Core Insights - The first two data center REITs in China have been officially approved, marking a significant shift in the REITs market from traditional infrastructure to "new technology infrastructure" [1][3] - The approval process for these REITs took less than three months, demonstrating the regulatory body's commitment to promoting new infrastructure development [1] Group 1: REITs Details - The Southern Runze Technology Data Center REIT is based on the Runze International Information Cloud Gathering Port (ICFZ) A-18 data center project, which has over 5,800 cabinets and a utilization rate exceeding 99% [3] - The Southern Wanguo Data Center REIT is linked to the Guojin Data Cloud Computing Data Center project in Kunshan, equipped with 4,192 cabinets [3] Group 2: Industry Implications - The introduction of data center REITs provides operators with a new way to optimize capital structure and activate existing assets, allowing for continuous market-based funding to meet the growing demand for computing infrastructure [3] - This development is expected to attract more social capital into computing infrastructure construction, supporting technological innovation and the "Digital China" initiative [3] - Since the pilot of infrastructure REITs began in 2021, the market size has surpassed 200 billion yuan, with asset types continuously expanding, and the launch of data center REITs is anticipated to inject new vitality into the REITs market [3]

Core Viewpoint - Hyperscale Data, Inc. has declared monthly cash dividends for its Series D and Series E Cumulative Redeemable Perpetual Preferred Stock, indicating a commitment to returning value to shareholders [1][2]. Dividend Announcements - The Board of Directors has declared a monthly cash dividend of $0.2708333 per share for the 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, with a record date of June 30, 2025, and a payment date of July 10, 2025 [1]. - Additionally, a monthly cash dividend of $0.20833 per share has been declared for the 10.00% Series E Cumulative Redeemable Perpetual Preferred Stock, also with a record date of June 30, 2025, and a payment date of July 10, 2025 [2]. Company Overview - Hyperscale Data operates through its subsidiary Sentinum, Inc., which manages a data center for digital asset mining and offers colocation and hosting services, particularly for the AI ecosystem [4]. - The company is also involved in acquiring undervalued businesses and disruptive technologies through its other subsidiary, Ault Capital Group, Inc. (ACG) [4]. Future Plans - Hyperscale Data plans to divest ACG by December 31, 2025, after which it will focus solely on operating data centers for high-performance computing services, while potentially continuing Bitcoin mining [5]. - The divestiture will involve an exchange of Series F Preferred Stock for shares of Class A and Class B Common Stock of ACG, allowing stockholders to become shareholders of ACG [6].

Core Viewpoint - The approval of the first data center REITs project in China, the "Wanguo Data Center REIT," marks a significant breakthrough in the capital market's support for the high-quality development of the digital economy, providing a replicable solution for asset management in the digital infrastructure sector [2][4][11]. Group 1: Project Overview - The Wanguo Data Center REIT has received registration approval from the China Securities Regulatory Commission (CSRC) and aims to raise funds of 1.933 billion yuan [2]. - The underlying asset of the REIT is the Guojin Data Center located in Kunshan, Jiangsu Province, which is a benchmark project in the Yangtze River Delta region [5][6]. Group 2: Policy Support and Market Context - The CSRC has introduced multiple policies to support the development of data centers, including the inclusion of data centers in the pilot program for technology innovation REITs [3][4]. - The data center industry in China is experiencing explosive growth, with the market size reaching 190 billion yuan in 2023 and a compound annual growth rate of 27.2% over the past three years [8]. Group 3: Financial Impact and Innovations - The issuance of the Wanguo Data Center REIT is expected to lower the company's debt ratio by 1.2% and increase the return on equity (ROE) by approximately 4.4% [6]. - The project is designed to create a comprehensive asset management system and improve operational efficiency through a reward and punishment mechanism for the management team [6]. Group 4: Industry Significance - The successful launch of the Wanguo Data Center REIT is seen as a model for the digital infrastructure sector, paving the way for a new financing paradigm in the industry [7][9]. - The project is expected to attract more social capital into the digital economy, enhancing the application of digital technologies across various sectors [11].

