Project Overview - A new digital infrastructure project is launching to support Indonesia's digital transformation [1] - The project targets a country with a population of over 280 million people [1] - The project is built on Polkadot [1] Company/Industry Focus - The project is named MandalaChain (@MandalaChain) [1]

Core Insights - Digital Realty Trust (DLR) reported a second-quarter 2025 core funds from operations (FFO) per share of $1.87, exceeding the Zacks Consensus Estimate of $1.74, with a year-over-year increase of 13.3% [1][9] - The company raised its 2025 core FFO guidance range to $7.15-$7.25 from the previous range of $7.05-$7.15, with the Zacks Consensus Estimate of $7.04 below the new guidance [12] Financial Performance - DLR's operating revenues for the second quarter reached $1.49 billion, surpassing the Zacks Consensus Estimate of $1.44 billion, and reflecting a year-over-year increase of 10.1% [2][9] - The company reported "Same-Capital" cash net operating income (NOI) growth of 4.4% [2] - Adjusted EBITDA for the quarter was $823.3 million, marking a 13.3% increase year over year [5] Leasing and Revenue Growth - DLR signed total bookings estimated to generate $135 million of annualized GAAP rental revenues, with significant contributions from the 0-1 megawatt category and interconnection services [4] - Renewal leases signed during the quarter resulted in $177 million of annualized cash rental revenues, with rental rates increasing by 7.3% on a cash basis and 9.9% on a GAAP basis [5] Strategic Partnerships and Initiatives - DLR partnered with Oracle Solution Centers to enhance digital infrastructure offerings, combining data center services with Oracle's deployment-ready frameworks [3] Portfolio Activity - During the quarter, DLR acquired land parcels in Atlanta and Dallas for $120 million and $11 million respectively, expected to support significant IT capacity [6] - Additional land parcels were acquired for around $6 million in the Chicago metro area to expand its Franklin Park campus [7] Capital and Debt Management - As of the end of the second quarter, DLR had cash and cash equivalents of $3.55 billion, up from $2.32 billion at the end of the first quarter [10] - The company had total debt outstanding of $18.5 billion, with a net debt-to-adjusted EBITDA ratio of 5.1X and a fixed charge coverage of 4.7X [10][11] Future Projections - DLR projects total revenues for 2025 in the range of $5.925-$6.025 billion, with adjusted EBITDA expected between $3.200-$3.300 billion [13]

Market Trend & Investment Opportunities - The market is close to all-time highs, and despite potential short-term weakness due to Treasury General account requequification, it's time to lean in, presenting buying opportunities [1][2] - The greatest capex boom is yet to come, driven by AI spending, with trillions of dollars still to be deployed in digital infrastructure [2][3] - Weakness in financials, industrials, utilities, and information technology sectors represents buying opportunities [4] - The S&P 500 has rallied almost 30% off the lows, and the NASDAQ has rallied 40% off the lows, indicating a strong profit cycle with potentially another double in the S&P [6][7] AI & Technology - Generative AI hitting the cost line helps margins expand, creating greater profitability and ROI in both public and private markets [8] - Data center buildout, requiring billions and ultimately trillions in spending, creates a catalyst for a full profit cycle [8] Financial Sector - The financial sector, including asset managers, advisors, and lenders, is a buy, supported by infrastructure rebuild and the increasing need for retirement investments [9][10][11] Valuation & Asset Management - An asset-light era is occurring, where companies with less fixed cost relative to labor, strong cash, and balance sheets should maintain higher multiples than historically seen [12] - Multiples sticky at current levels make sense [13]