This is my first cover on MARA Holdings ( MARA ). In the recent articles, I explored other crypto miners like IREN ( IREN ) and TeraWulf ( WULF ), and AI Cloud providersI first entered investing in 2016 as an individual value investor. In 2022, I established the investment firm Libra Capital. I mostly write articles as part of my deep research into a company before I make an investment, whether long or short. For me, a ''hold'' article means neutral; don't touch the stock and exit a position if you have one ...

IREN (IREN) earnings showed weaker than expected headline results, with the company missing consensus on both revenue and earnings per share (EPS) as it accelerates its transition from bitcoin mining to AI Cloud. Financially, Q2 revenue declined to $184.7 million, missing expectations and down from $240.3 million in Q1, while the company reported a net loss of $155.4 million, also below consensus. IREN secured $3.6 billion of GPU financing for its Microsoft contract which together with a $1.9 billion cus ...

Financial Data and Key Metrics Changes - Total revenue for Q2 FY 2026 was $184.7 million, a decrease of 23% compared to the previous quarter, primarily due to lower Bitcoin mining revenue [19][21] - Adjusted EBITDA declined mainly due to reduced Bitcoin mining revenue, partially offset by lower payroll tax accruals and power costs [20][21] - The company recorded $31.8 million in mining hardware impairment associated with the transition to AI cloud, compared to $16 million in the prior period [21] Business Line Data and Key Metrics Changes - AI cloud revenue is accelerating as deployments ramp up, with significant growth expected from the commissioning of new GPUs at the Prince George site [19][22] - The company has secured $2.3 billion in annualized revenue run rate under contract, including approximately $0.4 billion at Prince George, with expectations for this to increase [16][17] Market Data and Key Metrics Changes - The company has secured underwriting commitments for $3.6 billion of GPU financing at an interest rate of less than 6%, which supports a $9.7 billion AI contract with Microsoft [5][23] - Demand for AI cloud services remains strong, with multiple advanced negotiations underway for larger scale deployments [6][16] Company Strategy and Development Direction - The company focuses on a vertically integrated model, controlling the design, build, and operation of its data centers, which enhances cost management and service quality [11][14] - The strategy revolves around the "three Cs": capacity, customers, and capital, which are interdependent and reinforce each other [8][26] - The company aims to scale into one of the world's largest AI cloud platforms, leveraging its secured power and operational capabilities [10][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transition to AI cloud, expecting subsequent quarters to reflect a growing contribution from AI cloud revenues [22] - The company highlighted that demand is not a limiting factor for reaching its $3.4 billion annualized revenue target by the end of 2026, with significant runway for growth beyond that [17][27] Other Important Information - The company has secured a new 1.6 GW site in Oklahoma, increasing its total secured power to over 4.5 GW, which is crucial for future growth [7][14] - The company ended January with a strong cash position of $2.8 billion and has secured $9.2 billion from various financing sources to support growth [24] Q&A Session Summary Question: Update on ERCOT and its impact on Sweetwater - The company believes Sweetwater will likely be included in the batching process, securing the full 2 GW of power [31] Question: Economics on colocation versus AI cloud - The company sees AI cloud as capturing higher value compared to colocation, with ongoing strength in demand for cloud services [33][34] Question: Energization dates for Sweetwater - Sweetwater 1 is on track to energize in Q2, with customer engagement expected to improve due to the batching process [51][52] Question: ARR recognition timeline - Revenue from the Microsoft contract is expected to commence progressively over the year, starting in Q2 [55] Question: Pricing environment for cloud deals - The company is seeing strong demand and interest in longer tenors for cloud contracts, indicating a favorable pricing environment [58][60]

Core Viewpoint - IREN Limited reported disappointing second-quarter earnings, missing analyst expectations on both revenue and losses, leading to a decline in stock price [1][2]. Financial Performance - IREN reported a quarterly loss of $0.52 per share, which was significantly higher than the consensus estimate of a loss of $0.14 per share [2]. - Quarterly sales amounted to $184.69 million, falling short of the analyst consensus estimate of $228.13 million [2]. Management Commentary - Co-CEO Daniel Roberts highlighted that the last quarter showed meaningful progress in capacity expansion, customer engagement, and capital formation, indicating IREN's development as a scaled AI Cloud platform [2]. - Roberts emphasized the strong demand environment and the company's proven execution capability in delivering data center capacity reliably and on time, which resonates with customers [3]. Stock Performance - Following the earnings report, IREN's stock price fell by 7.01%, closing at $37.01 in extended trading [3].

Core Insights - RunPod, an AI cloud startup led by a Chinese CEO, has achieved an annual recurring revenue (ARR) of $120 million (approximately 835 million RMB) with over 500,000 developer users [1][16] - The company was founded in late 2021 by Zhen Lu and Pardeep Singh, initially starting as a cryptocurrency mining operation before pivoting to AI server hosting [1][4] - RunPod's unique approach focuses on reducing the barriers for developers to use GPU resources, positioning itself as a platform for individual developers and small teams rather than merely selling computing power [1][12] Company Background - RunPod was established with a modest initial investment of $50,000, and within nine months, it generated $1 million in revenue through grassroots marketing efforts on platforms like Reddit [3][10] - The founders, Zhen Lu and Pardeep Singh, both have backgrounds in software engineering, with Zhen Lu holding a PhD in computational chemistry [4][6] Business Model and Growth Strategy - RunPod has opted for a light-asset model, partnering with existing data centers for revenue-sharing rather than building its own infrastructure, allowing for efficient scaling without incurring significant debt [1][13] - The company has maintained profitability while expanding its services, which include cloud GPU offerings and a platform for deploying open-source AI models [1][17] Target Market and User Base - Initially open to a broad user base, RunPod has since focused on developers, particularly small teams looking to transition AI projects from experimentation to production [12][19] - The platform has attracted notable clients, including OpenAI and other Fortune 500 companies, and has expanded its global reach to cover 31 regions [16][17] Future Plans and Funding - RunPod plans to enhance its infrastructure to support emerging AI applications and is preparing for a new round of funding, anticipating a significant Series A investment [20]

