Core Insights - WhiteFiber (WYFI) reported $20.18 million in revenue for the quarter ended September 2025, showing no year-over-year change, with an EPS of -$0.47 compared to $0 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $21.18 million by -4.7%, and the EPS was significantly below the consensus estimate of -$0.12, resulting in an EPS surprise of -291.67% [1] Financial Performance - Revenue from colocation services was $1.69 million, slightly above the estimated $1.68 million by two analysts [4] - Revenue from cloud services was $18.03 million, which was below the average estimate of $20.64 million based on two analysts [4] - Gross profit from colocation services was $1.02 million, exceeding the average estimate of $0.91 million [4] - Gross profit from cloud services was $11.72 million, falling short of the average estimate of $12.84 million [4] Stock Performance - WhiteFiber's shares have declined by -38% over the past month, contrasting with the Zacks S&P 500 composite's increase of +4.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Macquarie Asset Management is expected to provide $787.5 million in additional equity funding to accelerate the buildout of Applied Digital's AI Factory campuses in North Dakota, as part of a larger financing facility of up to $5.0 billion [1][2]. Funding Allocation - Of the $787.5 million, $450 million will be allocated to complete the build-out of Polaris Forge 2 in Harwood, North Dakota, which has leased 200 MW of critical IT capacity to a U.S.-Based Investment Grade Hyperscaler [3]. - The remaining $337.5 million will be directed to Polaris Forge 1 in Ellendale, North Dakota, contingent upon the closing of a $2.35 billion senior secured notes offering [4]. Strategic Importance - This funding is seen as a reinforcement of Applied Digital's AI infrastructure strategy and reflects confidence in the company's ability to deliver at scale [5]. - The company has achieved its first Ready-for-Service milestone for the first data hall at Polaris Forge 1, with both campuses remaining on schedule [5]. Partnership and Support - Macquarie Asset Management's ongoing support is viewed as crucial for Applied Digital's growth, positioning the company to become an industry leader in data center platforms [5]. - The partnership is expected to enhance the company's financing model and execution strategy, enabling further development of large-scale AI Factories [5]. Additional Financing - On November 10, 2025, the company entered into a loan agreement with First National Bank of Omaha for up to $65 million, secured by the company's assets [6].

Core Viewpoint - Sify Infinit Spaces Limited (SISL), a subsidiary of Sify Technologies Limited, has filed a draft red herring prospectus for its proposed Initial Public Offering (IPO) of equity shares in India [1][2]. Company Overview - SISL focuses on colocation services for Hyperscalers, Enterprises, and neo-Cloud prospects, operating 14 Data Centers across 6 cities as of June 2025 [4]. - The company has a diversified client base of over 500 clients, including prominent Hyperscaler and Enterprise clients, as of June 30, 2025 [5]. IPO Details - The proposed IPO consists of a fresh issue of equity shares totaling up to ₹25,000 million (₹2,500 crores) and an offer for sale of equity shares amounting to ₹12,000 million (₹1,200 crores) by existing shareholders [2]. - The Offer is contingent upon receiving necessary regulatory approvals and market conditions [2].

Core Viewpoint - Sify Infinit Spaces Limited (SISL), a subsidiary of Sify Technologies Limited, has received board approval for a potential initial public offering (IPO) of equity shares, which will be disclosed to the public through BSE Ltd [1]. Company Overview - Sify Infinit Spaces Limited specializes in colocation services for Hyperscalers, Enterprises, and neo-Cloud prospects, operating 14 Data Centers across 6 cities as of June 2025 [4]. - The company has a diversified client base of over 500 clients, including prominent Hyperscaler and Enterprise clients, as of June 30, 2025 [5]. IPO Details - The equity shares have a par value of INR 10 each, and the intention for the IPO has been formally communicated to BSE Ltd [1].

Core Insights - WhiteFiber, Inc. reported strong financial results for Q2 2025, with total revenue of $18.7 million, representing a 48% year-over-year increase [6][7] - The company is well-positioned to meet the growing demand for AI infrastructure, particularly in GPU cloud services and data center capacity [3][4] Financial Performance - Cloud services revenue reached $16.6 million, up 33% year-over-year, with a gross margin of 61% [6][8] - Colocation services generated $1.7 million in revenue, contributing a gross margin of 60% [6][8] - Total gross profit was $11.5 million, compared to $8.0 million in the prior-year period [6][7] - Adjusted EBITDA for the quarter was $3.3 million, down from $7.0 million in Q2 2024 [6][10] Corporate Developments - WhiteFiber completed its IPO on August 8, 2025, raising approximately $183 million at $17 per share [6][7] - The acquisition of the NC-1 data center in North Carolina is a significant milestone, with strong demand anticipated for its capacity [5][6] - The company has initiated pre-construction for the initial 24-megawatt phase at NC-1, expected to be completed in Q1 2026 [6][10] Market Position - WhiteFiber is one of the few pure-play providers of AI infrastructure, integrating GPU cloud services with data center capacity [4][5] - The demand for AI infrastructure is described as exceptionally strong, driven by enterprises and research institutions [3][4]

