The Trump administration is reportedly pushing the tech giants to publicly commit to a draft compact aimed at ensuring the rapid expansion of energy-intensive data centers does not drive up household electricity costs, strain water resources, or undermine grid reliability. The broad components of the agreement, according to a POLITICO report on Tuesday, are:Power CostsThe compact requires AI data center developers to bear 100% cost of any new power generation their facilities need and to sign long-term elec ...

Group 1 - Major domestic companies like ByteDance and Alibaba have significantly increased their capital expenditure plans, leading to a restart of bidding activities for data centers (IDC) in China [1] - The supply side of chips continues to iterate, further driving the demand for data center services [1] Group 2 - Zhongqingbao has a market capitalization of 3.739 billion yuan and has been involved in IDC business since 2016, providing services to government and large cloud providers [2] - Lianang Technology has a market capitalization of 4.050 billion yuan, offering IDC and cloud solutions to mainstream industries such as finance and healthcare [2] - Nanxing Co., with a market capitalization of 6.290 billion yuan, provides standardized telecom-grade professional computer rooms and has approximately 4,700 self-built cabinets [2] - Zhengtong Electronics, with a market capitalization of 7.845 billion yuan, focuses on IDC services and has a total load of about 79,200 kW, with ongoing construction of several data centers [2] - Mengwang Technology, with a market capitalization of 8.814 billion yuan, provides a full-stack environment based on GPU computing power, supporting digital transformation across various industries [2] - Capital Online, with a market capitalization of 10.772 billion yuan, offers comprehensive solutions including IDC services to meet diverse computing and network service needs [2] - Zhejiang University Network New, with a market capitalization of 11.108 billion yuan, collaborates with Alibaba in IDC and cloud services, promoting the transformation of traditional IDC into AIDC [2] Group 3 - Dazhi Technology has a market capitalization of 16.928 billion yuan and plans to support nearly 100 P of computing power with its new project [3] - Yunsai Zhili, with a market capitalization of 22.872 billion yuan, focuses on cloud services and big data solutions [3] - Jiangsu Cable has built over 31,000 data center cabinets, aiming to create an industrial collaboration closed loop [3] - Aofei Data, with a market capitalization of 24.061 billion yuan, has over 57,000 self-built data center cabinets operational as of June 2025 [3] - Kehua Data, with a market capitalization of 27.048 billion yuan, has won multiple bids for data center products and services [3] - Data Port, with a market capitalization of 30.086 billion yuan, has established 35 data centers across various regions [3] - Hangang Co., with a market capitalization of 30.462 billion yuan, has a data center project planning for 96,701 cabinets [3] - Guanghuan Xinnet, with a market capitalization of 31.867 billion yuan, has over 230,000 cabinets and has launched various data center services [3] - Baoxin Software, with a market capitalization of 49.595 billion yuan, has over 35,000 data center cabinets in operation [3] - Dongyangguang, with a market capitalization of 98.210 billion yuan, has acquired a large-scale data center operation and launched AIGC solutions [3] - Runze Technology, with a market capitalization of 124.571 billion yuan, is a leading park-level data center enterprise with extensive infrastructure [3] Group 4 - Shiji Huatuo, with a market capitalization of 129.412 billion yuan, has IDC operations in key economic regions and has won bids for major data center projects [4]

Core Viewpoint - OpenAI, Samsung Electronics, and SK Hynix are set to begin construction of data centers in South Korea starting in March, as announced by Science Minister Bae Kyung-hoon during a parliamentary hearing [1] Group 1 - OpenAI, Samsung Electronics, and SK Hynix are collaborating on the development of data centers [1] - The construction is scheduled to commence in March [1] - The announcement was made by Science Minister Bae Kyung-hoon at a parliamentary hearing [1]

Investment Rating - The report indicates a shift in the technology sector from a chip-constrained environment to a power-constrained one, emphasizing the importance of power readiness in market valuation [7][8]. Core Insights - The global technology sector is facing a significant challenge due to the scarcity of high-density electrical power, with electricity demand from data centers expected to exceed 1,000 TWh in 2026, comparable to Japan's annual consumption [5][6]. - The North American market is projected to experience a shortfall of 19 GW in grid-ready power by 2028, leading to potential stranded capital risks [7]. - Time-to-power (TTP) has emerged as a critical driver of enterprise value, with delays costing companies significant revenue [8]. - A proactive approach is necessary for both industry and government to address power constraints, including improving supply chain visibility and diversifying power generation [9]. Summary by Sections The Macroeconomic Landscape - Energy availability is now the primary factor for site selection in the industrial landscape, surpassing labor and tax incentives [10]. The 1 GW Standard - Gigawatt-scale data centers are being constructed with timelines significantly shorter than traditional industrial infrastructure, consuming power equivalent to that of a large city [11]. Factors Driving Change - Rack density has increased from 15 kW in 2023 to over 100 kW in next-generation AI clusters, necessitating locations with abundant power [12]. - AI queries are approximately 10 times more energy-intensive than traditional queries, creating a high-density demand that legacy grids struggle to meet [13]. - Hyperscalers are investing over $600 billion annually, but project delays are common due to long lead times for necessary infrastructure [14]. The Silicon vs. Steel Paradox - The digital economy relies on Moore's Law, while physical infrastructure development is constrained by long industrial cycles, creating a gap that poses challenges for the industry [15]. The Infrastructure Latency Gap - A significant mismatch exists between the rapid pace of the tech industry and the slow regulatory processes of the utility sector, with interconnection queues exceeding 2,000 GW in major markets [18]. Owner-Operator Power Model - Companies are increasingly adopting owner-operator strategies to control their power infrastructure, reducing interconnection latency and gaining competitive advantages [19][21]. Trade Dynamics - Global trade policies have introduced volatility in the renewable energy sector, with tariffs significantly increasing project costs in the U.S. compared to other regions [22][23]. The Physical Bottleneck - The supply chain for high-voltage transformers is under strain, with lead times increasing dramatically and prices rising significantly [25][26]. The Baseload Frontier - The private sector is exploring small modular reactors (SMRs) as a viable energy source for continuous AI operations, although fuel supply chains present challenges [28][29]. Efficiency Creates Capacity - Companies are implementing direct-to-chip liquid cooling and reusing waste heat to enhance energy efficiency and capacity [30][31]. Strategic Procurement - Organizations are shifting to AI-led procurement models to better manage volatility and risks in the supply chain [32][33][34]. A Practical Blueprint for Leaders - The report outlines a readiness roadmap for addressing power shortfalls, including diagnostic audits, supply chain harmonization, and operational autonomy [36]. The Convergence of Atoms and Bits - The report emphasizes the need for a fundamental shift in mindset, recognizing that compute capacity is inseparable from power capacity, and advocates for a co-engineering approach to grid development [38][39][41].

