Core Viewpoint - Hyperscale Data, Inc. is resuming Bitcoin mining operations at its Montana site due to a recent increase in Bitcoin prices, which the company believes is sustainable for generating positive cash flow from operations [3]. Group 1: Company Operations - Sentinum, a wholly owned subsidiary of Hyperscale Data, plans to restart Bitcoin mining operations on or around June 10, 2025, at one of its two Montana sites [1]. - The Montana site has a power capacity of up to 10 megawatts, sufficient to operate approximately 3,200 S19j Pro Antminers, with initial operations set to commence on about 2,600 Antminers [2]. - The company expects to ramp up operations to full capacity of approximately 3,200 Antminers by July 2025 [2]. Group 2: Strategic Direction - Hyperscale Data intends to divest its subsidiary Ault Capital Group, Inc. (ACG) by December 31, 2025, after which it will focus solely on data center operations and may continue Bitcoin mining [5]. - Until the divestiture, the company will provide mission-critical products across various industries, including AI, gaming, and medical sectors, through ACG and its subsidiaries [5]. Group 3: Financial Instruments - On December 23, 2024, the company issued one million shares of Series F Exchangeable Preferred Stock to common stockholders, which will be exchanged for shares of ACG upon the divestiture [6].

Financial Performance - Company reported record revenues of $148.1 million for Q3 FY25, a 24% increase in Bitcoin mining revenue to $141.2 million and a 33% increase in AI Cloud services revenue to $3.6 million compared to Q2 FY25 [5] - Adjusted EBITDA reached a record $83.3 million, with an adjusted EBITDA margin of 56%, up from 52% in the previous quarter [5][12] - Profit after income tax was $24.2 million, representing a 28% growth compared to $18.9 million in Q2 FY25 [5][17] Operational Highlights - Company mined 1,514 Bitcoin in Q3 FY25, an increase from 1,347 Bitcoin in Q2 FY25, supported by a 30% increase in average operating hashrate to 29.4 EH/s [5] - Installed capacity increased to 40 EH/s as of April 16, 2025, with a target of reaching 50 EH/s by June 30, 2025 [5][10] - Company is now one of the largest and lowest-cost producers of Bitcoin, with an all-in hash cost of $23 compared to an average hash price of $54 [5] Strategic Focus - Company is pausing further mining expansion to concentrate on scaling AI infrastructure initiatives, particularly the Horizon 1 and Sweetwater projects [2][10] - Horizon 1 is a 50MW liquid-cooled AI data center, while Sweetwater is a 2GW flagship AI and compute hub, both aimed at meeting the growing demand for AI data centers [10][28] - Company is advancing multiple debt financing initiatives to support continued investment as market conditions stabilize [2][10] Market Positioning - Company is positioned to benefit from the increasing demand for AI cloud services, with a run-rate revenue of $28 million annually from supplying compute to leading US AI cloud providers [10] - The company has secured 2,910MW of grid-connected power across North America, emphasizing its commitment to utilizing 100% renewable energy [28]

Core Viewpoint - Applied Digital (APLD) and Core Scientific (CORZ) are positioned as key players in the AI infrastructure sector, responding to the increasing demand for high-performance data centers [1] - Both companies have formed significant partnerships, with APLD collaborating with Nvidia and Macquarie, while CORZ partners with CoreWeave [1] Financial Comparison - APLD reported Q3 fiscal 2025 revenues of $52.9 million, a 22% year-over-year increase, but missed estimates by $9.99 million; loss per share was 16 cents, lagging estimates by 45.5% [2] - CORZ posted Q1 2025 revenues of $79.5 million, down 55.7% year-over-year, with a loss per share of 10 cents, beating expectations by 16.7% [3] Strength of AI Strategy - APLD's AI strategy focuses on its Cloud Services segment and the Ellendale campus, which is under construction; however, it plans to divest its Cloud business due to conflicts with its data center leasing model [4] - CORZ has integrated AI infrastructure into its operations, with a partnership with CoreWeave that includes a take-or-pay structure for up to 590MW of AI capacity by 2027 [5] Growth Prospects - APLD's growth is tied to its 400MW+ Ellendale development, with 100MW expected online by Q4 2025 and a 1.4GW pipeline supported by Macquarie and SMBC [8] - CORZ aims to deliver 250MW to CoreWeave by the end of 2025 and expand 300MW at existing sites, with plans for an additional 400MW in new locations [8] Estimates Comparison - The Zacks Consensus Estimate for APLD's fiscal 2025 sales implies a 52.8% year-over-year improvement, while EPS estimates have remained stable [9] - For CORZ, the 2025 sales estimate implies an 18.5% decline, but EPS estimates have been trending upward [11] Price Performance & Valuation - In the past month, APLD shares surged by 63.1%, outperforming CORZ, which rose by 49.5%, driven by increased demand for AI services [15] Investment Considerations - Both APLD and CORZ currently hold a Zacks Rank 3 (Hold), complicating the investment decision [17] - APLD has a style score of 'D' indicating strong growth prospects but an expensive valuation, while CORZ's style score of 'F' reflects its expensive valuation and low growth potential [18] - CORZ is ahead in AI strategy execution and customer partnerships, while APLD faces strategic uncertainty due to its Cloud divestiture [19] - APLD shows stronger revenue growth momentum and EBITDA improvement, suggesting better potential for wealth generation for investors compared to CORZ [20]