Company Performance - Nebius Group NV (NASDAQ:NBIS) experienced a significant decline, falling 8.68% to close at $99.29, reflecting overall market pessimism due to geopolitical tensions triggered by President Trump [1][3] - The decline in Nebius's stock price was part of a broader market trend, with the tech-heavy Nasdaq index dropping by 2.39% [3] Geopolitical Impact - President Trump announced plans to impose 10% tariffs on goods from eight countries opposing his takeover of Greenland, prompting the EU to threaten retaliation with $108 billion in levies [2] Technological Developments - Nebius Group NV plans to deploy the NVIDIA Rubin platform through Nebius AI Cloud and Nebius Token Factory, aiming to enhance AI capabilities for its customers starting in the second half of the year [4] - As an NVIDIA Cloud Partner, Nebius will be among the first AI cloud providers to offer this platform across its full-stack infrastructure in the US and Europe [4] Market Outlook - Despite the current challenges, there is potential for Nebius as an investment, although some analysts believe other AI stocks may offer better returns with lower risk [6]

Group 1 - Major tech stocks, including Nvidia, Tesla, and Amazon, experienced declines due to President Trump's trade war threats against Europe, with Nvidia and Broadcom dropping over 3% and Tesla and Amazon sinking nearly 3% [1][3] - Oracle, an AI cloud provider, saw its shares decline around 4%, while Nvidia-backed AI cloud firms Nebius and CoreWeave shed over 6% and 4%, respectively [2] - The Nasdaq Composite index fell by 1.7%, leading major indexes down as concerns about the potential impact of Trump's threats on US-European relations grew ahead of the World Economic Forum [3] Group 2 - Investors are rotating out of riskier tech stocks during market downturns, reflecting unease over a potential AI bubble, as noted by analysts [4] - Despite a positive outlook on the AI market from TSMC, the Magnificent Seven tech stocks have collectively dropped more than 3% in January, underperforming major indexes [5] - Analysts highlighted concerns over the returns from significant AI-related capital expenditures, with some viewing the recent pullback as a buying opportunity, anticipating further insights into how tech giants will monetize their AI investments as earnings reports approach [6]

Core Insights - Bitdeer Technologies Group reported significant operational updates for December 2025, highlighting a substantial increase in Bitcoin production and self-mining capacity [1][15]. Operational Update - Bitdeer sold approximately 1.4 EH/s of SEALMINER A2s to external parties in December 2025 [3]. - The total proprietary hash rate deployed increased to 58.0 EH/s, up from 47.3 EH/s in November 2025 [4]. - Self-mining production reached 636 Bitcoins, marking a 339% year-over-year increase and a 21% increase from November 2025 [7][11]. SEALMINER R&D - The company is advancing two chip designs, SEAL04-1 and SEAL04-2, with SEAL04-1 achieving 6-7 J/TH power efficiency under low-voltage mode, targeting mass production in Q1 2026 [8]. - Eight units of GB200 systems were deployed and tested in Malaysia, with a cloud service launch expected in January 2026 [6]. Infrastructure Summary - Total electrical capacity across various sites reached 1,658 MW, with several sites online and others in progress [10]. - The company is actively evaluating U.S. data center leasing opportunities to deploy GPUs and enhance AI cloud services [12]. Production and Operations Summary - Total hash rate under management increased to 71.0 EH/s in December 2025, up from 60.3 EH/s in November 2025 [11]. - The number of mining rigs under management rose to 293,000, with self-owned rigs increasing to 211,000 [13]. Management Commentary - The Chief Business Officer emphasized the acceleration of self-mining operations and the planned growth through 2026, driven by the deployment of additional proprietary rigs [15].

Group 1: Executive Changes in Companies - ExxonMobil CFO Kathryn Mikells will retire on February 1, 2026, to focus on recovery after medical procedures; Neil Hansen will succeed her [2] - Barbara Larson has been appointed CFO of Workiva, effective January 20, 2026, succeeding Jill Klindt, who will leave on December 26 [3] - Timothy Regan, CFO of Dropbox, is stepping down after five years; Ross Tennenbaum will take over on December 16 [4] - Crusoe appointed Michael Gordon as CFO and COO, succeeding Matthew DeNezza, who will leave after an advisory role through 2026 [5] - Lambda appointed Heather Planishek as finance chief, who previously held roles at Tines and Palantir Technologies [6]

Core Insights - Jim Cramer highlighted Bitdeer Technologies Group (NASDAQ:BTDR) as a Bitcoin mining and AI cloud firm, drawing parallels to financing activities reminiscent of the year 2000 [1] - The stock price of Bitdeer has significantly declined from $27.80 on October 15 to $11, indicating a substantial drop in market confidence [1] - The company is part of a larger trend of Bitcoin miners and AI companies that exhibit similar characteristics, raising concerns about their long-term viability [1] Company Overview - Bitdeer Technologies Group operates in the Bitcoin mining and AI cloud sector, positioning itself within a competitive landscape filled with similar firms [1] - The company recently faced operational challenges, including a fire at its Massillon, Ohio plant, which resulted in the loss of equipment [1] Market Context - Cramer expressed skepticism about the financing methods employed by Bitdeer, likening them to those seen during the dot-com bubble, suggesting potential overvaluation [1] - The commentary reflects broader concerns in the market regarding the sustainability of companies that combine Bitcoin mining with AI technologies [1]