Investment Rating - The report highlights 44 Buy-rated stocks that are expected to benefit from the AI/data center power surge, including Quanta Services, GE Vernova, Xcel, Cameco, and NextEra [3][54][57] Core Insights - Strong demand and government actions are driving an average cost increase of 23% for new power generation capacity additions in the US, with a focus on reliability and affordability in power sourcing [1][12] - The Green Reliability Premium, which accounts for redundancy in power solutions, is projected to rise significantly if IRA renewables incentives are eliminated, impacting the overall cost structure for data centers [2][42] - The report anticipates a 160% increase in global data center power demand (AI + non-AI) by 2030 compared to 2023, equivalent to adding another top 10 power-consuming country [21][27] Summary by Sections Green Reliability Premium - The Green Reliability Premium is estimated to be $40/MWh with current IRA incentives, increasing to $55/MWh if these incentives are removed, representing a modest impact on hyperscaler EBITDA [42][44] - The report emphasizes that the cost of power is not seen as a constraint to data center growth, although regional power reliability and affordability will influence siting decisions [21][46] Power Demand and Supply - The US power demand is expected to grow at a CAGR of 2.5% through 2030, with data centers contributing approximately 100 basis points to this growth [22][24] - The report outlines diverse drivers of upward cost pressure across power generation, including tariffs and demand for natural gas, which could lead to significant increases in levelized costs [12][19] Investment Opportunities - The report identifies a bullish outlook for infrastructure contractors, regulated utilities, and industrials due to the rising demand for reliable power amid aging infrastructure and extreme weather events [3][54] - It highlights the importance of an all-of-the-above approach to power sourcing, considering the variability in supply availability and time to market [1][46]

Group 1 - Applied Digital's stock experienced a significant increase, closing up 29.6% on Wednesday, and has risen approximately 78% over the past week [1][3] - B. Riley issued a new coverage report, reiterating a buy rating and raising the one-year price target from $8 to $15 per share, indicating a bullish outlook for the stock [3] - The company announced two 15-year lease agreements with CoreWeave, which is expected to generate around $7 billion in revenue [4] Group 2 - The recent deal with CoreWeave has positively impacted the company's market perception, establishing a solid revenue base and enhancing its valuation to approximately $3 billion [5] - The endorsement from CoreWeave is seen as a significant positive indicator for Applied Digital's future performance [5]

Core Viewpoint - GDS Holdings Limited will hold its 2025 Annual General Meeting of Shareholders on June 26, 2025, in Shanghai, China, where shareholders will have the opportunity to vote on proposed resolutions [1]. Company Information - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in primary economic hubs to meet the demand for data center services [6]. - The company offers a range of services including co-location, managed hybrid cloud services, and managed network services, catering primarily to hyperscale cloud service providers, large internet companies, and financial institutions [6]. - GDS has a 24-year track record in service delivery, fulfilling the requirements of major customers for outsourced data center services in China [6]. - The company holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which operates data centers in international markets [6]. AGM Details - Shareholders of ordinary shares and Series A convertible preferred shares as of June 4, 2025, are entitled to vote at the AGM [2]. - Beneficial owners of American Depositary Shares (ADSs) must act through JPMorgan Chase Bank to exercise their voting rights [2]. - The Notice of the AGM, Proxy Statement, and Proxy Card are available on the company's Investor Relations website and other regulatory websites [3]. Financial Reporting - GDS has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [4]. - The company has also published its annual report for Hong Kong purposes, accessible on its website and the HKEX website [5].

Core Insights - Brookfield Asset Management announced an investment of up to SEK 95 billion ($10 billion) to develop AI infrastructure in Sweden, marking one of its largest AI investments in Europe and strengthening its partnership with the Swedish government and local entities [1][2][3] Investment Details - The investment will focus on a new AI center in Strängnäs, Sweden, which will support the national AI strategy and significantly increase the data center's capacity from 300MW to 750MW by acquiring approximately 350,000 sqm of additional land [2][3] - The new facility is expected to create over 1,000 permanent jobs and an additional 2,000 jobs during the 10-15 year construction period, making it the first of its kind in Sweden and one of the first in Europe [2][3] Strategic Importance - The investment is part of Brookfield's broader strategy to enhance AI infrastructure, which includes not only data centers but also data transfer, chip storage, and energy generation, aimed at boosting sovereign compute capabilities for both public and private sectors in Europe [3] - Brookfield has invested over €100 billion globally in the AI value chain, including a recent €20 billion infrastructure investment program in France, which features a €10 billion investment in the first AI factory in the country [3] Historical Context - Brookfield has been actively investing in Sweden since 2018, with a diverse portfolio that includes telecom towers, renewable power, social infrastructure, and logistics assets [4]

