’ Meeting to be held on 19 May 2026. This decision is based on the recommendations of the Governance, Corporate Social and Environmental Responsibility Com ...

Financial Data and Key Metrics Changes - Dycom reported record fourth quarter revenue of $1.46 billion, a 34.4% increase compared to Q4 FY 2025, with organic revenue growth of 16.6% [8][30] - Adjusted EBITDA for the quarter was $162.4 million, with an adjusted EBITDA margin of 11.1%, reflecting a 41 basis point increase year-over-year [9][31] - For the full fiscal year, total revenue reached $5.55 billion, a 17.9% increase compared to FY 2025, with non-GAAP adjusted diluted EPS of $11.97, up 29.7% year-over-year [10][34] Business Line Data and Key Metrics Changes - The Communications segment generated $1.362 billion in revenue, driven by fiber-to-the-home programs and maintenance services, with adjusted EBITDA increasing 30% to $151.3 million [31][32] - The Building Systems segment, which includes Power Solutions, reported revenue of $95.8 million and adjusted EBITDA of $11.1 million, with results impacted by seasonal holidays [33] Market Data and Key Metrics Changes - Dycom concluded the year with a record total backlog of $9.5 billion, with $6.3 billion expected to be completed in the next 12 months [12][33] - The company anticipates total revenue for FY 2027 to range between $6.85 billion and $7.15 billion, representing a year-over-year growth of approximately 23.6%-29% [13][39] Company Strategy and Development Direction - Dycom's strategy focuses on expanding its footprint in the digital infrastructure market, particularly through the acquisition of Power Solutions, which positions the company in the data center sector [7][23] - The company aims to enhance its service offerings by integrating Communications and Building Systems services to meet the growing demands of hyperscalers [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust demand for Communications services, particularly in fiber-to-the-home deployments, and highlighted the importance of maintaining a skilled workforce to meet future needs [16][25] - The company expects continued margin expansion and improved cash flow in FY 2027, driven by disciplined growth and operational efficiencies [14][26] Other Important Information - Dycom's acquisition of Power Solutions was completed on a cash-free, debt-free basis, with a total purchase price of $1.95 billion [35][36] - The company ended the quarter with cash and equivalents of $709.2 million and total liquidity of $1.46 billion, maintaining a pro forma net leverage of approximately 2.3x adjusted EBITDA [37][38] Q&A Session Summary Question: Plans to increase the scope of work at Power Solutions - Management indicated that the integration of Power Solutions is progressing well, with expectations for significant growth in the range of 15%-25% for the year, and highlighted opportunities for cross-selling between Communications and Building Systems [46][47] Question: Insights on fourth quarter organic growth surprises - Management noted that there were no pull-forwards in revenue, and the overall demand exceeded expectations despite challenges from winter weather [50][51] Question: Progress on long-haul middle-mile and inside the fence work - Management confirmed that the $20 billion addressable market is expected to grow, with increasing demand from hyperscalers and a ramp-up in projects anticipated in calendar 2028 [55][56] Question: Updates on the BEAD program and construction timelines - Management expects some revenue opportunities to materialize in Q2, with significant momentum anticipated in calendar 2027 as funding progresses [59][68] Question: Current growth rate at Power Solutions - Management stated that Power Solutions is projected to grow at a rate of 15%-25%, with a focus on investing in the workforce to support this growth [72][73]

Company Overview - Prologis is the world's largest logistics REIT with 1.3 billion square feet of distribution and warehouse facilities globally [3] - The company operates in 20 countries and plays a critical role in logistics infrastructure and increasingly in digital infrastructure, particularly data centers [3] Value Creation Opportunities - Prologis sees significant value creation opportunities in both logistics and digital infrastructure, especially concerning energy solutions [3] - The integration of logistics and data center operations presents a unique opportunity for the company to provide energy-related solutions to its customers [3]

