Core Insights - TeraWulf Inc. (NASDAQ:WULF) is identified as one of the best short squeeze stocks to consider for investment, with Citizens reaffirming a Market Outperform rating and a price target of $22 following the third-quarter 2025 earnings report [1] Financial Performance - TeraWulf reported a larger-than-expected loss in Q3 2025, with earnings per share at -$1.13 compared to the anticipated -$0.05, despite a 6% quarter-over-quarter growth in GAAP revenues to $50.6 million [2] - The company's profitability was negatively affected by a 22% decline in self-mined Bitcoins from the previous quarter [2] - TeraWulf plans to enhance its high-performance computing (HPC) capacity by 250–500 megawatts annually [2] Company Evolution - Citizens noted that TeraWulf has transitioned from a "highly-speculative operation" to a company with a clear path to rapidly utilizing the capacity of its two initial sites, supported by new anchor tenant clients demonstrating reliability [3] - TeraWulf specializes in developing, owning, and operating industrial-scale data center infrastructure in the US, specifically designed for Bitcoin mining and HPC hosting [3]

Core Insights - The artificial intelligence market is transitioning from a "model training arms race" to a "value release in inference" phase, with various industries leveraging AI technology to reduce costs and improve efficiency [1] - The market for large model integrated machines is expected to grow significantly, from 123.6 billion yuan in 2025 to 520.8 billion yuan by 2027, making it one of the fastest-growing segments in AI hardware [1] - The introduction of the VasEdge immersion liquid cooling solution by Miaosuan Technology aims to make computing power more accessible for small and medium enterprises, addressing the high costs associated with enterprise-level AI applications [1][2] Company Overview - Miaosuan Technology's VasEdge utilizes single-phase immersion liquid cooling technology and modular server design, enhancing the compactness and ease of deployment of servers [2] - The system can support two 8-card GPU servers and one storage server, enabling full deployment of mainstream open-source models and various industry-specific applications [2] - The operational cost advantages of immersion liquid cooling include significantly improved cooling efficiency, reduced power consumption, and increased chip lifespan by over 50% [2] Market Trends - The global immersion cooling data center market is projected to reach $4.58 billion by 2025 and exceed $44.39 billion by 2035, with a compound annual growth rate (CAGR) of over 25.5% [3] - In China, the immersion cooling server market is expected to grow at a CAGR of 56.6% from 2022 to 2027, reaching a market size of $9.5 billion by 2027 [3] - The demand for AI computing power is primarily driven by China and the United States, with China being capable of supporting the complex supply chain required for single-phase immersion cooling servers [3] Future Outlook - The "liquid cooling era" in data centers is anticipated to emerge as server power density increases, with individual server power reaching between 4,000 to 6,000 watts, and potentially exceeding that in the future [4] - Both cold plate and single-phase immersion cooling technologies are expected to see widespread application in the market moving forward [4]

Core Insights - CleanSpark has successfully pivoted from being a Bitcoin mining company to a digital infrastructure operator, focusing on high-performance computing and data centers [2][4] - The company has contracted power supply agreements and power generation assets, which adds value to its transition into computing services [2] - Despite missing earnings expectations, CleanSpark's stock has seen a bounce, largely influenced by Bitcoin's performance [5][6] Financial Performance - CleanSpark reported an adjusted loss of $0.01 per share, missing the estimated earnings of $0.38 per share [4] - The company's sales for the quarter were $766 million, which also fell short of expectations [4] - Year-to-date, CleanSpark's stock is up 37%, but it has decreased by 37% in the last month [5] Market Trends - The performance of CleanSpark is closely tied to Bitcoin's price movements, particularly after Bitcoin broke below the $98,000 support level [6][10] - There is a growing trend in the industry where companies are leveraging their power resources for high-performance computing, indicating a shift towards computing as a service [8][9] - Other companies in the space, such as Applied Digital and Nebius Group, are also pivoting towards high-performance computing, creating a competitive landscape [2][8]

$IREN is the generational wealth play of 2026Johnny (@CryptoGodJohn):Deloitte expecting AI data center and demand to grow by 30x over the next 10 years$IREN looking like a potential generational investment long term https://t.co/t4oZVlVAs1 ...

