Summary of Key Points from the Conference Call Industry Overview - **Data Center Market in Asia-Pacific**: The data center market in Thailand is emerging as a new destination for regional deployment, with a pipeline capacity of 2.6GW in Bangkok, which increased by over 1.7GW in 2024 [1][12]. Johor, Malaysia, has a pipeline market of 5.7GW but has seen a slowdown in incremental supply growth due to stricter local regulations [1]. Core Insights - **AI Demand Growth**: AI-related demand is expected to contribute approximately 25-30% of incremental data center demand in markets like Thailand, although current AI capacity in APAC (excluding China) is only about 1GW [2]. Customers remain cost-sensitive regarding AI workloads, leading to deployments in markets like Malaysia and Australia [2]. - **Edge Data Centers**: There is a strong demand for smaller edge data centers at metro edges, which are essential for AI inference due to low latency requirements. Telecom operators are well-positioned to capitalize on this trend [3]. - **GPU as a Service (GPUaaS)**: The GPUaaS market is projected to be significant, with estimates ranging from $35 billion to $70 billion globally by 2030. Companies like Singtel are well-positioned to benefit from this growth [4]. Pricing and Cost Analysis - **Data Center Pricing Variability**: Pricing for data centers varies significantly across the region, with Singapore being the most expensive at up to $300/KW/month, while Malaysia offers lower rates around $90-95/KW/month due to lower land costs [27][30]. - **Cost Structure**: In Japan, MEP (Mechanical, Electrical, and Plumbing) costs constitute 59% of total data center build costs, highlighting the importance of these components in overall expenditure [25]. Market Dynamics - **Regulatory Environment**: In Johor, the local government is becoming more selective in approving new data center projects, focusing on water and power usage efficiency [46]. There are currently 13 live projects with a total approved capacity of 1774MW, but only about 500MW is operational [46]. - **Investment Trends**: The Johor Special Economic Zone (SEZ) agreement between Malaysia and Singapore is expected to enhance cross-border connectivity and attract global investments, particularly in data centers [46]. Emerging Technologies - **Liquid Cooling Solutions**: Liquid cooling is becoming increasingly relevant for data centers hosting AI workloads, as traditional air-cooling systems fail to support higher rack densities required for AI [30][31]. Various liquid cooling methods are being explored, including direct-to-chip and immersion cooling [31]. - **AI Workloads and Infrastructure**: AI workloads require higher densities, with rack densities exceeding 100KW/rack, necessitating advanced cooling solutions [38]. The demand for AI infrastructure is expected to grow rapidly, with significant investments needed to meet this demand [24]. Conclusion - The data center industry in the Asia-Pacific region is experiencing rapid growth driven by AI demand, regulatory changes, and technological advancements. Companies like Singtel and Indosat are positioned to benefit from these trends, particularly in GPUaaS and liquid cooling technologies. The evolving landscape presents both opportunities and challenges, particularly in terms of regulatory compliance and infrastructure development.

Core Insights - Soluna Holdings, Inc. is set to break ground on Project Kati, its largest facility to date, on September 18, 2025, in Willacy County, Texas [1] - The project aims to provide 166 megawatts (MW) of clean computing capacity, with the first phase delivering 83 MW [1] Company Overview - Soluna Holdings, Inc. focuses on developing green data centers tailored for intensive computing applications, including artificial intelligence (AI) and Bitcoin mining [1] Project Details - Project Kati will be executed in two phases, with the initial phase expected to deliver 83 MW of capacity [1] - The total capacity of the project will reach 166 MW upon completion [1]

