Core Viewpoint - Activist investor Starboard Value is urging Riot Platforms to accelerate its transition from Bitcoin mining to AI data centers and high-performance computing (HPC) [1] Group 1: Company Strategy - Starboard highlighted that Riot owns approximately 1.7 gigawatts of power capacity in Corsicana and Rockdale, Texas [1] - The investor believes that monetizing these resources for AI/HPC could generate over $1.6 billion in annual EBITDA [1]

Financial Data and Key Metrics Changes - For Q1 2026, CleanSpark reported revenue of over $180 million, a year-over-year increase of approximately $19 million or nearly 12% [15][17] - Bitcoin production remained relatively flat, with revenue per Bitcoin rising to almost $100,000 compared to $84,000 in the same quarter last year [15][16] - Gross margins declined from approximately 57% a year ago to 47% this quarter, primarily due to increased network difficulty and slightly higher power prices [16][18] - The company recognized a net loss of approximately $379 million compared to a net income of approximately $247 million a year ago, driven by mark-to-market adjustments [17][20] - Adjusted EBITDA was negative $295 million, compared to positive $322 million a year ago, also influenced by mark-to-market adjustments [17][19] Business Line Data and Key Metrics Changes - CleanSpark's Bitcoin mining operations continue to generate strong cash flows, with a hashing capacity of over 50 exahash per second [5][6] - The Digital Asset Management (DAM) strategy generated over $13 million in premiums and cash, representing about 24% of normalized adjusted EBITDA [13][22] - The DAM strategy achieved an annualized return of 4.2% on the average HODL balance, surpassing the target of 4% [23] Market Data and Key Metrics Changes - Power prices increased marginally to $0.056 per kWh from $0.049 per kWh a year ago [16] - The company has seen improving economics per megawatt in the AI market, driven by scale and power quality [5][10] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure and data center development company, expanding beyond Bitcoin mining to include AI monetization and digital asset management [4][5] - The company is focused on securing scarce power and land, with a strategy that includes tenant-driven technical and commercial alignment [5][10] - CleanSpark aims to build a diversified infrastructure platform with multiple independently valuable earning streams, anchored by utility-grade power [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for AI infrastructure, citing significant investments from major companies like Amazon [33][39] - The company is strategically positioned to capitalize on the demand for larger sites and is in advanced discussions with potential tenants [10][41] - Management emphasized a disciplined approach to capital deployment and the importance of maintaining flexibility in a volatile market [11][19] Other Important Information - CleanSpark completed a $1.15 billion convertible offering, using part of the proceeds to repurchase $460 million worth of shares, totaling over $600 million since December 2024 [6][7] - The company has a cash balance of over $400 million, with approximately $1.15 billion in Bitcoin value as of the end of Q1 [20][21] Q&A Session Summary Question: Demand environment for HPC and attributes sought in leasing partners - Management noted that demand is escalating, with interest from trillion-dollar balance sheet companies for long-term leases [31][33] Question: Demand for specific sites (Sealy, Sandersville, Brazoria) - Sandersville currently has the highest demand due to its energized status and existing infrastructure [35] Question: Rising demand for AI data centers and sector-wide implications - Management confirmed that demand is rapidly increasing, with ongoing inquiries from hyperscalers [39] Question: Confidence in signing contracts with tenants - Management expressed high confidence in securing quality leases within a shorter timeframe than initially expected [40] Question: Impact of owning land on negotiations - Owning additional land at Sandersville enhances the company's position in negotiations and project timelines [63] Question: ERCOT's proposed large load batch study process - Management indicated that their projects are in favorable positions relative to ERCOT's new processes, with significant progress already made [67][70] Question: Long-term power market attractiveness - CleanSpark is evaluating opportunities in various power markets, maintaining a diverse portfolio [74] Question: Status of potential HPC tenants - There are multiple potential tenants, with one clear front-runner in discussions for the Sandersville site [78]

2月4日晚间，纳斯达克上市公司SuperX AI Technology Limited（NASDAQ: SUPX，以下简 称"SuperX"或"公司"）通过其日本子公司宣布，与日本本土三家颇具特色的科技企业——Digital Dynamic Inc.、eole Inc.及Woodman Inc.（以下分别简称"DD"、"eole"及"Woodman"）正式签署合作备忘 录（MOU）。此次签署的 MOU 建立在各方此前的合作基础之上，旨在建立一个全面框架，共同在日 本各地开发大规模AI数据中心（AIDC）。 四方将成立联合工作组，在日本三重县试点AIDC项目。该试点计划作为一个起点，初始设施容量最高 可达4MW，具体取决于可行性评估、场地条件、监管审批以及最终协议的签署，未来总容量有望扩展 至 300MW 。 在AI算力需求呈现地域性爆发之际，SuperX将以"模块化AI工厂"解决方案为王牌，通过与本土伙伴的 深度绑定，加速推进本地AI数据中心建设。 "模块化AI工厂"破解日本AI基建瓶颈 仅仅几天前，1月30日，SuperX位于日本三重县津市的首个全球供应中心正式投产。该中心旨在利用日 本享誉全球的精密制造工 ...