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Market Cap**: Rmb40,784 million - **Current Stock Price**: US$29.02 (as of November 18, 2025) - **Price Target**: US$54.00, indicating an upside of 86% from the current price [8][66] Financial Performance - **3Q25 Results**: - Revenue: Rmb2.9 billion, up 10.2% YoY, in line with estimates [3] - Adjusted EBITDA: Rmb1.3 billion, up 11.4% YoY, 1% above forecast [3] - New Orders: ~30MW across four sites in 3Q25, with YTD new orders reaching 230MW [3] - **Outlook for 2026**: - Expected new orders close to 280MW for the full year, implying 50MW in 4Q25 [4] - Anticipated large-scale procurement of 100MW+ per tender for AI demand [4] - Management is optimistic about the China business and is actively sourcing new land [4] Investment Cycle and Returns - **C-REITs Impact**: - GDS sees a clear path for a five- to six-year data center investment cycle with mid-teens unleveraged IRR and close to 20% leveraged IRR [5] - Plans for a Rmb4-6 billion enterprise value asset package for the first follow-on offering [5] Key Metrics and Projections - **2026 Estimates**: - Revenue: Rmb12,532 million - EBITDA: Rmb5,469 million - EPS: Expected to improve from (2.95) Rmb in 2025 to (1.86) Rmb in 2026 [8] - **Market Share Recovery**: - 2026E MSR could see a 3-4% YoY decline due to contract renewals and dilution from new projects [4] Risks and Considerations - **Upside Risks**: - Progress in asset monetization via REITs at accretive valuations [12] - Volume recovery in China leading to pricing rebound [12] - **Downside Risks**: - Potential reduction in capex from hyperscalers, particularly in AI investments [12] - Increased competition and pricing compression [12] Conclusion - GDS Holdings Ltd is positioned for growth with a strong outlook for 2026, driven by domestic chip supply improvements and significant new orders anticipated. The company is leveraging C-REITs for enhanced returns and is optimistic about its business prospects in China. However, investors should remain cautious of potential risks related to market competition and changes in hyperscaler investment strategies.

Welcome back to halftime. It's time for [music] final trades. Rob, you're up first.Vista Corp, BST, it's pulled back 25% over the last few months. We continue to be overweight based on the great secular growth opportunity in data center and our view is the biggest bottleneck in the ecosystems energy. >> Weiss, you're up next.>> What was that. What was that accent. Ver.What was the accent. >> It's a Pittsburgh accent. A city of winners.>> I'm going with Lidos. >> Lidos. haven't talked about for a while, but ...

Core Insights - IREN Limited (NASDAQ:IREN) is recognized for its high upside potential in the data center and AI sectors, with a recent price target increase by Canaccord Genuity from $42 to $70, maintaining a Buy rating [1][2] - The upgrade is attributed to a new deal with Microsoft for GPU services across its data centers, which analysts believe adds significant long-term value [1][2] Financial Performance - For fiscal Q1 2026, IREN Limited reported revenue of $240.3 million, an increase from $187.3 million in the previous quarter, primarily driven by Bitcoin mining revenue of $232.9 million and AI cloud services contributing $7.3 million [3] - The company aims for an annualized run rate of $3.4 billion by the end of 2026, supported by plans to deploy 40,000 GPUs in Canada and expand AI cloud offerings [3] Valuation and Market Position - Canaccord Genuity's analysis values the Microsoft GPU project at approximately $22 per share, using a discounted cash flow model with an 8% weighted average cost of capital [2] - The valuation of IREN Limited's Sweetwater 1 site was increased from $24 to $32 per share, reflecting higher peer valuations, although it still trades at a discount compared to data centers with co-location agreements [2] - The total price target increase of $28 includes $22 from the Microsoft deal and $6 from the Sweetwater upgrade [2] Industry Context - IREN Limited is positioned as a leading AI cloud service provider, offering large-scale GPU clusters for AI training and inference, supported by a vertically integrated platform of renewable-powered data centers across the U.S. and Canada [4]

