Rural Michigan residents rally against the planned $7bn Stargate data center.Photograph: Jim West/Universal Images Group/Getty Images · Photograph: Jim West/Universal Images Group/Getty Images Cancellations and delays of new US datacenters have increased as the artificial intelligence boom runs up against a slate of issues, including supply chain snags, energy shortages and tariff-induced restraints. Grassroots opposition from local communities has also derailed some plans, and some investors have grown wa ...

Group 1 - A class action lawsuit has been filed against Fermi Inc. on behalf of investors who acquired Fermi securities during the Class Period from October 1, 2025, to December 11, 2025, including during its IPO on October 1, 2025 [1][2] - The lawsuit alleges that Fermi misled investors about tenant demand for its Project Matador campus and the status of funding for the project, failing to disclose that construction financing relied heavily on a single tenant's commitment [4] - Fermi's first tenant for the Project Matador AI campus terminated a $150 million Advance in Aid of Construction Agreement on December 12, 2025, leading to a nearly 34% drop in Fermi's share price, closing at $10.09 per share [5] Group 2 - Fermi, based in Amarillo, Texas, aims to establish a network of large, grid-independent data centers powered by various energy sources, with its flagship project, Project Matador, intended to be the world's largest private energy campus dedicated to AI data centers [3]

Tyler Page: Thanks, Courtney. Morning, everyone, and thank you for joining us today. I am Tyler Page, CEO of Cipher Mining Inc., and I am pleased to welcome you to our fourth quarter and full year 2025 business update call. 2025 was a defining year for Cipher. Over the past twelve months, we completed a deliberate and disciplined transformation of the company from a Bitcoin miner with sourcing and development expertise into a digital infrastructure company purpose-built to deliver hyperscale compute. During ...

Financial Data and Key Metrics Changes - For the full year 2025, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in Q4 [3] - Consolidated property revenue increased approximately 4% year-over-year, with about 5% growth when excluding non-cash straight line and FX impacts [13] - Adjusted EBITDA grew approximately 5% year-over-year, with a 7% increase when excluding non-cash net straight line and FX impacts [13][20] - The company ended 2025 with a leverage ratio of 4.9x, back within the target range of 3-5x [14] Business Line Data and Key Metrics Changes - The data center business experienced approximately 14% revenue growth, driven by strong demand for hybrid and multi-cloud deployments [13][19] - Organic Tenant Billings Growth for 2026 is expected to be approximately 1%, with a 4% growth excluding DISH churn [15] - In the U.S. and Canada, Organic Tenant Billings Growth is anticipated to be approximately 0.5%, or 4.5% when excluding DISH churn [16] Market Data and Key Metrics Changes - In the U.S., carriers are transitioning from initial 5G coverage to capacity-oriented activities, with expectations of mid-single-digit organic growth in the U.S. portfolio [5] - Internationally, organic tenant billings growth is expected to be approximately 8.5% in Africa and APAC, with colocation and amendment growth of about 7% [16] - In Europe, organic tenant billings growth is projected at approximately 4%, with significant new build activity anticipated [16][81] Company Strategy and Development Direction - The company aims to drive durable revenue growth, focusing on mobile data consumption, 5G adoption, and AI applications [4] - Capital allocation will prioritize developed markets, with significant investments in tower markets and CoreSite [11][25] - The company is pursuing operational efficiency through cost management initiatives, targeting 200-300 basis points of cash EBITDA margin expansion by 2030 [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by mobile data consumption and interconnection-rich data centers [26] - The company is optimistic about the prospects of a healthier customer base following DISH's default, which is expected to enhance future growth [6] - Management noted that while 2026 may see higher churn, they anticipate an acceleration in organic growth starting in 2027 [18] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017, and continued repurchases in 2026 [14][25] - The company is involved in ongoing litigation with DISH to recover lease obligations, which could provide upside to future financials [44] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [29][33] Question: What is the amount owed by DISH? - Management indicated that DISH represents about 4% of U.S. revenue, approximately $200 million annually, and they plan to pursue litigation to recover this amount [44] Question: How should we think about M&A opportunities? - Management stated they are evaluating M&A opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines [47][48] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to enhance efficiency, aiming for continued margin expansion [78] Question: What are the expectations for property growth in Europe? - Management expressed confidence in strong opportunities in Europe, particularly in Germany and Spain, with a record number of new builds expected [81]