6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，进一步强化股债联动，大力发展科创债。中 国证监会将批复全国首批两只数据中心REITs注册，下一步将继续支持科技企业利用知识产权、数据资 产等新型资产开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 《每日经济新闻》记者获悉，今日，首批两单数据中心公募REITs——南方万国数据中心REIT和南方润 泽科技REIT已正式获批。两单产品都由南方基金担任基金管理人，将分别在上交所和深交所上市。 有业内人士评价，这两只产品的获批标志着国内REITs底层资产实现战略性扩容，首次填补数据中心领 域市场空白，为资本市场注入全新活力，也为数据中心行业通过资产证券化拓展融资渠道提供了创新性 实践范例。 首批数据中心公募REITs获批，南方基金担任基金管理人 公募REITs又迎来新业态。 6月18日，中国证监会和上交所、深交所官网显示，由南方基金担任基金管理人的南方万国数据中心 REIT、南方润泽科技REIT获批。这两只产品是全国首批数据中心公募REIT。 近年来，国家层面密集出台政策为数据中心等新型基础设施建设 "保驾护航"。证监会先后发布《资本 市场服 ...

南方基金相关人士告诉券商中国记者，由南方基金担任基金管理人的南方润泽科技数据中心封闭式基础设施证 券投资基金（以下简称"南方润泽科技REITs"）获批。同一日，由南方基金担任基金管理人的南方万国数据中 心封闭式基础设施证券投资基金（简称"南方万国数据中心REITs"）也获得证监会的准予注册批复，作为上交 所首单数据中心类公募REITs，这两单项目标志着公募REITs底层资产成功扩容，填补了国内REITs市场相关领 域的空白，为市场注入新动能，并首次填补数据中心领域市场空白，也为数据中心行业通过资产证券化拓展融 资渠道提供了创新性实践范例。 值得一提的是，当前公募基金经理对算力、数字知识产权、数字版权、AI人工智能等数字经济相关赛道已开 始逐步加大布局，今年以来的相关政策极大地鼓励偏股型基金在数字经济赛道的重仓信心。在2025年全国两会 上，数字经济、人工智能与算力成为备受瞩目的焦点议题。 今年《政府工作报告》指出，持续推进"人工智能+"行动，将数字技术与制造优势、市场优势更好结合起来， 支持大模型广泛应用。中国在人工智能核心技术上进步显著，但也面临算力资源优化、成本控制以及国际技术 封锁等问题，因此加强自主创 ...

在国家大力推进新基建与数字经济发展的背景下，资本市场服务实体经济再添创新实践。6月18日，中 国证监会和上交所官网显示，由南方基金担任基金管理人的南方万国数据中心封闭式基础设施证券投资 基金（以下简称"南方万国数据中心REIT"）获批。作为上交所首单数据中心类公募REITs，该产品的获 批标志着国内REITs底层资产实现战略性扩容，首次填补数据中心领域市场空白，为资本市场注入全新 活力，也为数据中心行业通过资产证券化拓展融资渠道提供了创新性实践范例。 近年来，国家层面密集出台政策为数据中心等新型基础设施建设 "保驾护航"。中国证监会先后发布 《资本市场服务科技企业高水平发展的十六项措施》《关于资本市场做好金融 "五篇大文章" 的实施意 见》，明确将数据中心、人工智能等新基建领域纳入REITs支持范畴，旨在通过资本市场机制优化资产 配置、拓宽融资渠道，推动技术创新与产业升级深度融合。 在2025年全国两会上，数字经济、人工智能与算力成为备受关注的焦点议题。今年《政府工作报告》明 确提出，持续推进 "人工智能+" 行动，而算力作为数字经济时代的核心生产力，不仅是推动千行百业数 字化转型的关键引擎，更为数字中国建设 ...