Core Insights - Equinix Inc. (EQIX) reported second-quarter 2025 adjusted funds from operations (AFFO) per share of $9.91, exceeding the Zacks Consensus Estimate of $9.19, with total revenues of $2.26 billion also surpassing estimates by 0.03% [1][7] - Year-over-year, AFFO per share and total revenues increased by 7.5% and 4.5%, respectively [1] Revenue Breakdown - Colocation recurring revenues rose 5.7% year-over-year to $1.59 billion, exceeding the estimate of $1.57 billion [2] - Interconnection recurring revenues increased 8.8% year-over-year to $407 million, surpassing the estimate of $398.9 million [2] - Managed infrastructure recurring revenues grew by $1 million to $117 million, slightly below the estimate [3] - Total recurring revenues increased 5.9% year-over-year to $2.14 billion, just 0.5% above the estimate, driven by growth in various regions [4] - Non-recurring revenues fell 16.3% year-over-year to $113 million, below the estimate of $122.9 million, primarily due to a decline in Asia Pacific [4] Non-Financial Metrics - Worldwide-cabinet equivalent capacity increased by 4,200 to 376,000 quarter-over-quarter, exceeding the estimate of 375,788 [5] - Worldwide-cabinet billing rose by 1,200 to 292,500, which was lower than the estimate of 294,375 [5] - Worldwide-quarter-end utilization remained stable at 78%, closely matching the estimate of 78.01% [5] Financial Position - As of June 30, 2025, Equinix had $8.5 billion in available liquidity, which includes cash, cash equivalents, and undrawn revolver [6] - Total gross debt was approximately $18.1 billion, with a net leverage ratio of 3.5 and a weighted average maturity of 6.7 years [6] Guidance and Projections - For Q3 2025, Equinix projects revenues between $2.314 billion and $2.334 billion, indicating a 3% increase at the midpoint over the prior quarter [8] - The company raised its 2025 AFFO per share guidance to a range of $37.67 to $38.48, suggesting an 8-10% increase from the previous year [9] - Total revenue guidance for 2025 is now between $9.233 billion and $9.333 billion, reflecting a growth of 6-7% from 2024 [10] - Adjusted EBITDA is expected to be in the range of $4.517 billion to $4.597 billion, with an expected adjusted EBITDA margin improvement of 230 basis points over the previous year [10]

Core Viewpoint - Equinix, Inc. (EQIX) is expected to report second-quarter 2025 results on July 30, with anticipated revenue growth but a potential decline in adjusted funds from operations (AFFO) per share [1][9]. Financial Performance - In the previous quarter, Equinix reported an AFFO of $9.67 per share, exceeding the Zacks Consensus Estimate of $8.96 per share, driven by increased revenues from strong demand for digital infrastructure [2]. - Over the last four quarters, EQIX's AFFO per share surpassed consensus estimates three times, with an average beat of 3.6% [2]. Demand Drivers - The company is likely to benefit from robust demand for interconnected data center infrastructure, fueled by enterprises' and service providers' integration of artificial intelligence (AI) and digital transformation efforts [3]. - Strong demand for Equinix's interconnected ecosystem is supported by accelerated enterprise cloud adoption and increasing customer needs for interconnected data center space [4]. Revenue Projections - The Zacks Consensus Estimate for colocation revenues is $1.57 billion, reflecting a 4.6% increase from $1.50 billion in the prior-year period, while interconnection revenues are estimated at $398.9 million, indicating a 6.7% growth from $374 million [5]. - Equinix projects revenues between $2.244 billion and $2.264 billion for Q2 2025, with a consensus estimate of $2.26 billion, representing a 4.5% year-over-year increase [6]. Cost Considerations - High interest expenses are expected to impact the company's quarterly performance, with an estimated year-over-year increase of 12.6% for interest expenses [7]. - The Zacks Consensus Estimate for quarterly AFFO per share has been revised down by one cent to $9.19, indicating a 0.3% decrease from the prior-year quarter [7]. Earnings Prediction - Despite anticipated revenue growth, EQIX's AFFO per share may decline by 0.3% due to rising interest expenses [9]. - The current Earnings ESP for Equinix is -1.20%, and it holds a Zacks Rank of 4 (Sell), suggesting limited potential for an AFFO surprise this quarter [10].

Core Viewpoint - Apollo has agreed to acquire the European colocation business developed and managed by STACK Infrastructure in a carve-out transaction, aiming to leverage its expertise and resources to accelerate growth in the data center sector [1][3]. Company Overview - The Company consists of seven data center assets located in five key European markets: Stockholm, Oslo, Copenhagen, Milan, and Geneva, catering to a diverse range of blue-chip enterprise clients including telecommunications carriers, IT services companies, and financial institutions [2]. Strategic Intent - The CEO of the Company expressed enthusiasm about partnering with Apollo to enhance growth as a standalone entity, emphasizing the potential to capitalize on industry tailwinds and deliver greater value to stakeholders [3]. - Apollo's partner highlighted the strong demand for data center infrastructure, particularly for high-quality, interconnected colocation businesses, viewing this acquisition as a long-term growth opportunity [3]. Operational Focus - STACK EMEA's CEO noted the establishment of a dedicated enterprise colocation business unit to meet the specialized needs of the hyperscale sector while ensuring continued support for former enterprise colocation clients [3]. - The management team and all employees from the EMEA colocation business are expected to transition with the Company, which will undergo rebranding and will no longer use the STACK Infrastructure name [3]. Transaction Details - The acquisition is subject to certain closing conditions, including regulatory approvals, with Latham & Watkins LLP serving as legal counsel to the Apollo Funds [4].