Core Insights - The article highlights the emergence of Applied Digital (APLD) and CoreWeave (CRWV) as key players in the AI infrastructure market, transitioning from legacy models to focus on high-performance computing (HPC) and AI-optimized data centers [2][3] - Both companies are positioned to benefit from increasing enterprise and hyperscaler demand for GPU-powered infrastructure [2] Applied Digital Overview - Applied Digital reported third-quarter fiscal 2025 revenues of $52.9 million, showing a significant year-over-year increase as it transitions from a crypto-hosting model to HPC and AI infrastructure [4] - Fiscal 2025 revenues for APLD are projected to exceed $200 million, supported by diverse revenue streams including traditional data center hosting, AI cloud infrastructure, and a growing HPC segment [5] - The company's Ellendale campus, its flagship AI data center, has started onboarding customers, marking a pivotal moment for recurring revenue growth [5] - APLD is focusing on developing liquid-cooled, high-density data centers optimized for AI workloads, which have attracted clients needing compute-heavy infrastructure [6] - Long-term contracts with AI service providers are being signed to enhance revenue visibility and reduce volatility, alongside disciplined capital expenditures and a shift towards higher-margin services [7] CoreWeave Overview - CoreWeave achieved first-quarter 2025 revenues of $438 million, a fourfold increase year-over-year, driven by strong demand for AI workloads [9] - The company operates 33 purpose-built AI data centers across the U.S. and Europe, with industry-leading GPU availability attracting enterprise-grade clients [10] - Exclusive long-term contracts with AI-native firms and research labs provide revenue stability and visibility, while investments in custom orchestration software enhance operational efficiency [11] - Management projects 2025 revenues to reach $5 billion, supported by onboarding large AI clients and expanding GPU capacity [12] Market Performance and Valuation - Over the past three months, APLD shares have increased by 154.7%, while CRWV shares have surged by 265.9% [14] - APLD trades at a forward sales multiple of 8.37, while CRWV's forward sales multiple is at 8.11, reflecting high growth expectations and improving profitability for both companies [15] Investment Outlook - APLD presents a compelling opportunity for investors seeking early-stage growth with significant upside potential, leveraging its diversified revenue model and disciplined capex strategy [19] - In contrast, CRWV may face valuation saturation due to its already scaled operations [19] - For investors looking to enter the AI infrastructure space, APLD is positioned as a more attractive growth story with potential for outperformance [20]

Group 1 - The core viewpoint of the article highlights the competitive performance of a new generation of domestic GPUs, which reportedly achieves 60%-70% of the computational power of NVIDIA's H100, while outperforming it in certain efficiency metrics [1][4][5] - The domestic GPU shows superior computational efficiency in tasks such as image classification (ResNet-50 v1.5) and maintains parity with H100 in object recognition training (Mask R-CNN) [1][4] - The article discusses the shifting dynamics in the computing power market, particularly the decline in project scale for companies like Lianhua Zixing, which has transitioned from large-scale projects to smaller server rental services [7][8] Group 2 - A leading model startup has raised nearly 6 billion yuan in funding over six months, with over 3 billion yuan allocated for computing power procurement [10][13] - The article notes that many local investments in the model company come with conditions requiring funds to be invested in local industry development, particularly in computing power consumption [12] - The collaboration between a domestic chip company and an electronics company has resulted in a large-scale computing cluster, benefiting both parties financially through a dual procurement model [14][15][16][17] Group 3 - The second-hand server market is experiencing growth, with a leading platform reporting 2 billion yuan in revenue from server recovery services [18][19] - The article mentions challenges faced by domestic AI servers in achieving large-scale deployment due to high costs, despite government support for domestic computing power development [20][21] - The article highlights the fluctuating demand for computing power in western provinces, with significant disparities in consumption among different regions [23][24] Group 4 - A chip company has invested 4 billion yuan in building its own computing centers to ensure a closed-loop sales model for its chips [25][26] - A major manufacturer has purchased GB200 systems, which are reported to be equivalent to 30-40 units of H200, indicating a trend towards more efficient computing solutions [27] - A southern manufacturer has acquired 80,000 NVIDIA network cards, suggesting a substantial increase in GPU procurement [28]