VANCOUVER, British Columbia – May 13, 2025 – TheNewswire - Carrier Connect Data Solutions Inc. (TSX.V:CCDS; WKN:A40XB1) (the "Company"), an innovative Canadian data center service provider, is pleased to announce that it has been listed on the Frankfurt stock exchange, under WKN: A40XB1 and Symbol: F5Z0. International Investment Forum In support of our German listing, Carrier will be participating in the upcoming 15th International Investment Forum (IIF) on May 21, 2025. Our CEO, Mark Binns, will be live on ...

Summary of IDC and AIDC Industry Conference Call Industry Overview - The IDC (Internet Data Center) industry primarily provides server hosting, network access, and other infrastructure support for internet services. The core business includes offering cabinets, servers, and network equipment, relying on cabinet leasing for revenue generation [3][4] - In 2023, China's data center revenue reached 240.7 billion yuan, a year-on-year increase of 26.64%, with a compound annual growth rate of 17.07% over the past three years. The total electricity consumption of computing centers was approximately 150 billion kWh, up 15%, accounting for about 1.63% of total social electricity consumption [12][3] Key Points on IDC and AIDC - The transition from traditional IDC to AIDC (Artificial Intelligence Data Center) is driven by the increasing demand for high-performance computing resources due to AI development. AIDC requires higher power, cooling, and intelligent operation systems compared to traditional IDC [5][22] - The average power per rack in global data centers increased from 5.6 kW in 2017 to 12.8 kW in 2023, indicating a rising demand for higher power density [6] - AIDC's construction and operational requirements include low-carbon power supply and liquid cooling systems, which are becoming the new standards for data center construction [22][23] Financial Metrics and Investment Returns - IDC's profitability model relies on rack utilization rates, cabinet prices, and the number of cabinets. The investment structure shows that hardware acquisition costs account for over 80%, while civil engineering costs account for about 14-15%. The investment return period is approximately 6.7 years, with an internal rate of return (IRR) between 12.09% and 12.3% [4][8] - The relationship between rack utilization and gross margin is significant, with rack utilization increasing from 50% to 90% leading to gross margin improvements from 24% to 40% [2][9] Supply Side Dynamics - The supply side of the IDC industry is evolving, with a focus on supply scale, competitive landscape, and barriers to entry. Key barriers include power supply capacity and cooling efficiency, which directly impact operational costs and reliability [7][15] - The emergence of computing resource leasing is providing rental services for small and medium-sized tech companies, enhancing the flexibility and responsiveness of service offerings [15][16] Market Trends and Demand Drivers - Current demand drivers have shifted from cloud computing to AI, with significant demand concentrated in first-tier cities and surrounding areas, particularly in the Yangtze River Delta and Beijing-Tianjin-Hebei regions, where investment exceeds 50 billion yuan [13][14] - The demand for customized, flexible, low-cost, and fast-delivery value-added services is increasing among internet clients [13] Competitive Landscape - Major players in China's intelligent computing center include operators, third-party IDC service providers, large enterprises, and local government initiatives. Operators dominate the market due to their extensive network bandwidth and data center resources [17] - The share of third-party IDC service providers is expected to increase due to their ability to respond quickly and flexibly to customer needs, especially in high-demand areas [18][19] Future Outlook - Chinese companies are actively advancing global AIDC construction projects, with investments in countries like South Korea and Malaysia, indicating a strategic move to meet growing data processing demands and expand international influence [24]

Core Viewpoint - The AI and data center sector presents significant investment opportunities, with companies like Vertiv and nVent providing essential solutions and services that capitalize on the growing demand for data centers driven by AI applications [1]. Vertiv - Vertiv specializes in digital infrastructure for data centers and communication networks, offering products such as power management and thermal management solutions [2]. - The company has experienced a 10% increase in backlog from the end of 2024, indicating strong demand for data center investments [3]. - Following robust order and backlog growth, management raised the full-year organic revenue growth forecast to 18% from 16% [5]. - Despite maintaining profit margin guidance due to tariff uncertainties, free cash flow (FCF) is projected at $1.3 billion in 2025, with expectations of $1.65 billion and $1.79 billion in 2026 and 2027, respectively [6]. - With a market cap of $36.1 billion, Vertiv is expected to trade at 28 times and 22.5 times FCF in 2025 and 2026, respectively, which could be seen as a good value if AI/data center demand continues to rise [7]. nVent - nVent provides electrical connection and protection solutions, with a strategic focus on increasing exposure to data centers and power utilities [9]. - The acquisition of Avail Infrastructure Solutions for $975 million has resulted in infrastructure-related solutions now comprising 40% of nVent's portfolio, which is the fastest-growing segment [10]. - The company reported mid-teens growth in organic orders in Q1, driven by strong demand in data solutions [10]. - nVent raised its full-year sales guidance to organic growth of 5% to 7% and earnings growth guidance to 22% to 26%, reflecting positive performance despite anticipated tariff impacts [11]. - Analysts project earnings per share of $3.09 and $3.46 for 2025 and 2026, with FCF estimates of $406 million and $561 million, respectively, indicating attractive valuation multiples below 20 times earnings for 2025 and 17.4 times for 2026 [13].