Financial Data and Key Metrics Changes - In Q4 2025, revenues were $202.3 million, down from $214.4 million in Q4 2024, while full-year revenues grew 38% to $907.1 million from $656.4 million in 2024 [21][22] - The company reported a net loss of $1.7 billion or $4.52 per diluted share in Q4 2025, compared to a net income of $528.3 million or $1.24 per diluted share in Q4 2024 [23][24] - For the full year, a net loss of $1.3 billion was recorded compared to a net income of $541 million in the prior year [24] Business Line Data and Key Metrics Changes - The average Bitcoin mined per day in Q4 was 21.9, down from 27.1 in Q4 2024, resulting in approximately 481 fewer Bitcoin mined this quarter [22] - Bitcoin holdings increased by over 20% from approximately 44,000 to nearly 54,000 Bitcoin between Q4 2024 and Q4 2025 [23] - Energized hash rate increased by 25% from 53.2 EH/s to 66.4 EH/s during the same period [23] Market Data and Key Metrics Changes - Bitcoin price volatility was significant, starting at approximately $111,000 and reaching a high of $125,000 before falling to around $87,000 by quarter-end [19][20] - A $10,000 change in Bitcoin price results in approximately a $538 million change in the value of Bitcoin holdings [21] Company Strategy and Development Direction - The company announced a strategic partnership with Starwood Digital Ventures to expand into AI and high-performance computing, transitioning from a Bitcoin miner to an energy and digital infrastructure company [4][5] - The joint venture aims to develop next-generation digital infrastructure, with a potential capacity of over 2.5 gigawatts [6][18] - The acquisition of a 64% stake in Exaion is expected to diversify revenue and enhance enterprise-grade AI and HPC capabilities [9][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment due to Bitcoin price volatility but emphasized the importance of maintaining financial flexibility [16][20] - The long-term strategy focuses on maximizing the value of power assets and transitioning to infrastructure-like cash flows from AI and HPC workloads [12][17] - The company remains committed to Bitcoin mining while exploring higher-value use cases as demand evolves [12][15] Other Important Information - The company recorded a non-cash goodwill impairment charge of $82.8 million, which did not impact liquidity or cash flows [24] - The cost per kWh for owned sites was $0.04 in 2025, with purchased energy costs per Bitcoin rising to $48,611 compared to $31,608 in Q4 2024 [25] Q&A Session Summary Question: Financing dynamics around the 50% stake in the partnership with Starwood - The initial contribution to the JV would be the asset itself, and the company can capitalize its share of development costs [32][34] Question: Load balancing between mining and HPC at partnership sites - The company can retain Bitcoin mining at the site while the project is developed, allowing for load balancing based on tenant needs [35][36] Question: Timeline for signing deals and project execution - The partnership with Starwood is expected to accelerate timelines for securing tenants and executing projects due to established relationships [46][48] Question: Interest in acquiring powered sites - The company is still pursuing sites that are powered and can be quickly permitted and built [51] Question: Leveraging Exaion's capabilities - Exaion will help provide private cloud infrastructure and services, particularly in Europe, where data security is a priority [86][88]

Core Viewpoint - SWI Stoneweg Icona Group is expanding its digital infrastructure portfolio through the acquisition of significant stakes in a US data center company for a total of USD 330 million, following a previous acquisition of a private holding company for USD 170 million, which will enhance its overall shareholding and liquidation preference in the company [1]. Group 1: Acquisition Details - SWI Group has entered into a binding agreement to acquire additional interests in digital infrastructure and technology-enabled businesses for an aggregate purchase price of USD 330 million [1]. - On February 1, 2026, SWI Digital exercised its option to acquire all of the issued share capital of a private holding company for USD 170 million [1]. - Upon completion of both transactions, SWI is expected to hold 77.2% by value of the USD 1.124 billion liquidation preference attached to the preferred share classes in the company and approximately 38.3% of the total shareholding [1]. Group 2: Company Overview - SWI Stoneweg Icona Group is listed on the Amsterdam Euronext Stock Exchange under the ticker SWICH and operates in various sectors, including Data Centers, Real Estate, Credit, and the Financial Sector [1]. - The company manages approximately €11 billion in assets and has around 300 employees across 26 offices worldwide [1]. - SWI Group focuses on the development, acquisition, and management of data center assets through its subsidiary AiOnX, aiming to build high-quality, income-generating infrastructure over time [1].

