Core Insights - Applied Digital Corporation reported a significant increase in revenue for the fiscal second quarter 2026, reaching $126.6 million, which is a 250% increase compared to the same period last year [5][23] - The company achieved a net loss of $31.2 million, a reduction of 76% from the previous year, with net loss per share decreasing to $0.11 from $0.61 [5][30] - Adjusted EBITDA for the quarter was $20.2 million, compared to $6.1 million in the same quarter of the previous year, indicating improved operational efficiency [5][31] Financial Performance - Total revenues for the fiscal second quarter 2026 were $126.6 million, up from $36.2 million in the prior year [23] - Cost of revenues increased to $100.6 million, a 344% rise from $22.7 million, primarily due to tenant fit-out services for the HPC Hosting Business [24] - Selling, general and administrative expenses rose to $57.0 million, a 119% increase from $26.0 million, driven by business growth and stock-based compensation [26] Operational Updates - The company signed leases with two hyperscalers for a total of 600 MW of capacity, representing approximately $16 billion in prospective lease revenue [5][7] - Polaris Forge 1 reached Ready-for-Service, delivering 100 MW on schedule, marking a significant milestone in the 400 MW AI Factory buildout [6][8] - A 15-year lease was announced with a U.S. based investment-grade hyperscaler for 200 MW at the under-construction Polaris Forge 2 campus, expected to generate approximately $5 billion in revenue [6][7] Strategic Initiatives - The company completed a $2.35 billion private offering of senior secured notes to fund construction and repay existing loans [6][11] - Applied Digital is investing in advanced cooling technology through a $25 million funding round for Corintis, enhancing its data center capabilities [6][13] - Plans to spin out Applied Digital Cloud and merge it with EKSO Bionics to form ChronoScale, aiming to create a dedicated accelerated-compute platform for GPU-optimized AI infrastructure [6][21] Market Position and Future Outlook - The company is well-positioned in the AI infrastructure market, with hyperscaler capital expenditures exceeding $400 billion annually [15] - Management anticipates exceeding a $1 billion NOI target within the next five years due to strong demand and additional lease expectations [15] - The Dakotas region is highlighted as a compelling area for hyperscalers due to its climate and energy resources, contributing to increased demand for the company's services [9]

Bitcoin mining stocks generally ended 2025 on a high note, despite a brutal showing in December. In their December Bitcoin Mining Monthly research note, J.P. Morgan analysts Reggie Smith and Charles Pearce reported that the aggregate market capitalization of 14 bitcoin miners fell 18% month-over-month in December 2025 to $48 billion, as daily bitcoin mining revenue dropped 7%. Despite this, the sector finished 2025 with a 73% gain in total market value even after a pullback from October highs of $70 billi ...

Core Insights - TeraWulf Inc. is transitioning from pure Bitcoin mining to High-Performance Computing (HPC) infrastructure to mitigate profitability challenges in the Bitcoin mining sector [2][3] Financial Performance - In Q3 2025, TeraWulf reported a GAAP revenue increase of 6% quarter-over-quarter, reaching $50.6 million, driven by $7.2 million in HPC lease revenue [2] - Bitcoin mining production decreased by 22% to 377 tokens, but adjusted EBITDA improved by 25% to $18.1 million, indicating a shift towards higher-margin HPC business [2] - The company reported a significant GAAP net loss of $455 million, compared to a loss of $18.4 million in the previous quarter [3] Strategic Developments - TeraWulf closed over $4.2 billion in transactions, including $3.2 billion in senior secured notes and $1.025 billion in convertible notes, to fund its expansion [3] - A 10-year agreement with Google is expected to generate $670 million in average annual revenue, supporting the expansion of the Lake Mariner facility [3] - The annual target for new HPC signings has been increased from 100 MW to a range of 250 to 500 MW, supported by a joint venture with FluidStack and Google for the Abernathy HPC campus in Texas [4]

Accessible version JCET Group Co Ltd (A) Benefiting from HPC boom in China, overseas risks easing, Upgrade to Buy Rating Change: BUY | PO: 55.00 CNY | Price: 35.93 CNY Domestic HPC demand + stable overseas: Upgrade to Buy We upgrade JCET Group Co Ltd (JCET) to Buy from Neutral, due to 1) the company's on- track progress in expanding advanced packaging to fulfill the rising high-performance computing (HPC) demand in China; and 2) easing concerns related to US-China and semis tariffs. We view the normalized b ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Core Insights - AlphaTON Capital Corp has exited the SEC's "baby shelf rules" and filed a $420.69 million shelf registration statement to finance its expansion in AI and high-performance computing infrastructure supporting Telegram's Cocoon AI network [1][3][4] - The company aims to enhance its role as a critical infrastructure provider for decentralized AI computing while acquiring revenue-generating businesses within the Telegram ecosystem [3][4] Strategic Areas - **Telegram Distribution**: The company plans to establish partnerships with leading Telegram distribution applications across various sectors such as fintech, gaming, health, and sports to create strategic revenue streams [5] - **Mergers and Acquisitions**: AlphaTON has identified several high-potential acquisition targets within the Telegram ecosystem that are currently generating revenue, focusing on payments, content distribution, and blockchain-enabled services, which are expected to provide immediate cash flow and expand operational reach [5] - **Infrastructure Expansion**: The company intends to strategically deploy capital to scale its GPU infrastructure in support of Telegram's Cocoon AI network, building on existing partnerships and prior deployments of Nvidia B200 GPUs [10]