is ABB CEO Morton Virod as the company wraps its capital markets day. Morton, it's great to have you back on the show. Welcome.>> Thank you. So I I do want to start with this this big question because it is dominating so much of what we're seeing and hearing across the market and across companies and industries and that is uh whether there's frothiness in all of this spending that we're seeing in AI, whether the return on investment is ultimately going to be worth it and whether all of this buildout into AI ...

AI data center provider Lambda raises whopping $1.5B after multi-billion Microsoft deal https://t.co/9weQ0L0ilJ ...

Summary of Iron Mountain Conference Call Company Overview - **Company**: Iron Mountain - **Key Speaker**: Barry Hytinen, EVP and CFO Industry Insights - **Growth Portfolio**: - Growth businesses have increased from 15% of revenues in 2021 to approximately 28% in 2023, with an exit rate potentially reaching 30% [3][4] - Key areas of growth include digital solutions, data centers, and asset lifecycle management (ALM) [3][4] Core Business Highlights - **Digital Solutions**: - The digital business unit has evolved into a software as a service platform called DXP, which enhances cost savings and efficiencies for clients [5][6] - The platform is designed to convert unstructured data into structured formats, with applications across various client sectors [6] - **Data Center Business**: - Initially started with secure co-location services, now expanded significantly as clients shift workloads to the cloud [7][8] - The data center segment is experiencing continuous growth, driven by client demand for secure and efficient data management solutions [8] - **Asset Lifecycle Management (ALM)**: - ALM revenue grew from $38 million in 2021 to an estimated $600 million in 2023, indicating a strong market opportunity [9][10] - The total addressable market (TAM) for ALM is estimated at $30 billion, with Iron Mountain being the leading player [11][12] - The enterprise segment of ALM is growing at mid to high single digits, while the hyperscale segment is experiencing high single to low double-digit growth [13][18] Market Dynamics - **ALM Market Size**: - The enterprise ALM segment constitutes approximately 75% of the $30 billion TAM, while hyperscale accounts for 25% [12][15] - Iron Mountain holds about 60% of its ALM revenue from the enterprise segment, significantly outpacing competitors [13][14] - **Data Center Construction**: - Iron Mountain does not build on speculation; current construction projects are based on signed leases with large clients [22][23] - The company has a notable amount of construction in progress, with significant projects in Northern Virginia, Madrid, Amsterdam, and London [25][26] Recent Contracts and Opportunities - **U.S. Treasury Contract**: - Iron Mountain secured a $714 million contract over five years to assist the U.S. Treasury in digitizing tax processing, expected to ramp up during tax season [30][32] - The contract positions Iron Mountain favorably for future government contracts and showcases the capabilities of its DXP platform [35][36] Financial Performance and Strategy - **Retention Rates**: - The core Global Records and Information Management (RIM) business has seen a modest uptick in retention rates despite price increases, indicating strong client relationships [39][40] - **Capital Allocation**: - Iron Mountain has significantly increased capital deployment, particularly in the data center segment, with expectations of strong revenue growth [42][43] - The company maintains a dividend payout ratio target of low 60% of AFFO, with a history of consistent dividend increases [45][46] Key Takeaways - **Durability of Core Business**: The core business remains stable and capital-light, allowing for continued growth with minimal capital investment [49] - **ALM Growth**: The ALM segment is experiencing robust growth, with a focus on consolidation and providing consistent service globally [50] Conclusion Iron Mountain is strategically positioned for growth across its digital solutions, data center, and ALM segments, with a strong focus on client needs and market consolidation. The recent contract with the U.S. Treasury further enhances its growth prospects and showcases its capabilities in digital transformation.