Of course, there's the energy question. Uh, can the energy supply required meet the demand. Our next guest is out with a new report projecting up to a 20% shortage of US power for data centers through 2028.Joining us this morning, Morgan Stanley's global head of thematic research, Steven Bird, is with us. Stephen, welcome back. It's good to see you again.>> Thanks so much, Carl. Thanks, Sarah. >> So, is this going to get worse before it gets better.My concern is you can run into so many different snags when ...

Core Viewpoint - Macquarie Asset Management is expected to provide $787.5 million in additional equity funding to accelerate the buildout of Applied Digital's AI Factory campuses in North Dakota, as part of a larger financing facility of up to $5.0 billion [1][2]. Funding Allocation - Of the $787.5 million, $450 million will be allocated to complete the build-out of Polaris Forge 2 in Harwood, North Dakota, which has leased 200 MW of critical IT capacity to a U.S.-Based Investment Grade Hyperscaler [3]. - The remaining $337.5 million will be directed to Polaris Forge 1 in Ellendale, North Dakota, contingent upon the closing of a $2.35 billion senior secured notes offering [4]. Strategic Importance - This funding is seen as a reinforcement of Applied Digital's AI infrastructure strategy and reflects confidence in the company's ability to deliver at scale [5]. - The company has achieved its first Ready-for-Service milestone for the first data hall at Polaris Forge 1, with both campuses remaining on schedule [5]. Partnership and Support - Macquarie Asset Management's ongoing support is viewed as crucial for Applied Digital's growth, positioning the company to become an industry leader in data center platforms [5]. - The partnership is expected to enhance the company's financing model and execution strategy, enabling further development of large-scale AI Factories [5]. Additional Financing - On November 10, 2025, the company entered into a loan agreement with First National Bank of Omaha for up to $65 million, secured by the company's assets [6].

Supply and Construction Trends - Apartment construction starts are projected to decrease by 65% next year [1] - Industrial construction is also down 70% [3] - Data centers are now a larger asset class in construction than office buildings in the US for the first time [3] Rental Market and Debt Issues - Rents have gone negative in many markets, contrary to expectations [2] - Many properties with construction loans may not be able to pay off their debts at maturity [2] Population and Immigration - The US has experienced a reduction in population for the first time in 250 years, negatively impacting real estate [3] - Net exporting people is a problem for many real estate markets [4] - The country needs to encourage legal immigration, which has historically contributed significantly to GDP growth [4] Investment Opportunities - Rates are coming down, presenting opportunities to buy real estate in the US at deep discounts to replacement cost, especially in office buildings [4]

Data Center Location - Meta 将在威斯康星州比弗丹市建立一个 700,000 平方英尺的数据中心 [1] - 比弗丹市位于麦迪逊和密尔沃基以北 [1]

Investment & Expansion - Anthropic plans to invest $50 billion in US data centers in partnership with Fluid Stack, focusing on owning, building, and operating the facilities [1][2] - OpenAI's Stargate project is projected to cost $500 billion, with plans for overseas expansion [3] - A lab within Matter will spend $600 billion on domestic data centers [4] Revenue & Profitability - Anthropic projects revenues of $70 million by fiscal year 2028 [5] - OpenAI's annual revenue run rate is approximately $13 billion for 2023 and projected to be $20 billion for 2025 [5][6] - There is a growing consensus that Anthropic may achieve profitability faster than OpenAI due to its capital-light model relying on partners like Amazon, AWS, and Google [4][6] Competitive Landscape - Anthropic's $50 billion investment is smaller compared to OpenAI's $500 billion Stargate project and Matter's $600 billion domestic data center spending [3][4] - Anthropic relies more on hyperscale partners like Amazon, AWS, and Google for data center resources compared to OpenAI [4]

Anthropic PBC will spend $50 billion to build custom data centers in the US. They'll start coming online in 2026 according to the company. OpenAI, Meta Platforms Inc., Google, Microsoft Corp., Nvidia Corp. and other leading tech companies plan to collectively spend hundreds of billions of dollars on data centers to support AI. Bloomberg's Ed Ludlow reports. ...

Core Insights - Anthropic's first data centers will be located in Texas and New York, with a total investment of $50 billion in U.S. data centers [1] Group 1 - The company is committing significant resources to establish its data center infrastructure in the United States [1] - The choice of Texas and New York as locations indicates a strategic focus on key markets for data services [1] - The $50 billion investment reflects the growing demand for data processing and storage capabilities in the tech industry [1]

Market Overview - Dow Jones futures rose slightly overnight, alongside S&P 500 and Nasdaq futures, indicating a mixed but positive market session [2] - The Dow Jones led the market, achieving a record close, while the Nasdaq recovered from lows and maintained recent gains [2] Company Highlights - Palantir (PLTR) remained in a buy zone, suggesting strong investor interest [2] - Eli Lilly (LLY) reached a new high, reflecting positive market sentiment towards the stock [2] Earnings Reports - Nebius reported a larger net income loss for Q3 and announced a deal with Meta AI, leading to a decline in its shares [5] - CoreWeave experienced a drop in shares due to data center issues affecting capital spending and its 2025 revenue outlook [5]

Core Insights - Hyperscale Data, Inc. has completed the purchase of Bitmain S21+ and S21 Pro Antminers, which will significantly enhance its Bitcoin mining operations and efficiency [1][2] - The company aims to acquire $100 million in Bitcoin through a combination of mining and market purchases as part of its digital asset treasury strategy [2][3] - The deployment of new miners is expected to increase daily Bitcoin production, strengthening the company's balance sheet and positioning it for growth in both digital assets and AI sectors [3][4] Company Operations - Hyperscale Data operates a data center through its subsidiary Sentinum, focusing on digital asset mining and providing colocation and hosting services for AI ecosystems [4] - The company is planning a divestiture of Ault Capital Group, which will allow it to concentrate on high-performance computing services and digital asset holdings [5] - ACG is involved in various industries, including AI software, social gaming, and private credit, while the company continues to support these operations until the divestiture occurs [5][6] Financial Strategy - The company has issued one million shares of Series F Exchangeable Preferred Stock to facilitate the divestiture process, allowing stockholders to exchange these shares for ACG shares [6] - As of October 31, 2025, Hyperscale Data reported estimated total assets of $1.02 per share and net assets of $0.47 per share, indicating a solid financial foundation [12]

Core Viewpoint - Coreweave reported a 134% year-over-year increase in sales for the third quarter, yet its stock fell by approximately 16% due to lowered revenue guidance [1][2]. Company Performance - Coreweave is an AI infrastructure provider that supplies data centers with servers equipped with NVIDIA chips for major companies like Microsoft, Meta, and OpenAI [2]. - The company has diversified its client base significantly, reducing reliance on a single client from 85% to below 35% [14]. - Coreweave's backlog has increased to between $50 billion and $55 billion, marking a rapid growth in demand for its services [14]. Revenue Guidance and Forecast - The company lowered the top end of its full-year revenue guidance by about $200 million due to delays in a third-party data center construction [2][3]. - The delays are attributed to global supply chain issues affecting the construction of large-scale data centers [5][10]. Supply Chain Challenges - The construction of data centers requires extensive coordination among various trades, leading to stress on supply chains and potential delays [5][6]. - Coreweave has established an internal organization to build infrastructure independently, aiming to mitigate future supply chain disruptions [10][12]. Market Demand - Despite the stock decline, there is no observed slowdown in demand for Coreweave's services, which remains "incredible" according to the CEO [13][16]. - The company has received recognition for its software solutions, winning a platinum level award for the second consecutive year [15].