Company Overview - Equinix, Inc. has appointed Arquelle Shaw as President, Americas, effective immediately, responsible for management, strategy, and growth in the Americas region [1][2] - The company focuses on shortening the path for customers and partners to leverage digital innovation and global connectivity [1] Leadership and Experience - Arquelle Shaw brings over two decades of experience in enterprise technology, sales, and business transformation to her new role [2] - She previously served as SVP, Sales, Americas, for six years and will continue in this capacity until the end of Q3 to ensure a smooth transition [2] - Shaw has held senior roles at Accenture, American Express, and AT&T before joining Equinix in 2019 [3] Strategic Vision - Jon Lin, Chief Business Officer, highlighted Shaw's ability to align global strategy with regional nuances and her track record of driving transformational growth [3] - Shaw expressed her commitment to advancing customers' digital transformation journeys and accelerating innovation in the Americas [3] - The company aims to shape the digital future with greater ambition, leveraging the strength of its exceptional team [3] Company Mission - Equinix aims to empower innovations that enhance work, life, and the planet through its digital infrastructure and interconnected ecosystems [4] - The company connects economies, countries, organizations, and communities to deliver seamless digital experiences and cutting-edge AI solutions [4]

Core Viewpoint - Digi Power X Inc. has executed a purchase order with Super Micro Computer, Inc. to supply NVIDIA B200-powered systems for the launch of its NeoCloud AI infrastructure platform, marking a significant step towards revenue generation in the AI sector [1][3]. Group 1: Company Developments - The Supermicro systems will be deployed in Digi Power X's ARMS 200 pods, with the first deployment scheduled for the Alabama site in Q4 2025 [2]. - The company aims to generate substantial recurring revenue through high-performance GPU cloud rentals, with each megawatt of Tier 3 AI infrastructure expected to contribute significantly [3]. - Digi Power X is advancing the design of the ARMS 300 platform, targeting a total of 55 megawatts of Tier 3 AI infrastructure by 2026-2027 [4]. Group 2: Financial Strategy - The company plans to finance its growth through non-dilutive debt, leveraging platform-driven AI compute revenue to ensure predictable cash flow and strong margins while retaining full equity for shareholders [4]. - The business model is designed for a sub-three-year payback period, indicating a focus on financial efficiency and shareholder value [4]. Group 3: Market Positioning - Digi Power X is positioning itself as a first mover in the AI infrastructure market, aiming to deploy and monetize NVIDIA's Blackwell architecture at cloud scale [5]. - Following the Alabama deployment, additional ARMS 200 systems are planned for Upstate New York, indicating a strategic expansion of operations [5]. Group 4: Company Overview - Digi Power X is a vertically integrated AI and energy infrastructure company that designs and deploys modular Tier 3 data centers and offers enterprise-grade GPU compute through its NeoCloud portal [6].

Core Insights - Hyperscale Data, Inc. reported preliminary revenue of $25.8 million for Q2 2025, marking a 45% increase from $17.8 million in the same period last year [1] - The company reaffirms its full-year revenue guidance for 2025, projecting between $125 million and $135 million [1][3] - The anticipated reconsolidation of Gresham Worldwide is expected to significantly enhance revenue, contributing approximately $10 million in Q4 2025 and an additional $40 million on a pro forma basis for the full year if consolidated from January 1, 2025 [3][4] Financial Performance - Preliminary revenue for the first half of 2025 totaled $50.8 million [1] - The company has reduced its debt by over $20 million year-to-date, improving liquidity [4] - The pro forma total revenue, assuming Gresham's consolidation, could reach between $155 million and $165 million [3] Strategic Developments - The growth in Q2 was driven by commercial lending and trading activities, demand for electronic power solutions, and improved performance of hotel assets [4] - The company is focusing on high-margin software expansion, including blockchain infrastructure and decentralized applications, expected to generate recurring revenue starting late 2025 [4] - Hyperscale Data is preparing to advance the development of a 617,000 square-foot AI data center in Michigan [4] Business Outlook - The company expects to divest Ault Capital Group, Inc. by December 31, 2025, transitioning to solely operating data centers [7] - The fintech sector is showing signs of recovery, with new AI-powered features under development for lending and trading applications [4] - The reconsolidation of Gresham Worldwide is anticipated to occur by October 1, 2025, enhancing the company's revenue profile [4]

Group 1 - The Southern GDS Data Center REIT successfully completed its public offering, raising a total of 2.4 billion RMB, reflecting strong market demand with a public investor subscription multiple of 456 times and a private investor subscription multiple of 166 times [1][2] - The underlying asset of the REIT is the Kunshan Guojin Data Cloud Computing Data Center project, which has a total cabinet scale of 4,192 and an electricity capacity of 29,044 kW, with a projected PUE of 1.24 for 2024 [1] - The project operates on a wholesale business model, providing data center space and hosting services, achieving an average signing rate of 100% over the past three years, indicating strong operational performance [1] Group 2 - The successful issuance of the Southern GDS Data Center REIT is a milestone, marking the first public REIT project in China and creating a new model for private capital participation in public REITs [2] - The CEO of GDS highlighted that the successful issuance signifies a major breakthrough in capital strategy innovation and serves as a model for asset securitization in the digital infrastructure industry [2] - GDS plans to continue deepening capital innovation through the REIT platform, integrating quality assets to promote high-quality development in the digital infrastructure sector, supporting the growth of China's digital economy [2]

RT Duncan (@FloodCapital)$GLXY is my largest position, take a minute to read why, I think $100/share is on the table in the next few years and there is ample liquidity to size into this.Here is a short summary of why I believe $GLXY is such a sleeper and significantly undervalued/misunderstood by the market. Myself and some of the @Delphi_Digital guys @3xliquidated @KSimback are working on a more formal report which will dive way deeper but here is a teaser:@novogratz's @galaxyhq is quite a complex business ...