Core Viewpoint - Hyperscale Data, Inc. plans to divest its Montana data center properties to focus on enhancing its Michigan facility, which is set to become a significant hub for artificial intelligence (AI) and high-performance computing (HPC) infrastructure [1][2][4]. Company Strategy - The divestiture of the Montana assets is aimed at consolidating resources and maximizing stockholder value, allowing the company to strengthen its competitive positioning in the AI and HPC sectors [4][5]. - The Michigan facility currently has a power capacity of approximately 30 megawatts (MW) and is expected to expand to 70 MW within the next 20 months, with a long-term goal of reaching around 340 MW, subject to various agreements and funding [3][5]. Financial Implications - Proceeds from the sale of the Montana properties are anticipated to bolster the company's balance sheet and expedite the development of the Michigan campus [5]. - The Michigan facility is viewed as a long-term asset with the potential for significant value appreciation, prompting the company to concentrate its efforts there [5]. Operational Focus - The Michigan data center is positioned to support enterprise clients with purpose-built AI and HPC infrastructure, reflecting a strategic shift towards high-growth areas in technology [4][7]. - Hyperscale Data, through its subsidiary Sentinum, is actively engaged in crypto asset mining and offers colocation and hosting services, further diversifying its operational capabilities [7].

Group 1 - Nebius Group N.V. has priced a $1 billion offering of Class A ordinary shares at $92.50 per share, with a closing date expected on September 15, and underwriters have a 30-day option to purchase an additional $150 million of stock [1] - The company also priced $2.75 billion in convertible senior notes, with maturities in 2030 and 2032, aiming to raise nearly $3.7 billion in total proceeds [1][2] - The debt issuance includes $1.375 billion of 1.00% notes due 2030 and $1.375 billion of 2.75% notes due 2032, with an option for purchasers to buy up to $412.5 million more in combined notes, indicating strong demand [3] Group 2 - The funds raised will be used to expand data center capacity, secure land with reliable power access, acquire more compute hardware, and for general corporate purposes [2] - The recent financing follows a significant rally in Nebius shares after announcing a $17.4 billion contract with Microsoft to supply GPU infrastructure capacity over five years, which could increase to $19.4 billion with options [3][4] - This agreement is expected to generate cash flow to support capital expenditures, positioning Nebius as a critical infrastructure partner for large-scale AI projects and enhancing investor confidence in its long-term growth [4] Group 3 - As of the latest check, Nebius shares were trading higher by 2.01% to $95.27 in premarket [5]

据秦淮数据官微消息，9月10日，由深圳市东阳光（600673）实业发展有限公司(简称"东阳光集团")牵 头、涵盖保险投资机构与地方政府基金的银团收购方与贝恩投资正式达成交易协议，以280亿元现金收 购秦淮数据中国区全部业务。这是中国数据中心行业迄今为止规模最大的并购交易。 对此，秦淮数据CEO吴华鹏表示："东阳光集团与秦淮数据的携手，是产业端与算力端在绿色发展、技 术创新、战略布局、价值理念等多维度的深度共振。双方在绿色低碳领域的资源互补与战略协同，将驱 动'算电协同'新模式的构建，为行业可持续发展定义新范式、确立新基准；秦淮数据领先的冷却技术与 东阳光在液冷材料、精密制造等领域的深厚积淀相结合，也将显著提升算力基础设施的能效水平；随着 双方整合向深入推进，依托各自上下游优势资源，双方也将有机会向以AIDC为核心的AI全产业链拓展 业务，释放更多元的协同价值。" 东阳光集团董事长张寓帅表示："本次收购是东阳光集团主动融入国家'东数西算'战略布局、服务构建 全国一体化算力网络的关键一步，收购完成后，将优先确保业务的连续性和稳定性。未来，通过整合双 方在液冷材料、AIDC领域及清洁能源的相关资源，东阳光集团将与秦 ...

Chinese data center firm Zdata is seeking private debt of around $500 million to fund a project in Malaysia https://t.co/x1lyCZQi9V ...