Core Insights - Riot Platforms, Inc. is a leader in the Bitcoin-driven industry focused on developing large-scale data centers and bitcoin mining applications, with an earnings conference call scheduled for March 2, 2026 [1][4] Company Overview - Riot's vision is to be the most trusted platform for powering and building digital infrastructure, aiming to positively impact various sectors, networks, and communities [3] - The company operates Bitcoin mining facilities in central Texas and Kentucky, with engineering and fabrication capabilities located in Denver and Houston [4] - Riot is expanding into data center development, reinforcing its role as a foundational builder in the digital economy [4]

Core Scientific Overview - Core Scientific, Inc. is a leading provider of blockchain infrastructure and digital asset mining in North America, operating proprietary mining facilities and offering hosting services to institutional clients [6][7] - The company employs a dual business model, generating income through proprietary mining operations and large-scale hosting and equipment sales to institutional customers [7][8] Recent Developments - On February 12, 2026, Oasis Management Co Ltd. disclosed a new position in Core Scientific, acquiring 2,643,729 shares valued at $38.49 million, which represents approximately 2.5% of Oasis Management's reportable U.S. equity assets as of December 31, 2025 [1][2][6] - As of February 12, 2026, Core Scientific shares were priced at $17.48, reflecting a 44.6% increase over the preceding year, outperforming the S&P 500 by 31.68 percentage points [6][10] Financial Performance - For the third quarter, Core Scientific reported revenue of $81.1 million, a decline from the previous year, with high-density colocation revenue increasing to $15.0 million from $10.3 million, while self-mining revenue decreased due to a sharp drop in bitcoin production [10] - Gross profit turned positive at $3.9 million compared to a loss in the previous year, and the net loss narrowed significantly to $146.7 million [10] Investment Implications - The acquisition by Oasis Management suggests a strategic focus on infrastructure investments, indicating a potential shift in how investors value Core Scientific, moving away from being viewed solely as a bitcoin proxy to a broader data center transition narrative [9][11]

Core Insights - Equinix, Inc. is a leading digital infrastructure company specializing in global data center colocation and interconnection solutions, with a market capitalization of $78.72 billion [2]. Financial Performance - The company is expected to report a profit of $8.04 per share for Q4 fiscal 2025, reflecting a 1.5% year-over-year increase [4]. - For the full fiscal year 2025, diluted EPS is projected to decline by 2.8% to $34.03, followed by a 6.1% increase to $36.09 in fiscal 2026 [4]. - Equinix reported Q3 fiscal 2025 revenue of $2.32 billion, a 5.2% increase year-over-year, matching forecasts [7]. - Adjusted FFO for Q3 increased 8.6% annually to $9.83 per diluted share, surpassing Street estimates [7]. Stock Performance - Equinix's stock has declined 12.8% over the past 52 weeks but gained 4.7% over the past six months, underperforming the S&P 500 Index which increased by 16.9% and 10.8% respectively [5]. - Compared to the real estate sector, represented by the State Street Real Estate Select Sector SPDR ETF (XLRE), Equinix has underperformed over the past year but outperformed over the past six months, with XLRE increasing by 2.7% and 1.1% in the same periods [6].

Market Performance - US stocks rose on Friday, with the S&P 500 climbing 0.3%, the Dow Jones Industrial Average adding about 100 points (0.2%), and the Nasdaq Composite gaining 0.5% [1] - Weekly performance across major benchmarks was mixed, with the S&P 500 hovering just below breakeven, the Nasdaq Composite on track for a modest 0.2% decline, and the Dow heading for a weekly gain of about 0.1% [3] Sector Performance - Technology stocks led the session, with Nvidia rising more than 1% and Tesla also trading more than 1% higher, contributing to the Nasdaq's advance [2] - On the Dow, IBM and Honeywell were industrial heavyweights leading gains, rising 1.9% and 1.6%, respectively [2] Semiconductor Sector - The semiconductor sector saw a rally following strong earnings from Taiwan Semiconductor Manufacturing, which reinforced confidence in sustained demand for advanced chips tied to artificial intelligence [4] - A trade agreement between the US and Taiwan, where Taiwanese companies committed to invest at least $250 billion in production capacity in the US, was viewed positively for strengthening domestic supply chains and supporting long-term growth in the semiconductor sector [5] Investor Sentiment - Despite geopolitical tensions and concerns over the Federal Reserve's independence, markets remained resilient, supported by solid corporate earnings and enthusiasm around artificial intelligence and technology investment [9] - Analysts at Morgan Stanley noted that corporate earnings strength could propel further gains in equities, with expectations reflecting significant productivity gains and operating margin expansion [10] Future Outlook - Morgan Stanley cautioned that the widespread adoption of artificial intelligence may proceed more slowly than expected, and the Federal Reserve's focus may shift from cutting interest rates to accommodating balance sheet growth [12]