Core Viewpoint - The recent 50% tariff on copper trade with the United States has led to a significant increase in copper prices, which may indicate a longer-term upward trend in demand for copper, particularly driven by the technology sector and the rise of artificial intelligence [1][3]. Industry Insights - The demand for copper is expected to grow due to its essential role in housing and infrastructure development in both developing and developed economies, especially with the increasing market share of electric vehicles [2][3]. - The expansion of artificial intelligence and the data center infrastructure required to support it will significantly drive future copper demand, as this growth will be reflected in market prices [3][4]. Company Analysis: Super Micro Computer - Super Micro Computer Inc. (SMCI) has seen its stock rise by up to 4.3% following the copper tariff announcement, contributing to an 18% rally over the past month [4][10]. - As copper prices rise, the costs associated with building new data centers for AI development will also increase, prompting a shift towards efficiency rather than expansion [5][6]. - Super Micro Computer's liquid-cooling technology positions the company to address the challenges posed by rising copper prices, making it a key player in the market [7][9]. Market Positioning - The growth of cloud computing and the need for more data center infrastructure will benefit companies like Super Micro Computer, as they adapt to the rising costs of materials [8][9]. - Super Micro Computer's current price-to-earnings (P/E) ratio of 26.4x is below the sector average of 37.3x, indicating that the stock may still be undervalued despite recent gains [11][12]. - Institutional buying activity exceeding $500 million over the past two quarters suggests strong investor confidence in Super Micro Computer's potential amidst changing market dynamics [13]. Stock Forecast - Analysts project a 12-month stock price forecast for Super Micro Computer at $40.60, indicating a potential downside of 19.38% from the current price of $50.36 [10]. - The anticipated earnings per share (EPS) for the fourth quarter of 2025 is expected to be $0.74, which may not fully account for the demand boost from higher copper prices [10][12].

CoreWeave acquires data center provider Core Scientific in $9B stock deal | TechCrunch https://t.co/ntr5jmZifq ...

Group 1 - CoreWeave signed a $9 billion all-stock deal to acquire Core Scientific, a data center infrastructure provider [1] - The acquisition will provide CoreWeave with over 1 gigawatt of data center capacity, sufficient to power more than 850,000 homes, for AI training and inference workloads [1] - Core Scientific, previously focused on Bitcoin mining, will now utilize its GPUs for running and training generative AI models [1] Group 2 - Cloud infrastructure providers are expanding their data center capacity to meet the growing computational demands of AI companies [2] - OpenAI has entered into a deal to rent an additional 4.5 gigawatts of data center capacity from Oracle, enhancing their existing Stargate infrastructure agreement [2]

Elon Musk actually confirmed a clip from my interview with Dylan Patel where he says they've got like 200,000 GPUs already up and they purchased a new factory in Memphis and they're building out a new data center. There's the craziness they did with like mobile generators. Well, now they just bought a a power plant from overseas and are shipping it to the US because they couldn't get a power plant uh you know new one in time.So like this is going to power his next generation of supercomput powering X AI. ...

Core Viewpoint - The development of green computing power is crucial for China's digital economy and showcases the country's commitment to energy conservation and carbon reduction [1] Group 1: Green Computing Power Development - The 2025 Green Computing Power (Artificial Intelligence) Conference will be held in Hohhot, focusing on building a collaborative ecosystem for AI and green computing [1][4] - Hohhot is positioned as a key city in the "East Data West Computing" project, leveraging its advantages in location, climate, green electricity, and policies to foster high-quality digital economic development [2][5] Group 2: Industry Chain and Infrastructure - Hohhot has established a dual-driven model of "green electricity + computing equipment," with over 86% of electricity used in data centers coming from green sources, achieving the lowest electricity costs in the country [3][5] - The computing power scale in Hohhot has surpassed 91,000 P, with intelligent computing accounting for over 95%, and the Hohhot data center cluster is expected to reach 120,000 P by the end of the year [3][4] Group 3: Policy Support and Investment - Hohhot allocates 128 million yuan annually to support the AI industry through various vouchers, enhancing the development of a trusted data space [3][4] - The conference will feature significant research reports that provide guidance for optimizing national computing power layout and promoting regional coordinated development [4] Group 4: Future Development Goals - Future initiatives include strengthening computing infrastructure, accelerating the construction of zero-carbon data centers, and enhancing the security of data circulation [6][7]

Financial Action - NTT is seeking to raise as much as $812 million through a Singapore listing [1] Market Dynamics - The Singapore listing is poised to be the city-state's biggest IPO in eight years [1] REIT - The listing is for NTT's data center REIT [1]