Core Viewpoint - WhiteFiber's shares experienced a significant increase of over 9% following a positive analyst note and a recently announced deal, marking it as a standout performer in the tech sector [1]. Group 1: Analyst Insights - Kevin Dede from H.C. Wainwright reiterated a buy recommendation for WhiteFiber, maintaining a price target of $34 per share, which is nearly double the current stock price [2]. - Dede's bullish outlook was influenced by a colocation agreement with Nscale Global Holdings, which requires WhiteFiber to provide 40 megawatts of critical IT load at an AI data center in North Carolina, with a total contract value of approximately $865 million over 10 years [3][4]. Group 2: Market Reaction - The new contract not only secures a long-term partnership with a significant client but also enhances WhiteFiber's reputation in the AI data center market, leading to positive investor sentiment [5]. - The investor enthusiasm that began with the announcement of the contract continued into the early part of the week, reflecting strong market interest in WhiteFiber [7].

Core Insights - Hut 8 Corp. has signed a long-term, 15-year, triple-net lease valued at $7.0 billion with Fluidstack, which is expected to significantly impact its stock performance [1] Company Summary - The lease agreement involves 245 MW, indicating a substantial commitment to infrastructure and operational capacity [1] Industry Context - The deal reflects ongoing trends in the technology and energy sectors, particularly in the context of data centers and cryptocurrency mining, where companies are seeking long-term partnerships to secure energy resources [1]

Core Viewpoints - AI data center stocks, particularly CoreWeave, Inc. (CRWV), Nebius Group N.V. (NBIS), and IREN Limited (IREN), are currently facing significant pressure in the market [1] Company Analysis - CoreWeave, Inc. (CRWV) is highlighted as a prominent player in the AI data center sector [1] - Nebius Group N.V. (NBIS) is also mentioned as a key company within the same industry [1] - IREN Limited (IREN) is identified as another significant entity in the AI data center market [1]

Group 1 - SpaceX plans to IPO in 2026, potentially valuing the company at $1.5 trillion, which has negatively impacted Oklo's stock [3][4] - Elon Musk intends to use IPO proceeds to develop modified Starlink satellites for building data centers in space, aiming to deploy 100 terawatts of AI data centers in orbit [4] - The shift of data centers to space could undermine Oklo's investment thesis, which relies on the assumption that small modular nuclear reactors are essential for powering data centers on Earth [5][6] Group 2 - Oklo's stock experienced a decline of over 6% in early trading but later recovered to a gain of 1.5% [1] - Oklo's current market cap is $16 billion, with a trading range between $94.50 and $102.46 [5] - The company's unprofitability may worsen if SpaceX successfully relocates data centers to space, eliminating the need for nuclear power [6]

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, reflecting a net margin of about 40% [20] - The company produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19][20] Business Line Data and Key Metrics Changes - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own hash rate [9] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] - The company is deploying 19,000 S21 XP immersion units, expected to be completed in Q1 2026 [9][10] Market Data and Key Metrics Changes - CleanSpark's operational efficiency improved significantly, contributing to consistent gross margins despite market fluctuations [20] - The company is strategically positioned to support the growing demand for AI compute alongside Bitcoin mining [7][8] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to monetizing its portfolio [8] - A significant focus is on securing tenants for AI campuses while expanding land and power capabilities [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC-AI space, citing strong inquiries for their facilities [43] - The company is confident in its ability to navigate market volatility and capitalize on opportunities due to its strong financial position [44] - CleanSpark is committed to maintaining operational excellence and leveraging its infrastructure-first model to maximize value [36][38] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million [17][33] - The company has secured a 285 MW site in Texas for AI factory development, with a multi-gigawatt pipeline of additional opportunities [12][13] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC-AI? - Management reported extensive discussions with potential clients, including strong interest in their Texas and Georgia sites, indicating robust demand in the HPC-AI space [43][44] Question: How does the company view pairing Bitcoin mining with HPC campuses? - Management sees potential in blending Bitcoin mining with HPC to provide power usage versatility, which could enhance operational flexibility [45][48] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of the Texas and Sandersville sites, which are positioned for rapid deployment to meet 2026 demand [51][52] Question: What are the near-term expansion plans for Bitcoin mining? - The company plans to migrate Bitcoin mining operations to more remote locations, prioritizing efficiency and favorable utility rates [56][58] Question: How does the company plan to utilize its Bitcoin balance strategically? - Management intends to monetize the Bitcoin stack through yield strategies and opportunistic borrowing, maintaining flexibility in capital management [66] Question: What is the economic impact of the MOU with Submer? - The partnership with Submer is expected to enhance speed to market and reduce costs for AI and HPC infrastructure development [70][71]