Core Insights - DMG Blockchain Solutions Inc. reported its preliminary operational results for May 2025, highlighting a stable hashrate and bitcoin balance while addressing operational challenges [1][2][3] Operational Performance - The realized hashrate for May 2025 was 1.89 EH/s, slightly down from 1.93 EH/s in April 2025, with a target of 2.1 EH/s reached early in the month [1][8] - The company mined 31 bitcoin in May, an increase from 30 bitcoin in April, despite facing seasonal headwinds and infrastructure challenges [3][8] - DMG's bitcoin balance remained stable at 350 BTC at the end of May, similar to the previous month [2][8] Financial Management - Bitcoin sales during May were utilized to fund operating expenses and reduce the loan balance with Sygnum Bank, consistent with prior guidance [2][3] - The company continues to focus on maintaining competitiveness in Bitcoin mining while also exploring opportunities in artificial intelligence infrastructure and digital asset custody services [3][4]

Group 1 - The company operates approximately 260 data centers across more than 70 markets globally, which is a significant differentiator in the marketplace [3][4] - The extensive global presence allows the company to cultivate rich ecosystems in most of the metropolitan areas where it operates, enhancing customer benefits [4] - Reliability is highlighted as a core element of the company's service offering, contributing to its competitive advantage [4] Group 2 - Key participants in the conference call include Phillip Konieczny, Senior Vice President of the finance organization, and Steve Madden, Vice President of Global Technical Advisory, both of whom have extensive experience with the company [2]

Company Overview - Digital Realty supports 5,000 customers across 50 metropolitan areas on 6 continents with data center and connectivity infrastructure [3] - The company is the largest global provider with over 300 data centers operating close to 3 gigawatts of capacity, with an additional nearly 4 gigawatts of growth or underdevelopment capacity [3] Investment Rationale - Digital Realty is positioned to benefit from three secular tailwinds of demand: digital transformation, cloud computing, and artificial intelligence [3] - The company has been a public entity for 20 years and has a long-standing presence in the data center industry, predating the current focus on GPUs and AI [3]

Summary of Digital Realty Trust (DLR) 2025 Conference Call Company Overview - Digital Realty Trust supports 5,000 customers across 50 metropolitan areas on six continents with data center and connectivity infrastructure [3][4] - The company is the largest global provider with over 300 data centers operating close to 3 gigawatts of capacity, with an additional 4 gigawatts under development [3][4] Core Demand Drivers - The company is benefiting from three secular tailwinds: digital transformation, cloud computing, and artificial intelligence (AI) [3][5] - A record $1 billion in bookings was achieved last year, with significant growth in both enterprise colocation and hyperscale categories [5][6] - The transition from on-premises data centers to purpose-built infrastructure is ongoing and expected to continue for many years [5][6] AI Infrastructure and Demand - The demand for AI workloads is still in its early stages, with limited enterprise usage of AI products currently observed [10][11] - AI is expected to be a long-term driver of demand, but the full impact is yet to materialize [11][12] - The company is focused on building infrastructure that supports both training and inference workloads for AI [18][19] Globalization and Sovereign AI Initiatives - Digital Realty is actively engaging with sovereign cloud initiatives in various countries, including France, to support AI infrastructure growth [21][22] - There is a global trend towards data sovereignty, with countries aiming to develop their own AI capabilities to avoid reliance on US infrastructure [22][23] Cloud Adoption and Market Position - The company believes that cloud adoption is still in the early stages, with significant on-premises workloads remaining [25][26] - Digital Realty is positioned to benefit from the evolving technology landscape, with a focus on providing value to enterprise customers [26][27] Power Procurement Challenges - The company is facing challenges in power procurement due to underinvestment in critical power infrastructure in the US [28][29] - Efforts are being made to innovate and find solutions, including investments in solar power in regions like South Africa [29][30] Pricing Environment - The pricing environment for data center services is positive, with consistent pricing dynamics observed in the zero to one megawatt category [35][36] - The hyperscale segment is experiencing increased competition and pricing power due to a broader buyer base [37][38] Financial Strategy and Growth Outlook - Digital Realty has successfully reduced leverage from seven times to close to five times and is building liquidity [51][52] - The company is targeting significant growth in funds from operations (FFO) per share, with guidance for 2025 indicating a growth rate of around 6% [56][57] Conclusion - Digital Realty is well-positioned to capitalize on the ongoing demand for data center services driven by digital transformation, cloud computing, and AI, while navigating challenges in power procurement and infrastructure development [3][5][28]