Investment Rating - The report expresses a bullish outlook on the non-linear rate of AI capability improvement, particularly highlighting the exponential growth in AI performance metrics over the past six years [3]. Core Insights - The total cumulative spend on AI infrastructure is projected to exceed $3 trillion through 2028, with approximately $2.6 trillion allocated for data centers, including chips and servers [5][11]. - Generative AI (GenAI) is expected to create a revenue opportunity of around $1 trillion by 2028, with software spending projected to rise from $16 billion in 2024 to $401 billion by 2028, representing about 22% of total software spending [12][14]. - Consumer spending on GenAI is anticipated to grow from $29 billion in 2024 to $683 billion by 2028, driven primarily by eCommerce, search, and autonomous technologies [14]. Summary by Sections AI Infrastructure and Power Demand - The report indicates that over 110 gigawatts (GW) of power will be needed through 2028, with associated costs for power plants estimated between $210 billion and $330 billion [11]. - A survey by Schneider Electric highlights that grid constraints are the primary barrier to new data center projects, with nearly half of respondents reporting average new data centers of 100+ MW [20]. Data Center Development - Cushman & Wakefield is tracking 47 GW of US data centers in development, with a projected demand of 62 GW through 2028, indicating a significant focus on training-focused data centers [24]. - The report discusses various "de-bottlenecking" solutions for data centers, including building power plants on-site and redirecting power from Bitcoin sites, although these options face execution risks [25][26]. Economic Metrics and Valuation - The report outlines the potential for high returns in building and leasing "powered shells" to hyperscalers, with indicative enterprise value/EBITDA multiples ranging from 10.0x to 15.0x [30]. - Bitcoin stocks are noted to trade at low enterprise value/watt levels, suggesting potential for conversion transactions to high-performance computing (HPC) data centers [27]. AI Adoption and Innovation - The report emphasizes that the level of AI adoption is under-appreciated, with significant investments expected in training AI models due to the high value of improved cognitive capabilities [31]. - The cost per unit of computational power is projected to drop by approximately 90% over a six-year period, indicating rapid innovation and depreciation risk in the GPU replacement cycle [32].

Global Data Center Capacity Growth to Increase 6x Given the surge in AI capex - led by the Big 4 US Hyperscalers - we introduce our Global Data Center Model, which projects worldwide data center capacity growth of +23% pa until 2030. However, our latest AlphaWise survey suggests energy is not the only constraint to building new / bigger data centers. Our new Global DC screen highlights stocks - by geography and sub- sector - exposed to this theme. M Key Takeaways M Global Insight Global Infra, Tech, Utiliti ...

Investment Rating - The report maintains a "Buy" rating for Nvidia (NVDA) and highlights "Buy" ratings for Alibaba (BABA), Tencent (700.HK), and Baidu (BIDU) among cloud service providers, while GDS (GDS/9698.HK) and VNET are also rated positively among data center operators [4][29]. Core Insights - Improved chip availability is expected to enhance the ability of Chinese cloud service platforms (CSPs) to meet AI demand, particularly with Nvidia's new RTX Pro GPU tailored for China [2][4]. - The resumption of Nvidia's AI GPU exports to China is anticipated to alleviate the chip shortage that has hindered capital expenditure (capex) for CSPs and data center operators [2][3]. - There is a potential for sequential capex growth in the second half of 2025 as chip availability improves, despite cautious expectations for hyperscalers' capex and data center order volumes in the second quarter of 2025 [3]. Summary by Sections Market Reactions - The market is expected to respond positively to Nvidia's announcement regarding AI GPU exports, which could lead to increased capex spending by CSPs and improved order visibility for data center operators [2][4]. Company Performance - The report forecasts that Alibaba and Tencent's capex will likely reach a bottom in the second quarter of 2025 and recover sequentially in the latter half of the year [8]. - GDS's 12-month target price has been raised to US$40/HK$39, reflecting the net debt amount and the conversion of convertible bonds [16][17]. Future Developments - Upcoming events include the second quarter results for CSPs and data centers expected in mid-to-late August, updates on US AI chip export rules, and the listing of GDS's C-REIT [4].