Summary of Conference Call Records Industry Overview - The conference call focuses on the cloud services and data center industry, highlighting key trends and developments in the sector [1][2][4]. Key Points and Arguments Cloud Services Competition - Microsoft is optimizing resources and enhancing user experience by bundling Azure cloud services and offering usage discounts to compete with Amazon and Google [1][2]. - The cloud services industry is experiencing a shift in IT budget adjustments, with a focus on cost reduction and efficiency rather than moving away from cloud services [2]. Data Center Location Trends - There is a notable shift in data center locations in the U.S. from traditional coastal areas (like New York and Silicon Valley) to regions with lower electricity costs, such as Texas and Seattle [1][4]. - Oracle's new data center in Texas is expected to contribute over $8 billion in orders, accounting for more than 10% of its projected $67 billion revenue for the new fiscal year [2][4]. Edge Computing and SME Engagement - Companies like Cloudera are attracting small and medium enterprises (SMEs) by offering pay-per-use models for edge computing, which significantly improves GPU utilization by 25%-30% compared to larger cloud providers [1][5]. - This model reduces customer costs and enhances the value proposition for SMEs [5]. Token Consumption Growth - Google's average monthly token consumption increased over 500% within a year, driven by programming demands and internal business consumption [1][7]. - ByteDance is experiencing similar rapid growth in token consumption, indicating structural changes in application development and business models [1][7]. Market Structure Differences - The overseas cloud market is characterized by a duopoly, primarily dominated by AWS and Microsoft, while the domestic market in China follows a 1+3+n structure, with Alibaba leading [9]. - ByteDance's aggressive pricing strategy is impacting Alibaba's profit margins, making it difficult for Alibaba to achieve its expected profit rate of around 15% [8][9]. Valuation and Market Dynamics - Chinese data centers are currently valued lower than their overseas counterparts, with a significant drop in AI premiums observed [10]. - The demand for data centers in China is primarily driven by major players like Alibaba and Tencent, with total demand estimated at 3-4 GW [10]. Future Directions - The cloud services industry is expected to focus on reducing IaaS layer expenditures, expanding low-energy data centers, and enhancing the cost-effectiveness of edge computing [6]. - The TMT (Technology, Media, and Telecommunications) sector shows improved safety margins, with potential investment opportunities in companies like Kingsoft Cloud and Alibaba [11]. Other Important Insights - The conference highlighted the importance of monitoring the performance of ByteDance's computing chain in the second half of the year, as it could exceed expectations [10]. - The overall sentiment in the TMT sector indicates a potential recovery in the cloud and data center segments, suggesting a favorable environment for investment [11].

Core Viewpoint - Digital Realty, the largest global provider of cloud- and carrier-neutral data center solutions, announced the pricing of €850 million in 3.875% Guaranteed Notes due 2034, indicating a strong capital raising effort to support its operational and growth strategies [1][2]. Group 1: Offering Details - The offering consists of €850 million aggregate principal amount of 3.875% Guaranteed Notes, priced at 99.137% of the principal amount [1]. - The Euro Notes will be senior unsecured obligations and fully guaranteed by Digital Realty and its operating partnership, with interest payable annually at a rate of 3.875% starting June 25, 2025, maturing on July 15, 2034 [2]. - The closing of the offering is expected on June 25, 2025, pending customary closing conditions [2]. Group 2: Use of Proceeds - The net proceeds from the Euro Notes will be used to temporarily repay borrowings under the operating partnership's global revolving credit facilities, acquire additional properties or businesses, and fund development opportunities [3]. - Additional uses include investing in interest-bearing accounts and short-term securities, working capital, and potentially repaying other debt or redeeming outstanding equity or debt securities [3]. Group 3: Regulatory and Compliance Information - The Euro Notes are being sold only outside the United States under Regulation S of the U.S. Securities Act, and they have not been registered under the Securities Act [4]. - The offering is not intended for retail investors in the European Economic Area (EEA) or the United Kingdom, ensuring compliance with local regulations [7][10].