算力电力协同发展研究报告 (2025 年) 中国信息通信研究院云计算与大数据研究所 2025年5月 版权声明 本报告版权属于中国信息通信研究院，并受法律保护。 转载、摘编或利用其它方式使用本报告文字或者观点的，应 注明"来源：中国信息通信研究院"。违反上述声明者，本院 将追究其相关法律责任。 前 言 算力作为数字经济时代的新质生产力，已成为推动经济社会发展 的核心力量，对现代生产和生活产生了深远影响。在碳达峰碳中和战 略背景下，我国积极推动算力的绿色低碳发展，并促进能源电力领域 的清洁转型。在此契机下，算力电力协同成为新时代发展的必然趋势。 为推动算力电力协同的科学发展，助力算力产业绿色低碳转型和 新型电力系统构建，中国信息通信研究院云计算与大数据研究所编制 《算力电力协同发展研究报告（2025 年）》。报告剖析了算力电力协同 发展的背景与需求，预测了未来算力用能的发展趋势和特征，阐述了 算力电力协同的内涵、要素与发展阶段，探讨了算电协同发展所面临 的挑战，提出了算电协同发展的六大关键举措，最后从政策支持、标 准制定、产业协同、市场机制等维度，提出了推动我国算力电力协同 高质量发展的策略建议。 算力电力协同相 ...

Group 1: AI Market Growth - The generative AI market is expected to grow from $40 billion in 2022 to $1.3 trillion over the next 10 years, representing a CAGR of 42% [1] - AI will continue to provide significant profit opportunities despite short-term fluctuations, indicating an early investment opportunity [1] Group 2: Data Centers and AI - Data centers are essential for AI development, providing the necessary computational power and storage for large language models [3] - The global data center market was valued at $279.53 billion in 2022 and is projected to reach $565.49 billion by 2032, growing at a CAGR of 7.3% [7] - Electricity consumption by data centers is expected to triple by 2030, accounting for 7.5% of U.S. domestic energy use [9] Group 3: Competitive Landscape - The competition in the AI market is intense, with many companies vying for dominance, similar to the internet boom where only a few became successful [8] - The U.S. currently leads in AI development but faces competition from China, which has a significant advantage in energy production capacity [10] Group 4: Investment Opportunities - There are stocks with high upside potential in the AI sector that are currently overlooked by many investors [2] - The focus on energy solutions for AI is highlighted as a promising investment area, as energy is crucial for sustaining AI advancements [11]

Operational Highlights - TeraWulf deployed 122 EH/s in Q1 2025[9] - The company mined 372 BTC in Q1 2025, averaging 41 BTC per day[9, 16] - TeraWulf is on track to deliver 60 MW of critical HPC hosting capacity to Core42 in 2025[9] - The company achieved an 18 J/TH fleet efficiency in Q1 2025[13] Financial Performance - Revenue reached $349 million in Q1 2025, a 102% increase year-over-year, with an average value per BTC self-mined of approximately $93k[16] - Non-GAAP Adjusted EBITDA was ($47) million in Q1 2025, down from $319 million in 1Q24 due to various factors[16] - As of March 31, 2025, TeraWulf held $2182 million in cash and cash equivalents, excluding BTC valued at $14 million[12, 16] - Net debt stood at $2818 million as of March 31, 2025, including $500 million in 275% Convertible Notes due 2030[16, 17] - Power cost was $0081/kWh in Q1 2025, a 65% increase year-over-year due to extreme winter weather conditions[16] Strategic Initiatives and Guidance - TeraWulf has a scalable infrastructure with 750 MW of potential capacity for HPC Hosting[3] - The company is targeting 225 MW and 12 EH/s for Q2 – Q4 2025[3] - TeraWulf secured its first data center lease with Core42 for 60 MW of capacity[27] - The company anticipates ~$16 million per MW Base Rent in Year 1 from the Core42 deal, escalating at 3% annually[27]

Equity Research 4 May 2025 Data centers MSFT, META, AMZN read-through for the industry Strong cloud growth, especially at Azure, is supporting continued investment infrastructure - chips, servers, power, and data centers. Our view: For the shares of data centers in our coverage to continue appreciating, DLR likely needs to sustain >1MW leasing. IRM only has ~10% of revenue from data centers, but it too will likely need to make some leasing progress in 2Q25 to keep investor confidence that its 125MW guidance ...