Group 1 - The board of directors of Gansu King Kong Photovoltaic Co., Ltd. held its 55th meeting of the 7th session, where all 6 attending directors approved the meeting without prior notice [1][2] - The board approved a significant computing power sales contract between its subsidiary, Beijing King Kong Shuhai Intelligent Computing Technology Co., Ltd., and Jiangsu *** Big Data Co., Ltd., which will provide computing power services [1][2] - The total amount of the contract, including tax, is expected to open new revenue and profit channels for the company, enhancing its operational capabilities [1][2] Group 2 - The board believes that the computing power client is legally established, operates normally, and possesses good credit status, ensuring contract performance capability [2] - The contract signing was witnessed by Shanghai Tongli Law Firm, which provided a special legal opinion on the transaction [2]

Group 1 - The China Securities Index for the big data industry (930902) has shown a slight increase of 0.17% as of June 27, 2025, with notable gains from constituent stocks such as Donghua Software (up 4.18%) and Aofei Data (up 2.50%) [1] - The Data ETF (516000) has experienced a 4.64% increase over the past week, indicating strong market performance and liquidity, with a turnover rate of 4.62% and a transaction volume of 19.34 million yuan [1] - The approval of the first batch of data center REITs, specifically the Southern Wanguo Data Center REIT, marks a significant breakthrough in China's capital market, entering the "technology new infrastructure" era [1] Group 2 - The Data ETF (516000) serves as a comprehensive indicator of the big data industry, covering the entire industry chain from storage to analysis and application [2] - The integration of computing power is reshaping the industry landscape, enhancing data storage efficiency and accelerating model training and algorithm iteration in the analysis field [2] - The strong support for computing power is facilitating the implementation of innovative applications in demanding fields such as financial investment and intelligent driving, thus expanding the boundaries of the big data industry [2]

Group 1 - The core viewpoint of the articles highlights the significant rise in A-share computing hardware stocks driven by overseas sentiment, with the CSI Big Data Industry Index increasing by 1.37% and notable gains in individual stocks such as Hengsheng Electronics (up 6.72%) and Zhongke Shuguang (up 5.00%) [1] - Nvidia's annual shareholder meeting reassured investors about the strong demand in the AI sector, indicating that the large-scale upgrade of AI infrastructure in the computing industry is just beginning, which contributed to Nvidia's stock price rising by 4.3% and reaching a market capitalization of $3.77 trillion [1] - The global demand for data centers is expected to grow, with the number of large data centers operated by hyperscale operators projected to double in five years, reaching 1,136 by the end of 2024, according to Synergy Research Group [1] Group 2 - The Data ETF (516000) serves as a barometer for the big data industry, closely tracking the CSI Big Data Industry Index and covering the entire industry chain of big data storage, analysis, and application [2] - The wave of interconnected computing is reshaping the industry landscape, enhancing efficiency in data storage and accelerating model training and algorithm iteration in the analysis field, which improves data insight precision and depth [2] - Computing power is driving the implementation of innovative applications in demanding fields such as financial investment and intelligent driving, overcoming technical bottlenecks and expanding the boundaries of the big data industry [2]

Investment Rating - The report indicates a positive outlook for the US Communications Equipment industry, with a significant increase in data center capital expenditures (capex) projected for 2025 [1][8]. Core Insights - The data center market experienced a growth of over 50% year-over-year in the first quarter of 2025, reaching $134 billion, primarily driven by increased server spending, which constitutes more than 50% of data center capex [1][8]. - The top four cloud providers in the US and China are expected to account for approximately 60% of the market, with a projected 39% growth in their capex for fiscal year 2025 [2][8]. - AI training is highlighted as the main focus of data center investments, with expectations for the deployment of over 5 million accelerators in 2025, significantly impacting infrastructure investments [2][9]. - Major companies like Microsoft, Amazon, Google, and Meta are anticipated to expand their general-purpose server units and data center projects, aligning with the growing demand for cloud services and AI capabilities [3][4]. Summary by Sections Market Overview - The enterprise segment saw a 21% year-over-year increase in the first quarter, driven by a server refresh cycle, although potential macroeconomic factors could pose challenges [7]. - The report revises the 2025 growth forecast to 30%, indicating a multi-year capex expansion cycle among the top cloud providers [8]. Company-Specific Developments - Microsoft is on track to deploy its Maia platform in volume later in 2025, contingent on resolving early technical issues [3]. - Amazon, Google, and Meta are expected to significantly increase their server units, with Meta planning to establish data centers in 14 regions over the next 2-4 years [3][4]. - Oracle is projected to grow its capex in double digits in 2025, with plans for new data centers in seven regions [4]. Investment Projections - The report forecasts that the shipment of high-end accelerators will reach 5 million in 2025, translating to an accelerated server capex of $205 billion, which represents 34% of total data center capex [9].