Core Viewpoint - Hagens Berman is notifying investors in Fermi Inc. (NASDAQ: FRMI) about a pending securities class action related to alleged misrepresentations regarding the demand for its Project Matador AI data center and the stability of its primary tenant [1] Summary by Relevant Sections Allegations of Misrepresentation - The lawsuit claims that Fermi misrepresented the demand for its flagship Project Matador and the reliability of its primary anchor tenant [1] - The complaint states that the misstatements were revealed on December 12, 2025, when Fermi announced the termination of a $150 million Advance in Aid of Construction Agreement (AICA) by its first tenant, leading to a nearly 34% drop in stock price [1] Class Action Details - The class action seeks to represent purchasers of Fermi Inc. common stock related to the October 2025 IPO and securities acquired between October 1, 2025, and December 11, 2025 [1] - Following the announcement of the AICA termination, Fermi's stock price fell 33.8% in one day, trading as low as $8.59 per share, a 59% decline from the IPO price of $21.00 per share [1] Concealed Risks and Overstatements - The complaint alleges that Fermi concealed risks associated with relying on a single tenant's funding commitment for Project Matador and overstated the actual demand for its multi-gigawatt capacity to attract investors [1]

Core Viewpoint - The CoinShares Valkyrie Bitcoin Miners ETF (WGMI) has shown a remarkable performance, increasing by 13% since the start of 2026, despite the overall downturn in the cryptocurrency market [1] WGMI Holdings Performance - Cipher Mining (CIFR) and Terawulf (WULF) received "overweight" ratings from Morgan Stanley analyst Stephen Byrd, highlighting their transition from crypto-focused companies to significant players in the AI sector [1] - Byrd emphasized that once a bitcoin company establishes a data center and secures a long-term lease with a reliable counterparty, its appeal shifts from bitcoin investors to infrastructure investors [1] - Cipher Mining's valuation is expected to grow as its data center exposure increases, although it may not reach the multiples of traditional data center real estate investment trusts (REITs) [1] - Terawulf is recognized for its strong track record in signing agreements with data center customers and has a management team experienced in building diverse power infrastructure assets [1]

Core Insights - Soluna Holdings has begun energizing Project Kati 1 following approval from ERCOT, marking a significant step in the company's expansion strategy [1][5] - The project will increase Soluna's total compute capacity to over 200 MW and is expected to generate annual revenues between $17.3 million and $19.6 million [1][2] Project Details - Project Kati 1 consists of an 83 MW data center expansion in South Texas, which represents a 67% increase in the company's operational footprint [2][5] - The project is divided into two phases: Phase 1A includes 48 MW across three sub-phases, targeting full ramp-up by early Q2, while Phase 1B adds 35 MW, expected to be completed by the end of Q3 [3][4] Strategic Approach - The second phase of the project includes a partnership with Cormint for 12 MW of capacity, utilizing a modular approach to reduce labor needs and expedite timelines [4] - The facility will contribute 3.5 EH/s to Soluna's hashrate capacity, supporting intensive workloads such as bitcoin mining and AI/HPC applications [4]

Harry Sideris, CEO of Duke Energy, says the company has signed new deals to power data centers with Microsoft and Compass Data Centers. He also talks about building grid reliability and working with the Trump administration. -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, f ...

([BUSINESS WIRE])--Soluna Holdings, Inc. ("Soluna†or the "Company†) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, today announced that it has executed an Equipment Supply Agreement with Cormint Data Systems ("Cormint†), a Texas based firm that has designed, delivered, and operationalized more than 130MW of data center infrastructure, to support a 12 MW deployment at Project Kati 1 in Willacy County, Texas. U...## Soluna Appoints ...

Ares is providing $2.4 billion of debt financing to Vantage Data Centers https://t.co/7INMoFT1zW ...