Core Insights - SWEP, a subsidiary of Dover, has launched two new products, SWEP B327 and SWEP B224, to address the increasing demand for efficient cooling solutions in data centers and district energy applications [1] Product Launch - The new products are designed for single-phase applications, focusing on data center cooling and district heating [1] - Both SWEP B327 and SWEP B224 feature large ports for high flow rates, low pressure drop, and high thermal efficiency, making them suitable for confined spaces in data centers [1] - SWEP B327 can capture excess heat from data centers and is capable of handling thermal loads up to 1000 kW [1] Market Demand - The rise of Artificial Intelligence (AI) and High-Performance Computing (HPC) is driving the need for efficient alternatives to traditional air cooling in data centers [1] - SWEP aims to support the evolution of data centers with state-of-the-art heat transfer solutions that promote efficient, sustainable cooling and heat reuse [1] Company Overview - SWEP has been a leader in the production of brazed plate heat exchangers since 1983, with a global presence in 50 countries and over 1,100 employees [1] - Dover Corporation, the parent company, reported annual revenue exceeding $7 billion and operates across five segments, including Climate & Sustainability Technologies [1]

Group 1 - JPMorgan analysts upgraded Cipher Mining's rating from "Neutral" to "Overweight" and raised the price target to $18, indicating a potential upside of 27% [2] - Cipher Mining has secured lucrative deals with Amazon Web Services and Fluidstack, which are expected to drive medium-term growth [1][6] - The stock has experienced significant gains, with an 18.1% increase on Nov. 24, followed by 4.9% and 9.3% gains on Nov. 25 and 26, respectively [2] Group 2 - Cipher Mining operates large-scale Bitcoin mining operations in the U.S., focusing on energy-efficient data centers primarily located in Texas [4] - The company emphasizes low-cost power sources and green practices while expanding into high-performance computing, including AI hosting [5] - Over the past 52 weeks, Cipher Mining's stock has gained 193.88%, with a remarkable 531.09% increase over the last six months [6] Group 3 - Cipher Mining is transitioning from a Bitcoin mining firm to a comprehensive AI infrastructure provider, entering strategic partnerships to support this shift [7]

Core Insights - Soluna Holdings, Inc. is focused on developing green data center projects that leverage renewable energy to support AI, high-performance computing (HPC), and Bitcoin operations [1] Company Overview - Soluna Holdings operates existing projects and has additional projects in development, indicating a growth trajectory in the digital infrastructure sector [1] Industry Context - The company is positioned within the digital infrastructure industry, emphasizing sustainability by utilizing renewable energy sources for its operations [1]

Core Insights - HIVE Digital Technologies Ltd reported a significant upside surprise in its latest quarter, driven by stronger-than-expected Bitcoin production and expanding margins, indicating renewed momentum in its mining operations [1] - The company's rapid capacity buildout is contributing to meaningful operating leverage, while its emerging HPC segment is preparing for larger scale-up in the upcoming year [1] Earnings Snapshot - For the second quarter of fiscal 2026, HIVE reported an EPS loss of 7 cents, missing the consensus EPS of 1 cent, while revenue reached $87.3 million, exceeding expectations of $80.76 million, representing a 285% year-over-year increase [3] - The revenue surpassed the analyst's estimate of $80.2 million, with gross margins at 49%, significantly above the forecast of 32%, leading to an adjusted gross profit of $42.4 million, well above the estimated $25.5 million [4] Analyst's View - Bitcoin mining revenue was reported at $82.1 million, exceeding the analyst estimate of $74.3 million, attributed to higher BTC mined at 718 compared to the estimated 649 [5] - Although HPC revenue slightly missed estimates at $5.2 million versus the forecast of $6.0 million, gross margins improved to 61.6%, up from the estimated 56.7% [6] - The analyst expects management's fiscal 2026 HPC growth target of $100 million ARR to be a significant topic during the conference call [6] Price Action - Following the results, HIVE shares increased by 7.70%, trading at $3.56 [6]