Core Viewpoint - HRC World PLC is transitioning its trading of ordinary shares from Nasdaq Copenhagen to the Aquis Stock Exchange (AQSE) in the UK due to the discontinuation of services by VP Securities A/S, which has necessitated this move for the company to maintain its trading presence [1][5][7]. Group 1: Transition Details - Trading in HRC's ordinary shares commenced on the AQSE on 26 August 2025 [2]. - The formal delisting from Nasdaq First North Growth Market, Copenhagen, will be effective on 31 October 2025 [5]. - HRC has allocated a period until 31 October 2025 for administrative adjustments related to share trading before VP Securities A/S ceases its services [5]. Group 2: Shareholder Impact - Shareholders with holdings recorded in CREST UK will not experience any changes in trading access [8]. - Shareholders whose positions are held in Euronext/VP will be able to trade on the AQSE and should consult their local brokers for international settlement arrangements [8]. - HRC has arranged for guidance from its UK Corporate Adviser, Optiva Securities Ltd, for shareholders uncertain about the transfer steps [6]. Group 3: Company Perspective - The company views the transition as a positive step that will simplify its capital markets strategy and align its growth journey with a more suitable market [7]. - HRC remains committed to delivering long-term value for its investors and strengthening relationships with shareholders and partners [9]. Group 4: Company Background - HRC World PLC is a UK public company that develops and operates small to medium-sized distributed data centers, offering co-location services [10]. - The company is exploring sustainable innovations in renewable energy solutions and new technologies such as nano-nuclear reactors [10].

Core Insights - The article discusses the establishment and operational status of Intelligent Computing Centers (IDC) in listed companies, focusing on the possession of IDC operating licenses as a key indicator of computational resource availability [1][6]. Data Collection and Methodology - The data collection involved over 2,400 samples from 280 companies that possess IDC operating licenses, with a focus on the period from 2025 to September 2025 [1]. - The methodology for obtaining IDC licenses included referencing the Ministry of Industry and Information Technology's announcements and utilizing the telecom business market management information system [1][6]. - The study also matched the equity chain of listed companies with the licenses held by their subsidiaries, establishing a minimum ownership threshold of 20% to determine actual business control [1][7]. Variables and Definitions - The dependent variable, Total Factor Productivity (TFP), was calculated using the Olley-Pakes method and the Levinsohn-Petrin method, with higher values indicating greater productivity [5]. - The independent variable, IDC, is defined as a binary variable indicating whether a company holds an IDC operating license, which is essential for operating computing resources [6][7]. Sample Overview - The sample includes companies that have been granted IDC licenses, with a focus on their operational years and the corresponding data collection process [1][3].

Vantage Data Centers has secured a $1.6 billion investment to help expand its business in the Asia-Pacific region Photographer: Mario Proenca/Bloomberg Vantage Data Centers has secured a $1.6 billion investment to help expand its business in the Asia-Pacific region, including the acquisition of a data center campus in Malaysia. The investment was led by an affiliate of Singaporean sovereign wealth fund GIC Pte and a subsidiary of Abu Dhabi Investment Authority, both of which are existing investors, Vanta ...

Investment Overview - Vantage Data Centers has secured a $1.6 billion investment to expand its Asia-Pacific platform, led by GIC and ADIA, both existing investors in the company [1][3][5] - The investment will facilitate the acquisition of Yondr Group's 300MW+ hyperscale data center campus in Johor, Malaysia, enhancing Vantage's market position in the region [2][4] Johor Campus Details - The Johor campus, known as JHB1, will provide over 300MW of IT capacity across three advanced data centers, once fully developed [7] - Located in the Johor-Singapore Special Economic Zone, the campus will feature dark fiber connectivity and sustainability technologies, including direct-to-chip liquid cooling [7][8] - The campus is expected to meet EDGE certification requirements and was initially financed through a green loan [7] Strategic Importance of Johor - Johor is emerging as a strategic data center hub in Southeast Asia, benefiting from its proximity to Singapore, competitive costs, and strong government incentives [8] - The addition of the Johor campus will bring Vantage's total operational and planned IT capacity in the Asia-Pacific region to 1GW, covering Australia, Malaysia, Japan, Taiwan, and Hong Kong [9] Market Demand and Future Growth - The investment reflects the growing demand for digital infrastructure in the APAC region, driven by accelerating AI and cloud computing needs [3][5] - Vantage aims to leverage this investment to enhance its capabilities and meet the increasing demand for data center capacity in the region [4][5]