Summary of the Conference Call Company Overview - The conference call involves **Equinix**, a global leader in data center services, with a presence in over 70 markets and approximately 260 data centers worldwide [4][5]. Key Industry Insights - **Global Presence**: Equinix's extensive global footprint is a core differentiator, with over 60% of revenues generated outside the United States. More than 75% of revenues come from customers deployed in multiple metros, highlighting the importance of a diversified customer base [6][7]. - **Ecosystem Development**: The company has cultivated rich ecosystems in various markets, enhancing reliability and service offerings for multinational customers [5][6]. Strategic Developments - **Build Bolder Strategy**: Equinix is shifting towards larger, more capital-efficient builds rather than smaller, modular ones. This strategy aims to meet the growing demand for larger deployments, particularly in the range of half a megawatt to five megawatts [10][11]. - **Pre-Leasing Approach**: Historically, Equinix has not relied heavily on pre-leasing but is now extending pre-leasing timeframes to 9-12 months due to power constraints in key metros [12][13]. Market Expansion - **New Market Entry**: Customer demand drives market entry decisions, with recent expansions into the Philippines and potential growth in South Africa and Southeast Asia due to power constraints in existing markets [14][17]. - **XScale Development**: The company launched a $15 billion joint venture for hyperscale development, with plans to increase its XScale portfolio to over 2 gigawatts globally [19][20]. Challenges and Risks - **Power Constraints**: Power distribution challenges are significant, with the industry facing difficulties in power generation and distribution to data centers. This has led to exploration of alternative energy sources, including nuclear and hydrogen [21][70][71]. - **Regulatory Environment**: The permitting process and regulatory challenges are ongoing concerns for Equinix, impacting growth and expansion plans [21]. Technological Adaptations - **Cooling Technologies**: The industry is moving towards liquid cooling solutions to manage higher power densities, especially for AI workloads. Equinix is preparing its infrastructure to accommodate these changes [68][69]. - **AI Workloads**: The shift towards AI and machine learning is changing customer needs, with a focus on high-density deployments and the need for specialized cooling solutions [26][40]. Customer Engagement - **Sales Cycle Improvements**: Equinix is experiencing structural improvements in sales cycle efficiencies, aiming to streamline operations and reduce friction in customer engagements [62][63]. - **AI Partnerships**: The company has signed deals with AI-related firms like Block and NVIDIA, focusing on providing pre-configured stacks for AI development and inferencing [53][54]. Sustainability Initiatives - **Water and Energy Efficiency**: Equinix emphasizes water usage efficiency and is exploring alternative energy solutions to enhance sustainability goals [66][70]. - **Innovative Uses of Waste Heat**: The company is finding creative ways to utilize waste heat from data centers, such as heating swimming pools and greenhouses [76]. Conclusion Equinix is strategically positioned to leverage its global presence and technological advancements to meet the evolving demands of the data center industry while navigating challenges related to power constraints and regulatory environments. The focus on larger builds, AI integration, and sustainability initiatives underscores its commitment to long-term growth and customer satisfaction.

Core Viewpoint - Applied Digital Corporation has experienced a significant stock price surge, driven by a major long-term agreement with CoreWeave, positioning the company prominently in the expanding AI sector [1][2][11] Business Agreement Details - The partnership with CoreWeave involves leasing 250 megawatts (MW) of power capacity at Applied Digital's datacenter campus in Ellendale, North Dakota, under two lease agreements lasting approximately 15 years [5] - This deal is projected to generate about $7 billion in total revenue over the lease terms, marking a transformative financial opportunity for Applied Digital [5] Market Reaction - On June 2, 2025, Applied Digital's stock closed at $10.14 per share, reflecting an increase of $3.31, or 48.46%, in a single day, with trading volume reaching approximately 238.54 million shares, significantly above the average [6] - There was a notable increase in call options activity, indicating strong investor sentiment regarding the stock's future price increase [7] Strategic Positioning - The agreement with CoreWeave aligns with Applied Digital's strategic shift towards developing advanced data centers tailored for AI and high-performance computing (HPC) [8][10] - The Ellendale campus is designed to meet the growing demand for AI-specific data center space, driven by advancements in machine learning and large language models [9][10] Future Outlook - The CoreWeave deal enhances Applied Digital's credibility in the AI infrastructure market and signals a promising phase with clearer long-term revenue potential [10][11]