Core Insights - The artificial intelligence (AI) revolution is driving demand for digital infrastructure, positioning Applied Digital Corporation as a key player in this space [1][2] - The company secured a long-term agreement with CoreWeave, which is expected to generate approximately $7 billion in revenue over 15 years [3][4] Strategic Developments - Applied Digital will lease 250 megawatts (MW) of datacenter capacity to CoreWeave at its Ellendale, North Dakota campus, with the first 100 MW facility expected to be operational by Q4 2025 [3][4] - The partnership with ABB aims to enhance power efficiency, addressing the operational complexities of AI data centers [11] Competitive Landscape - The data center market is highly competitive, with significant investments from established REITs and tech giants, creating pressure for Applied Digital to execute its projects effectively [6][7] - The company faces a high short interest of 39.55%, indicating a divided investor sentiment regarding its future performance [8][9] Financial Considerations - Applied Digital has a debt-to-equity ratio of 1.22, and a recent S-3 filing allows for potential capital raising, which may dilute existing shares [11] - The stock has a 12-month price forecast of $12.73, reflecting a potential upside of 12.53% from its current price [5] Operational Challenges - The company must meet strict construction timelines to avoid revenue impacts and maintain investor confidence [4][12] - Achieving sustained profitability will be crucial for the company's long-term success, as operational execution becomes the focus following the secured contract [12][13]

Core Insights - The article discusses the rising demand for data center infrastructure driven by artificial intelligence, highlighting two companies, Applied Digital (APLD) and Equinix (EQIX), which are positioned to benefit from this trend but in different ways [1][2] Group 1: Applied Digital (APLD) - APLD is rapidly emerging as a key player in AI-focused data center infrastructure, building GPU-intensive facilities for AI and machine learning workloads [3] - The company has a strategic advantage in delivering cost-effective, GPU-powered infrastructure in energy-efficient locations, particularly its Ellendale, North Dakota campus [3][4] - APLD's growth is fueled by the increasing need for AI-specific infrastructure that traditional hyperscalers cannot provide quickly or affordably, with a development pipeline of over 400MW [4] - The company is transitioning from speculative growth to potentially recurring revenues through take-or-pay contracts, aided by vertical integration from construction to hosting [4] - APLD faces challenges including being in an early, unprofitable phase with high capital expenditures and negative cash flow, as well as execution risks and increasing competition [5][6] Group 2: Equinix (EQIX) - EQIX is the largest colocation and interconnection data center provider globally, well-positioned to meet the growing demand for AI and digital infrastructure [7] - The company offers a unique value proposition with over 250 data centers across 71 metros, enabling proximity, scalability, and connectivity essential for AI workflows [7][8] - EQIX is investing in next-generation infrastructure for AI, including high-density colocation and NVIDIA-powered private AI clusters, enhancing its ability to support large AI workloads [8] - The REIT structure of EQIX provides financial stability and consistent dividend payouts, appealing to growth and income-oriented investors [8] - Challenges for EQIX include rising energy costs and regulatory scrutiny around energy consumption and sustainability, which could impact its operations [9][11] Group 3: Financial Estimates and Valuation - The Zacks Consensus Estimate for APLD's fiscal 2026 revenues and EPS indicates a year-over-year increase of 2.4% and 73.6%, respectively [13] - For EQIX, the 2025 revenue estimate implies a year-over-year increase of 5.2%, with EPS expected to improve by 8% [14] - APLD is trading at a price to forward 12-month sales multiple of 10.55, while EQIX's multiple is 9.14, both above their respective five-year medians [16] - APLD has a Growth Score of 'B', while EQIX has a Growth Score of 'C' [13][14] Group 4: Investment Profiles - APLD represents a high-growth, high-risk investment targeting fast-moving AI firms with specialized solutions [18] - EQIX offers a stable, interconnected platform trusted by enterprises and cloud giants, with growing capabilities in AI infrastructure [18] - Both companies currently hold a Zacks Rank 2 (Buy), but EQIX appears to be cheaper with a Value score of 'D' compared to APLD's 'F' [19]