GS SUSTAIN Insights: Data Centers Unplugged: Key Constraints — Power, Water, Labor On February 11, we hosted a webcast with Mark Monroe, a former Principal Engineer in Microsoft's Datacenter Advanced Development Group who has more than 40 years of experience working in digital infrastructure. Our conversation covered the three major challenges for data center expansion — power, water and labor. We summarize the key takeaways below. Energy: Power remains the most critical near-term constraint for data center ...

23 February 2026 | 4:00PM EST Equity Research Rising hyperscaler investment along with AI server deployment for both training and inference are driving upward revisions to our data center power demand outlook, in particular in the US. At the same time, industry and investor concerns are rising over: (a) whether industry execution can meet or exceed our revised outlook; and (b) whether rising hyperscaler reinvestment rates and projected falling corporate returns are moving the AI Innovation Cycle closer to t ...

23 February 2026 | 4:18PM EST Equity Research GLOBAL TECHNOLOGY Global Data center Supply/Demand update: Tight conditions likely to extend through 2026 + Read-across for Power, Hardware, and Industrial Tech / Engineering Since the October update of our data center supply/demand model, where we updated for 2Q25, fundamental supply/demand indicators remain healthy in the medium term, occupancy rates continue at elevated levels for outsourced data center providers across key global markets, and our checks cont ...

2026 年，AI 数据中心（AIDC）行业将继续保持高景气度，值得投资者重点关 注。回顾 2025 年，AIDC 板块经历了两大波行情：第一波发生在 2 月至 3 月 中旬，由海外头部 CSP 厂商和国内互联网巨头如阿里、字节、腾讯等发布的数 据中心资本支出预期超出市场预期所驱动；第二波发生在 7 月中旬至 9 月，由 于海外 CSP 厂商在中报财报中进一步上调资本开支预期，以及 H20 解禁事件 和国内互联网大厂三季报上调预期共同催化。 年底出现的小行情主要由谷歌推 出 TPU 及 NV 的业绩超预期、阿里上调资本开支预期以及 NV 举办电力设备短 缺峰会等事件驱动。从这些表现来看，股价变动的核心因素包括国内外厂商上 电力设备 2026 年年度策略：AI 大周期开启，海外扩展空 间广阔 20260223 摘要 数据中心资本支出受海外 CSP 厂商和国内互联网巨头驱动，尤其在 2 月 至 3 月中旬及 7 月中旬至 9 月，厂商上调 CAPEX 预期是股价变动的核 心因素，订单及业绩超预期和技术突破亦有影响。 液冷和 SST 板块分别在 7 月中旬至 9 月及 10 月中旬至 10 月底走出独 立行情，液冷 ...

Cipher Mining (NasdaqGS:CIFR) Q4 2025 Earnings call February 24, 2026 08:00 AM ET Company ParticipantsBrett Knoblauch - Managing DirectorCourtney Knight - Head of Investor RelationsGregory Mumford - CFOJohn Todaro - Managing DirectorReggie Smith - Executive Director of Equity ResearchTyler Page - CEOConference Call ParticipantsChris Brendler - Senior Research AnalystMike Grondahl - Senior Research AnalystOperatorday, and welcome to the Fourth Quarter and Full Year 2025 Business Update Conference Call. At th ...

Cipher Mining (NasdaqGS:CIFR) Q4 2025 Earnings call February 24, 2026 08:00 AM ET Company ParticipantsCourtney Knight - Head of Investor RelationsGregory Mumford - CFOJohn Todaro - Managing DirectorReggie Smith - Executive Director of Equity ResearchTyler Page - CEOConference Call ParticipantsBrett Niblock - Equity Research AnalystChris Brendler - Senior Research AnalystMike Grondahl - Senior Research AnalystOperatorday, and welcome to the fourth quarter and full year 2025 business update conference call. A ...