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA for the year exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, translating to a net margin of about 40% [20] - The company reported a significant positive net income of about $365 million [20] Business Line Data and Key Metrics Changes - CleanSpark produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] Market Data and Key Metrics Changes - The company has a Bitcoin treasury that grew by nearly 62% to over 13,000 Bitcoin, generated entirely from its own mining operations [9] - The average spot Bitcoin sales price for the fourth quarter was $111,721, with additional premiums generated per Bitcoin of $4,184, leading to an effective cash generated per Bitcoin of almost $116,000 [26] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company is prioritizing a blended approach to grow and monetize its portfolio, aiming to diversify revenue and enhance margins [8] - A significant focus is on securing tenants for AI-ready locations while expanding land and power footprints to meet market demand [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC AI space, citing strong inquiries for their facilities [42] - The company is well-prepared for future growth, leveraging its strong balance sheet and operational excellence [6][36] - Management acknowledged the challenges in the market but emphasized their competitive position due to their efficient operations and strategic planning [43] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million, reducing outstanding shares by over 10% [17][33] - The company has secured a 285-megawatt site in Texas for AI factory development, with plans for further expansion [12][34] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC AI? - Management reported extensive discussions with potential clients, indicating strong demand for their facilities, particularly in Texas and Georgia [42] Question: How do you view the pairing of Bitcoin mining with HPC campuses? - Management sees potential in blending AI, HPC, and Bitcoin mining to provide versatile power usage, which could benefit both operations [47] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of speed to market and modular approaches in their development strategy, particularly at the Sandersville and Sealy sites [52][53] Question: What are the near-term expansion plans for Bitcoin mining? - Management indicated a shift of Bitcoin mining operations to more remote locations with favorable utility rates, while continuing to grow their operational capacity [56][58] Question: How should we think about the economic impact of the MoU with Submer? - Management emphasized the cost savings and speed to market advantages of their partnership with Submer, which is expected to enhance their competitive position [70]

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [17] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-halving of Bitcoin block rewards [7][17] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, translating to a net margin of about 40% [18] - The company reported a significant positive net income of about $365 million [18] Business Line Data and Key Metrics Changes - CleanSpark produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [17] - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own mining operations [8] Market Data and Key Metrics Changes - The company reached an operational hash rate of 50 exahash per second, with 100% U.S.-based infrastructure [7] - The company has secured over a gigawatt of power under contract across its data centers, with nearly 300 megawatts in Texas scheduled to begin energization in early 2027 [10] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to growing and monetizing its portfolio [6] - A strategic partnership with Submer aims to enhance energy efficiency and speed to market for AI data center development [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for AI compute and the company's ability to secure tenants for its AI-ready locations [36][39] - The company is focused on operational excellence and leveraging its strong balance sheet to capitalize on growth opportunities in the AI sector [6][33] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million, reducing outstanding shares by over 10% [16][30] - The Digital Asset Management (DAM) strategy generated $9.3 million in premiums during the fourth quarter, with an annualized yield of approximately 12% [23][29] Q&A Session Summary Question: Can you provide insights on demand in the HPC AI space? - Management noted strong inquiries about the Sandersville site and additional traction at the Sealy, Texas site, indicating optimism about demand [36] Question: How will Bitcoin mining and HPC campuses be paired? - The company sees potential in blending AI, HPC, and Bitcoin mining to provide power usage versatility, which utilities find appealing [38] Question: What key milestones should investors look for in 2026 regarding HPC? - The focus will be on deployments at the Texas and Sandersville sites, with significant demand for critical IT loads expected [39] Question: What are the expansion plans for the Bitcoin mining business? - The company plans to migrate Bitcoin mining operations to more remote locations while prioritizing HPC AI at sites with quick access to fiber [42] Question: How will the Texas facility energization proceed? - The first 200 megawatts are scheduled to come online in the first half of 2027, with additional tranches in subsequent years [52] Question: What is the CapEx required for the Sandersville site to upgrade to HPC? - The facility is not currently set for HPC but has additional land secured for future construction, allowing for a smooth transition when ready [63]